It was always going to be difficult for Arun Sarin to go out on a high, but in announcing his departure alongside today’s full year results, the Vodafone chief executive appears to have achieved something close.

The world’s biggest mobile operator reported record revenues - up an above-forecast 14 per cent, helped by a strong performance in Germany and Italy - with operating profits up 10 per cent and the final dividend raised to 5.02p, also ahead of expectations.

But as the share price reaction suggests - Vodafone initially rallied more than three per cent, only to trade one per cent down by lunchtime - there was enough in the numbers to provide pause for thought. Although earnings per share were ahead of expectations, that was due more to foreign exchange and tax benefits than underlying improvements in trading; net debt and capital expenditure was higher than forecast; and this year’s operating margins will be much the same as last - something of a disappointment.

By the same token, the timing of Mr Sarin’s departure also requires a degree of circumspection - not least because next month, the EU Commission will file its report on mobile termination rates, from which Vodafone derives a substantial proportion of its European profits.

Mr Sarin should be given credit for all that he has achieved in the two years since some shareholders sought to oust him - especially in sealing the purchase of India’s Essar at what now looks a reasonable price. But with some of Vodafone’s biggest strategic challenges still lying ahead - resolving the fate of its Verizon holding and maintaining momentum in emerging markets among them - it is hard to avoid the feeling that Mr Sarin has chosen his moment wisely.

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