Vodafone to cut 500 jobs in UK

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Staff were informed of the cuts on Tuesday, the company said. The cutback include 170 positions at company headquarters in Newbury, England.

"The majority of savings will be achieved by taking operating costs out of the business, however, there will also be a reduction of approximately 500 jobs across the business," the company said.

In its half-year earnings report released in November, Vodafone Group PLC had said it was aiming to shave 1 billion pounds from global operating costs by March 2011 "to offset the pressures from cost inflation and the competitive environment and to enable investment in revenue growth opportunities."

In the three months ending Sept. 30 - its second quarter - Vodafone had said operating profit in Britain had fallen by 109 million pounds to 134 million pounds. Service revenue was down 1.1 percent.

At the time, Vodafone said growth had slowed because of competitive pressure on voice and messaging tariffs.

During the third quarter, Vodafone said British revenue had fallen 0.7 percent compared to a year earlier.