The German mobile phone company Mannesmann is promising a surge in profits next year in an effort to persuade shareholders to reject Vodafone's hostile bid for the company. Mannesmann's supervisory board rejected Vodafone's offer on Sunday night. Mannesmann predicted yesterday that, apart from its booming mobile phone business, it expects to make a profit from a range of other services, including online business.

The company's chairman, Mr Klaus Esser, claimed yesterday that Mannesmann had not highlighted potential profits in the past because it did not wish to appear to be "showing off". But the present situation demanded an end to such modesty and the company would be telling shareholders over the next few weeks that a glowing future promised a soaring share price.

If the company's prediction of a 30 per cent rise in profits each year for the next three years is accurate, Mannesmann will make €3.8 billion (£2.99 billion) next year.