UK: Vodafone cost suts to quicken
May 20, 2009
Vodafone, the largest cellphone group by revenues, is to accelerate the rate of its cost cutting programme after increasing its impairment charges to £5.9 billion (R77.98bn) due to problems in Spain and Turkey. The group, which posted full-year revenues, earnings and free cash flow yesterday in line with analyst forecasts, said in November that it would cut £1bn of costs to maintain profit and boost free cash flow, after warning that conditions would be challenging. - Reuters
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