Spanish multinational operator Telefónica celebrated another strong quarter as evidence that the previously heralded new growth cycle is here to stay.

For the half year to June Telefónica’s net profit doubled to €3.7 billion on the back of a revenue increase of 12.5% and an apparent turnaround in its domestic market.

“[The results] confirm the strength of the new growth cycle initiated in the previous quarter”, said César Alierta,Telefónica’s Executive Chairman, confirming that the revenue growth was “supported by the strong recovery in the Spanish business which in May and June reached revenue stabilization for the first time since December 2009.”

Alierta stressed “the importance of the incorporation of GVT in Brazil and DTS in Spain during the quarter, two key assets that are going to contribute in strengthening our presence in both markets and leadership in quality services, and will contribute to the generation of future synergies reinforcing our potential for growth in both cases.”

All this bottom line goodness allowed Telefónica to upgrade its 2015 revenue growth guidance from 7% to 9.5%.  “The strength of the evolution of the business in the first half of the year, coupled with our positioning in order to capture growth opportunities in the coming quarters, have led us to revise our objectives upwards for 2015,” said Alierta.