Directories publisher Yell continues to struggle. Revenues from its print operation, which still dominate the business, slumped 18.6 per cent year-on-year, while group cash profits plummeted by £106m to £514m.
Within print, only the small Latin American business reported growth - revenues there climbed 1.7 per cent to £84.2m. But, as weak conditions continued to hit Yell's small-to-medium-sized enterprises (SME) client base, US print revenues plunged 17.1 per cent, UK print revenues dropped 23.5 per cent and Spanish print revenues fell 23.9 per cent. In response, Yell's new chief executive Mike Pocock has launched a strategic review and, while that won't report until July, it looks like Yell's focus will be to use the declining, but cash generative, print operation to support digital growth. With Yell's digital business having grown revenues by 9.4 per cent in the year, that makes sense - although digital still only generates a quarter of revenues.
Numis Securities expects adjusted EPS of 6.6p (2011: 5.7p).
| ORD PRICE: | 7p | MARKET VALUE: | £165.7m | |
| TOUCH: | 7-7.1p | 12-MONTH HIGH: | 47p | LOW: 6p |
| DIVIDEND YIELD: | nil | PE RATIO: | 4 | |
| NET ASSET VALUE: | 64p* | NET DEBT: | £2.77bn | |
| Year to 31 Dec | Turnover (£bn) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2007 | 2.08 | 248 | 25.9 | 16.0 |
| 2008 | 2.22 | 311 | 24.8 | 11.3 |
| 2009 | 2.40 | -1033 | -124.1 | nil |
| 2010 | 2.12 | 70.3 | 3.4 | nil |
| 2011 | 1.88 | 66.3 | 2.0 | nil |
| % change | -11 | -6 | -41 | - |
Ex-div:- Payment:- *Includes intangible assets of £4.28bn, or 181p a share | ||||
