Vodafone plans 11,000 job cuts

Vodafone plans to cut 11,000 jobs as new chief executive Margherita Della Valle seeks to revive profit growth at the telecoms group.

Della Valle, who was made permanent chief executive last month, set out a strategy for the group on Tuesday, outlining the ways in which “Vodafone must change”.

The cuts are part of plan to turn around its performance, which has been blighted by declines in Germany, the company’s largest market. The reductions will come at both Vodafone’s headquarters and within local markets, the group said.

Vodafone employs about 104,000 people, according to its latest annual report.

The retrenchment came as Vodafone reported that full-year revenues edged up 0.3 per cent to €45.7bn, below analysts’ estimates. Adjusted earnings before interest, tax, depreciation and amortisation declined 1.3 per cent to €14.7bn, below the company’s guidance.