Broadband bundle provider Vodafone has announced increased profits based largely on growth in the mobile and fixed line broadband sector.

The company reported pre-tax profits of £8.7 billion in the last financial year. This is nearly twice the amount reported in 2009, and is in large part down to expansion of its broadband service and cost cutting.

Vodafone chief executive Vittorio Colao said: "Vodafone's financial results exceeded our upgraded guidance on all measures. Revenue trends have improved again in quarter four, driven by growth in mobile data and fixed broadband.

"Cost reduction targets were delivered ahead of schedule enabling commercial reinvestment to improve market share and further strengthen our technology platforms," he added.

The figures suggest Vodafone is moving away from its traditional core business of mobile phones with the group's fixed broadband customer base hitting 5.6 million.

Growth in Asia and the Middle East helped to off-set a decline in the UK, where revenues were down by 4.7 per cent.

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