The debt-laden directories group Yell may have unveiled a shiny new strategy last week, but there were the same old woes yesterday as it revealed revenues and earnings had fallen.
Revenues fell 11 per cent to £383.3m in the quarter to the end of June, despite growth in digital services, as the print business continued to lose ground. Earnings before interest, taxation, depreciation and amortisation fell by £20.2m to £109.1m. The company's debt levels were £58.3m lower than at the turn of the year at £2.7bn.
Yell's new chief executive, Mike Pocock, said there were no surprises in the statement as trading had continued in line with recent trends. He unveiled a four-year plan to return the company to growth last Thursday. This includes increasing its digital business and targeting small businesses.