Vodafone to extend cost-cutting

Vodafone is continuing with its cost-cutting plans

Vodafone has announced plans to cut costs by a further £1bn, as it reported a slight rise in half-year profits.

The mobile phone giant made a pre-tax profit of £5.48bn in the six months to 30 September, up 3.6% from a year ago, and in line with market expectations.

Its revenues were up 9% to £21.8bn, also meeting analyst targets.

The UK group's latest cost-cutting comes after it said it had achieved its original £1bn of savings targets a year earlier than expected.