Finnish telco Elisa has revealed plans to layoff up to 450 people as part of a restructuring that aims to deliver annual cost savings of around €40 million ($46.6m).

The telco noted this week that it will launch the transformation program to "simplify its operations and increase productivity." It said the move is in line with its strategy of 'Faster Profitable Growth' presented at the firm's capital markets day earlier this year.

In an announcement, Elisa stated that the planned changes could mean that up to 450 positions at the company are lost, with around 400 of these in Finland. The company also serves the Estonian market.

“This program is designed to accelerate the execution of our growth strategy, and to increase our agility and speed of operations, while simultaneously taking swift action to improve our competitiveness in the current market environment. The actions we are taking will ensure that we achieve our medium-term revenue and EBITDA targets," said Topi Manner, CEO, Elisa.

The change planning negotiations are expected to be completed by the end of the year.

Elisa said that the transformation program will lead to reductions of outsourced services and procurement efficiency improvements.

Despite the incoming cuts, Elisa reported that its revenue grew by five percent for the third quarter to €561m ($652m).

The company also saw its mobile service revenue grow by 3.3 percent to €263m ($305m), while Elisa added 9,000 prepaid subscribers, and 4,800 fixed broadband subscribers during the quarter.