Italy's loss to Costa Rica in Group D means that England's hopes are over with a game to spare in their campaign, but Hodgson claims that he still has faith in the squad going forward.
"I don't think there's any need to doubt this England group of players will go on to do good things in the time ahead," the 66-year-old told reporters.
"I'm proud of the way they've approached this tournament and everything they put into it.
"At the moment I'm just devastated they've got nothing out of it."
Football Association chairman Greg Dyke has declared that Hodgson will not be sacked in the near future.