Vodafone Group plc is planning to hit the acquisition trail in 2012. Vittorio Colao, chief executive of the firm said that £500 million of the savings would be set aside, and could be used as a potential acquisition war chest “depending on the economic situation.”

Vodafone Group plc doubled its cost-cutting target to GBP 2 billion to combat economic gloom in the UK and growing competition in India but it posted higher half-year profits. The telecoms group plans to save GBP 1 billion by 2012 on top of GBP 1 billion pledged by the end of 2009-10. The company said there would be job losses among its 85,000 global workforce, about 10,000 of whom work in the UK, but refused to reveal numbers.

Vodafone Group plc reported earnings results for the first half of 2009. The company reported that its first-half net profit attributable to shareholders totaled £4.8 billion ($8.0 billion), up from £2.14 billion recorded in 2008. Revenue climbed to £21.76 billion, from £19.9 billion, boosted by exchange rate moves and merger and acquisition activity. Earnings before interest, tax, depreciation and amortization increased 2.9% to £7.46 billion. The company expectations for full year 2009 adjusted operating profit in a range of £11.0 billion to £11.8 billion and free cash flow around the upper end of the £6.0 billion to £6.5 billion pound range.