Mobile phone giant Vodafone today indicated its run of multi-billion pound losses would end next year following a change in accounting rules.

Vodafone is preparing for the adoption of International Financial Reporting Standards as its primary accounting basis for the year ending March 31, 2006.

Vodafone is to bolster its management structure as it prepares for the full roll-out of third-generation technology, it said today.

Vodafone bosses have awarded themselves a massive pay boost, with the group's chief executive winning a 407% pay rise.