November 13, 2018 / 7:17 AM / a month ago

Vodafone's new CEO to cut costs, review tower assets

LONDON, Nov 13 (Reuters) - Vodafone’s new chief executive said he would reduce operating costs by 1.2 billion euros by 2021 and review its tower assets to drive returns after its organic revenue grew by 0.8 percent in the first half.

“My new strategic priorities focus on (...) radically simplifying our operating model and generating better returns from our infrastructure assets,” Nick Read said on Tuesday.

Vodafone reported group service revenue of 19.7 billion euros and adjusted earnings of 7.08 billion euros, up 2.9 percent on an organic basis, for its first half, broadly in line with market forecasts.

Reporting by Paul Sandle; editing by Kate Holton

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