Vodafone to cut costs by another £1 billion
By Jennifer Scott,
Vodafone is set to cut costs by a further £1 billion after announcing slightly raised half year results.
Group revenue for the company in the past six months hit £21.8 billion, a rise of 9.3 per cent, with profits rising by a more modest 2.4 per cent to £5.9 billion.
Vodafone had already confirmed it was looking to cut costs of £1 billion, but now chief executive Vittorio Colao has said it is set to make further cuts.
“The £1 billion cost reduction programme is expected to be delivered a year ahead of plan and we have extended this to a further £1 billion of cost savings by 2012," Colao said in a statement.
The chief executive also confirmed he was pleased with the results, even though the increase in profit wasn’t massive.
“The group has performed in line with our expectations and we have made strong progress with our strategic priorities, in particular in mobile data and cash generation,” he said.
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