Telco records the largest annual loss in UK business history.
It may just be me but a few years it seemed the majority of people subscribed to Vodafone. Still, times change and my word it has shown in the company’s latest financial figures.
Today the suffering telco reported a staggering £14.85 ”billion” annual loss, the largest in UK corporate history and something even downfall champs like Marconi never topped. Over 400 jobs will go on the back of it and a major outsourcing drive will begin as the company desperately drives to cut costs.
Bruised and battered Vodafone Chief Exec Arun Sarin tried to paint a happy picture and was quoted in hack tabloid The Sun, saying group performance remained good despite operating in an “increasingly challenging marketplace”.
The Big Brother/David Beckham/Royals/Soap Opera obsessed rag went on to suggest the company will look to move into the broadband sector to boost profits. Which is a little like British Telecom trying to save itself by investing in Royal Mail.