Vodafone's new CEO to reduce operating costs by 1.2 bln euros by 2021

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 per cent 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 per cent on an organic basis, for its first half, broadly in line with market forecasts.