Orange raises core profit growth target to more than 4%

French telecoms group Orange raised its target for core profit growth on Tuesday to more than 4% from more than 3%, after first-half revenue beat expectations driven by continuing growth in Africa and the Middle East.

The company now expects earnings before interest, taxes, depreciation and amortization after leases (EBITDAaL) to grow more than 4% this year.

It had already lifted its outlook in April following a stronger-than-expected first quarter. Orange reported first-half revenue of 20.95 billion euros ($23.82 billion), beating company-compiled analyst consensus of 20.76 billion.