Vodafone cuts 3,000 jobs in UK and Europe
The telecoms firm also announced an additional 2,300 job losses in Germany as part of a cost-cutting overhaul.
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Vodafone has cut 3,000 roles across its UK and European division in the first half of this year as part of a cost-reduction strategy. The company did not specify how many of these redundancies occurred within the UK, where it is headquartered. These job reductions were part of a wider effort to strip out €200 million in costs across its European operations, with €50 million of those savings realised in the UK. These UK savings follow the company's planned merger with Three UK in 2025, which will create a new entity named VodafoneThree.
Roles were also impacted within Vodafone's shared services operations. These support functions are provided to the division from centres located in India and eastern Europe. Separately, Vodafone announced an additional 2,300 job cuts in Germany. This move is intended to improve performance in that country and contributes to a broader European goal of cutting more than €2 billion in annual costs across Europe and shared operations by 2030.
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Financial Performance and Outlook
The company's half-year financial results, for the six months ending 30 September, revealed a statutory pre-tax loss of €373 million (£309 million). This contrasts with a profit of €2.1 billion (£1.7 billion) recorded in the same period a year prior. The loss was partly attributed to a significant €4.85 billion (£3.98 billion) writedown in Germany, alongside other impairment charges. Despite the loss, Vodafone raised its annual earnings guidance for the second time. The group now anticipates earnings to be between €13.2 billion and €13.4 billion (£10.8 billion to £11 billion), implying organic growth of approximately 6% to 8%. This is an increase from its previous forecast of €13 billion to €13.3 billion.
Margherita Della Valle, group chief executive of Vodafone, stated her satisfaction with the overall group performance but acknowledged that Germany's results are not yet at the desired level. She indicated that a clear action plan is in progress to structurally simplify German operations and enhance customer satisfaction across all services. Ms Della Valle has been leading a significant cost-cutting initiative since assuming her role in 2023. Between her appointment and the end of September, 11,000 roles have been eliminated across the company, and annual costs have been reduced by €700 million (£580 million) to date.
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Questions this report answers
+How many jobs has Vodafone cut?
Vodafone cut 3,000 roles across its UK and European division in the first half of the year. The company also announced an additional 2,300 job cuts in Germany. Since Margherita Della Valle took over as group chief executive in 2023, a total of 11,000 roles have been cut.
+What financial results did Vodafone report?
For the six months ending 30 September, Vodafone reported a statutory pre-tax loss of €373 million (£309 million). This compares to a profit of €2.1 billion (£1.7 billion) in the same period last year. The loss was partly due to a €4.85 billion writedown in Germany.
+What is Vodafone's earnings forecast?
Vodafone has raised its annual earnings guidance to between €13.2 billion and €13.4 billion (£10.8 billion to £11 billion). This suggests an expected organic growth of approximately 6% to 8% for the full year.
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