EARNINGS POLL-All eyes on Vodafone guidance, cost savings

* Analysts looking for increased cost savings

* Full-year revenues seen up 14 percent

* Results due Tuesday 19 May

LONDON, May 15 (Reuters) - Investors and analysts will be looking for reassurance on the outlook and any signs of increased cost cutting to protect cash flow when Vodafone reports full-year results on Tuesday.

They will also be looking for an update on certain problem areas, such as Spain, Turkey and Romania, which have all proved to be tough markets in recent quarters, and signs that the stabilisation within Britain has continued.

Vodafone, the world's largest mobile group by revenues, is the last major telecoms company to report this quarter and analysts say the tough economic climate has started to impact on revenues, making the ability to extract costs all the more important.

"We believe Vodafone needs to increase its ambition around its cost program in order to combat the deteriorating revenue environment," Nomura analysts said in a preview note.

Vodafone said in November at its half year that it would maintain profits and boost free cash flow by cutting 1 billion pounds ($1.52 billion) of costs.

Deutsche Telekom released most of its first-quarter figures early in April, slashing full-year targets as weak conditions and tough competition in major markets including Britain and the United States hit earnings.

However Europe's largest telecoms company Telefonica managed to stick to full-year forecasts after it beat market expectations with a 9.8 percent rise in first-quarter net profit due to strong Latin American business offsetting Spanish weakness.

The Spanish mobile market has been particularly tough in the last year due to the recession, and Turkey has also proved highly competitive.

Leading Turkish mobile operator Turkcell on Wednesday posted a 29 percent fall in first-quarter net profit, citing the drop in subscriber numbers and Turkey's acute economic slowdown which reduced phone use.

It said that the market as a whole was contracting.

When Vodafone reports, analysts will be expecting guidance on free cash flow, capital expenditure and operating profit for the next year, but do not expect detailed revenue targets.

For the year ended, Vodafone is expected to post a 14 percent rise in full-year revenues to 40.6 billion pounds ($61.73 billion), with earnings before interest, tax, depreciation and amortisation up 9.6 percent to 14.5 billion pounds, according to Reuters Estimates.

Following is a summary of 26 analysts' estimates polled by Reuters Estimates for the full year. The free cash flow figure was polled by the company. The figures are in billions of pounds.

Mean High Low 2007/08

Revenue 40.6 41.2 39.2 35.5

EBITDA 14.5 15.1 13.9 13.2

FCF 5.7 5.5

(Reporting by Kate Holton)