Vodafone says will cut 500 jobs in Britain | business | Hindustan Times
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Vodafone says will cut 500 jobs in Britain

British mobile phone giant Vodafone said on Tuesday the group would axe 500 jobs in its home market as part of a cost-cutting programme that was unveiled last year.

business Updated: Feb 24, 2009 15:49 IST

British mobile phone giant Vodafone said on Tuesday the group would axe 500 jobs in its home market as part of a cost-cutting programme that was unveiled last year.

"Vodafone UK has on Tuesday announced reductions to its operating costs in order for it to compete more effectively in the UK market," the company said in a brief statement.

"The majority of savings will be achieved by taking operating costs out of the business, however, there will also be a reduction of approximately 500 jobs across the business. Staff affected by the decision have been informed on Tuesday."

The group, which employs about 10,000 people in Britain, had launched a major cost-cutting programme in November to reduce costs by 1.0 billion pounds by March 2011.

Earlier this month, Vodafone defied the global economic storm by reporting better-than-expected third quarter sales, up 14 percent due to the strong euro and strength in key markets.

Vodafone had said in an upbeat trading update that revenues rallied to 10.470 billion pounds (11.6 billion euros, 14.8 billion dollars) in the three months to the end of December, compared with 9.163 billion previously.