VodafoneThree targets £1bn annual cost savings by 2032

TL;DR: VodafoneThree said at a Vodafone Group investor briefing that it increased its annual cost-savings target to £1 billion by 2032, up from a previous target of £700 million by full year 2030.

VodafoneThree increased its cost-savings target to £1 billion per annum by 2032 during a Vodafone Group investor briefing on its UK growth strategy. The company said it expects £800 million in annual cost savings by 2030.

The new target replaces a previous goal of £700 million per annum by full year 2030. Vodafone said the 2032 financial year will run to March that year.

The updated target follows Vodafone's full takeover of VodafoneThree more than two months earlier, when it acquired CK Hutchison's 49% stake in the business for £4.3 billion.

Vodafone also reiterated an £11 billion network investment plan over 10 years to upgrade the UK mobile network. Other targets for VodafoneThree include mid-to-high single-digit annual growth in adjusted earnings between 2025 and 2032 and a plan to more than triple operating free cash flow over the same period.