Telenor Group is set to make further efficiency savings in 2018 as it continues attempts to refocus the business and pursue its digital transformation strategy, Reuters reported.

Speaking to the news organisation, Telenor CEO Sigve Brekke (pictured) ruled out any acquisition activity in the next twelve months, and reaffirmed plans to increase efforts in “digitalisation” and further reduce overheads, having already slashed costs in 2017.

Telenor saved NOK1.7 billion ($209 million) between January and end-September 2017, exceeding its original target of NOK1 billion.

Plans to simplify the business and reduce overheads were unveiled in February 2017, including axing 170 jobs in Telenor’s home market of Norway.

Its ultimate plan is to return to being a “growth company” – Brekke said in August – and reorganise the business into four regional clusters covering Scandinavia, Central and Eastern Europe, Emerging Asia and Mature Asia.

In its latest financial statement – revealed in October and covering Q3 2017 – Brekke said Telenor would continue to transform its business “by focusing on digitalising the core, improving efficiency across the company and nurturing growth, where we see reassuring trends and potential.”

The company is scheduled to provide another business update in its Q4 2017 results on 31 January.