Friday, 21 September 2018

Vodafone doubles cost cuts to £2bn as economy bites

By Mary Lennighan, Total Telecom
Tuesday 10 November 09

Mobile operator confirms guidance as first-half results meet expectations, but EBITDA margin slips on Turkish turnaround and competition in India.

Vodafone on Tuesday announced it will accelerate its cost-cutting programme to £2 billion, up from the £1 billion target it announced earlier this year, due to the ongoing economic situation. Vodafone CEO Vittorio Colao made the announcement as he presented first-half results that were largely in line with expectations, with the mobile operator posting an increase in earnings – albeit boosted by foreign exchange gains – and reaffirmed its guidance for the full year. "Last year we announced a £1 billion, three-year cost efficiency programme... In light of the challenging environment, we have decided to accelerate the plan," Colao said. "A new £1 billion cost-efficiency programme..…

Vodafone on Tuesday announced it will accelerate its cost-cutting programme to £2 billion, up from the £1 billion target it announced earlier this year, due to the ongoing economic situation. Vodafone CEO Vittorio Colao made the announcement as he presented first-half results that were largely in line with expectations, with the mobile operator posting an increase in earnings – albeit boosted by foreign exchange gains – and reaffirmed its guidance for the full year. "Last year we announced a £1 billion, three-year cost efficiency programme... In light of the challenging environment, we have decided to accelerate the plan," Colao said. "A new £1 billion cost-efficiency programme..…

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