Vodafone hints at further job cuts amid cost-cutting programme

| November 10, 2009 | 0 Comments

Telecoms company Vodafone is seeking to increase its £1 billion cost-cutting programme by a further £1 billion by 2012 as a result of a sharp decline in revenues from its core UK market.

The company, which is the world’s largest mobile phone operator, is struggling amid the global economic downturn and has already announced hundreds of job losses in the last year.

A spokesperson for the company said: “There will be some implications for jobs but that will not be the focus. The emphasis is around technology.”

The extension of the cost-cutting plan was unveiled as Vodafone released its figures for the six months to the end of September, which were in line with forecasts.

Interim pre-tax profits rose 3.6% to £5.48 billion while revenues fell 3% on a like-for-like basis to £21.8 billion, with growth in emerging markets such as India and South Africa offsetting a 4.5% fall in Europe.

Meanwhile, the company which was once a major player within the UK phone market, is set to lose market share following the merger of rivals Orange and T-Mobile, which will create the UK‘s largest mobile phone network.

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