Vodafone looks for further cost cuts

Mobile phone giant Vodafone extended its cost cutting by another £1bn (€1.1bn) today after revealing half-year results in line with its hopes.

The pledge for the period to 2012 comes after Vodafone achieved its original £1bn (€1.1bn) savings target a year earlier than expected.

It reported adjusted pre-tax profits of £5.48bn (€6bn), up 3.6% in the six months to September 30, but described competition in a key growth market of India as intense and reported a 5.7% drop in revenues in the UK.

Vodafone Ireland remains Ireland’s leading mobile provider with 2.12 million mobile customers in the quarter to the end of September.

The company’s fixed line and DSL business stood at 177,607 at the end of the quarter, bringing Vodafone Ireland’s total telecoms base to 2.29 million.

Vodafone’s bill-paying base saw 106,816 new additions largely driven by the acquisition of BT's 87,000 retail base.

Vodafone Ireland boss Charles Butterworth said: "October we added as many new fixed line customers as we did in the entire last quarter demonstrating the momentum behind Vodafone in the fixed market."