In a welcome change from the doom and gloom financial news of late, Vodafone has posted positive results - mainly due to a "favourable exchange rate".

The Vodafone Group's revenue increased just over 14% year on year for the quarter ending 31 December with sales totalling £10.47 billion, up from analyst's estimates.

However, of the 14.3% revenue growth, a whopping 12.8% was due to exchange rate movements as the pound declined against world currencies.

Vodafone has increased its outlook for the next quarter, ending March 2009, saying it expects revenue between £40.6 billion and £41.5 billion, up from the £39.7 billion previously predicted.

Revenue from data was up and is growing at a rate of around 25% per year, Vodafone revealed.