The analyst believes that “uninspiring” set of full results outlined many of the challenges facing new CEO Margherita Della Valle.
“She rightly pulled no punches in a brutal assessment of the firm’s current predicament, candidly outlining the need to change and openly admitting that its performance hasn’t been good enough.”
Vodafone shares fell more than 7% on Tuesday after plans to cut 11,000 jobs, out of a total headcount of over 100,000 were revealed.
"My priorities are customers, simplicity and growth,” Della Valle said.
“We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.”
Yet Mann believes It’s still a long road back for Vodafone after “years on the slide”.
“But the vision of a leaner, simpler and more efficient organisation is the right one, and the move to axe thousands of jobs shows Della Valle is not afraid to make difficult decisions."
The firm’s results come weeks after a tie up between Vodafone UK and CK-Hutchison-owned Three UK edged closer.
Mann believes that Della Valle will be keen to get that long-awaited deal over the line.
“The new boss will also be looking to stamp her mark by quickly agreeing a tie-up with Three in the UK after months of discussions, in a move which would be welcomed by investors but scrutinised by regulators,” he said.
