UK telecom group Vodafone will reportedly speed up the cost cutting program that the company is currently undertaking.

With the uncertain economic conditions, the group is expected to announce that it will not offer positive revenue guidance anymore.

The ongoing cost cutting program is targeted to bring down its cost by £1 billion.

According to market analysts, Vodafone is expected to report revenue of £40.9 billion for 2008-09, up 15.2 percent on 2007-08, primarily because of the strength of the Euro currency against Sterling.

Further, the company is expected to bow down under pressure to announce the exact date when Verizon Wireless will start paying dividends that may be worth around £1.4 billion a year to Vodafone by 2011.