Vodafone will axe 11,000 jobs over the next three years as the new chief executive set out her plans to “simplify” the telecoms giant.

The cuts equal more than a tenth of its workforce and will affect its Berkshire headquarters and other countries.

Margherita Della Valle, who is also Vodafone’s finance director, said its “performance has not been good enough”.

It also reported full-year sales rose only marginally and pre-tax profits dipped.