Vodafone two-thirds of way through £1bn cost-cutting drive by March 2010

Vodafone will be two-thirds of the way through its £1bn cost-cutting drive by next March, the company said in a trading statement this morning.

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The cuts include about 500 jobs in the UK, including some in HR, and a further 200 jobs would move from Newbury to a new headquarters in Paddington.

This morning’s statement announced a 9.3% rise in headline revenues to £10.7bn in the first quarter to 30 June. However, on a like-for-like basis, revenues were off 2.4%, the Times reported.