Vodafone Group has raised its cost savings target for the company's UK unit VodafoneThree to £1 billion ($1.32bn).

The European telecoms giant announced the new target during its investors briefing yesterday (October 8), with the carrier increasing the target to £1bn by its 2032 financial year from its initial £700m ($926m) target by FY2030.

The company has been busy in recent years, completing exits from Spain and Italy, while the carrier finally finalized its UK merger with Three last year.

Since completing that deal, Vodafone has since completed a full takeover of the UK JV, scooping up CK Hutchison’s 49 percent stake in the business for £4.3bn ($5.69bn).

"We created VodafoneThree because we saw the opportunity to transform the UK market. To create the scale to invest," said Margherita Della Valle, group chief executive, Vodafone.

"After a strong start, we now have even greater confidence in the opportunity ahead. That’s why we are upgrading our cost target to £1bn, with VodafoneThree set to become an increasingly important contributor to Vodafone’s growth ambitions.”

During the briefing, the company outlined its continued pledge to invest in the carrier's £11bn ($14.55bn) network investment in the UK.

VodafoneThree has been carrying out network upgrades, in particular with its 5G Standalone rollout, including the launch of its SuperMobile 5G+ national network slice service last month.