By Adria Calatayud

Vodafone Group PLC (VOD.LN) said Thursday that it plans to cut up to 1,200 jobs in Spain, around 24% of its workforce in the country, blaming price pressures amid increased competition.

The U.K. telecommunications group, which employs 5,100 people in Spain, will this month begin a monthlong consultation with employees, it said.

Vodafone said the job cuts follow a decline in revenue and earnings from its Spanish operations in the first half of fiscal 2019.

Demand for telecommunication services is increasing in Spain, although it is weighted toward low-and-medium cost offerings, Vodafone said. The company said the job cuts are aimed at protecting investment capacity and will make it a more competitive organization better adapted to customers' needs.

Shares at 1109 GMT were up 0.3% at 153.24 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

January 10, 2019 06:28 ET (11:28 GMT)

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