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<p>Profit fell by two thirds to &euro;550 million (&pound;480 million), mostly due to business units sold off last year as part of a major turnaround plan. Della Valle said that plan was &ldquo;progressing... although much more needs to be done&rdquo;.</p>
<p>In May, Vodafone revealed the restructuring will mean the loss of 11,000 jobs over the next three years, including an unspecified number at the London head office. 2,700 cuts have already been made.</p>
<p>But Della Valle suggested UK cuts could be closer to the end of that period, hopefully giving staff time to find roles elsewhere. &ldquo;There&rsquo;s nothing you should be worried about in the UK this year,&rdquo; she said. &ldquo;It&rsquo;s a three-year process.&rdquo;</p>
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<p>Other steps taken include a plan to merge Vodafone&rsquo;s UK arm with Three, which awaits CMA approval, and the sale of its Spanish arm. AJ Bell investment director Russ Mould said: &ldquo;Work is under way to restructure the group but don&rsquo;t hold your breath for rapid change.&rdquo;</p>
<p>The shares lost 1% to 76.6p today.</p>
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Vodafone: HQ staff should not worry about job cuts this year

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