Vodafone has issued yet another sales warning for the year and
is now looking to make £1bn in cuts a year until 2011.
There will now be fears the firm will embark on a redundancy
programme like many other major technology firms in response to the
recession.
After posting its half-year results, Vodafone now expects
full-year revenues to be between £38.8bn and £39.7bn - down on its
July forecast.
For the six months ended 30 September, sales were £19.9bn.
Although this was a 17% increase, most of it came from foreign
currency benefits and acquisitions.
Vodafone said organic sales growth was less than 1%, and that
operating profits decreased to £4.1bn from the £5.2bn posted at the
same point last year.
With the UK market again under-performing, and with the economic
conditions getting worse, Vodafone workers here may be sitting
uneasily.
Vodafone says "appropriate actions" have already been put in
place to change the UK situation, although it did not specify what
it intended to do.