News

Update: Yell maintains year guidance

11 November 2008 08:41:00

News that Yellow Pages publisher Yell has maintained full year earnings guidance has offset a warning of negative organic growth, lower revenue and a big drop in core earnings during the third quarter.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the six months ended 30 September 2008 rose 7.7% to £344.3m, or by 2.7% at constant exchange rates.

"This relatively strong start to the year coupled with continuing efficiency and cost savings currently enables us to reiterate our guidance of broadly flat EBITDA at constant exchange rates for the full year," said finance boss John Davis.

But it expects an underlying fall in group revenue of around 5% at constant exchange rates during the third quarter as the economic environment worsens across all its operations. There'll also be negative organic growth of 6% in the UK, 4% in the US and 7% in Spain.

EBITDA will be "considerably down" on last year in the three months to 31 December due to the timing of investment expenditure and the planned rescheduling of €28m of Spanish directories' revenue out of the quarter.

Half year profit before tax fell to £118.3m from £121.6m a year ago on revenue up 6% to £1.02bn, or 1% at constant exchange rates. Organic revenue dropped by 0.7%.

Net debt was £3.81bn, up from £3.76bn at the end of March.

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