Yell derives 25% of revenue online

The Economist writes that economic uncertainty and faltering confidence of small and medium sized enterprises continued to depress revenues at British directory publisher Yell. Reporting a 10.6 per cent drop in first-quarter organic revenues, the directories publisher said it did not expect any significant improvement in either the second or third quarters of the year.

John Condron, Chief Executive Officer, said: “We met our revenue guidance for the quarter and reiterate our second quarter expectations. The benefits of the actions we have taken to protect against the economic downturn are clearly visible in our customer retention rates and the continued strong internet revenue growth, with 25% of our Group revenue now generated online.”

Shares in Yell dropped 18.9 per cent, or 5.7p, to 24½p. In the three months to June 30, group revenue fell to £439.6m, down 10.6 per cent at constant currency rates. Yell expects a decline of 11 per cent in the second quarter and 9 per cent in the third quarter. (Source: Financial Times, Yell)