Supported by strong profit growth in its European business, Deutsche Telekom has once again increased its revenue and operating profit.

Group revenue increased by 1.6 percent in constant currency to 27.9 billion euros, as the Bonn-based company announced on Thursday. Operating profit grew by 5.8 percent, slightly more than analysts surveyed by the company had forecast. Thanks to robust service revenues in the fixed network and mobile communications, operating profit in Europe rose by 8.1 percent to 1.1 billion euros. This was the 25th increase in a row and the highest figure in this period.

On this basis, Telekom confirmed its full-year targets. For 2024, the company is forecasting an increase in operating profit of six percent to 42.9 billion euros. Cash flow is expected to climb by 16 percent to 18.9 billion euros.

(Report by Hakan Ersen, edited by Sabine Wollrab. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)