Diversification has had a bad press recently. It hasn't shielded many portfolios from the ravages of the market. But it's working for Vodafone. The UK operator's quarterly numbers were mixed.

The result, though, was far more palatable than the proverbial curate's egg. There is relief that the mobile phone industry is navigating its first big consumer recession successfully (and without jeopardising the cash flows the business throws off).