Phone giant loses pounds 20bn
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[May 29, 2006]

Phone giant loses pounds 20bn

(Daily Post (Liverpool) Via Thomson Dialog NewsEdge)MOBILE phone giant Vodafone is to cut hundreds of jobs from its workforce when it announces record annual losses this week, reports said yesterday.

Up to 500 jobs could be lost at the group's Newbury headquarters while a large number of posts worldwide will be outsourced to IT and network partners.

Results from the group are expected to show an improved operating performance but a write-down on the value of assets, mainly on the acquisition of German firm Mannesmann in 2000, will mean net losses of around pounds 20bn.

That would be the highest figure in British corporate history and greater than the pounds 16.1bn recorded by Vodafone in 2002.

Investors will be unmoved by the accounting loss on Tuesday as the focus will be on how chief executive Arun Sarin plans to boost growth at a time when mobile revenues growth is slowing and operators face challenges from the internet.

Mr Sarin has held the top job for three years and is under increasing pressure because of the lacklustre performance of the company's share price.

His plan is likely to involve targeting fixed-line operators, with new services including a tariff that allows mobile customers low-cost calls if they are within two kilometres of their home.

The service is already available in Germany and will be extended to other markets, including the UK.

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