Yell names its new chief executive

Yell, whose chief executive and last chief financial officer both announced their departure in May, said its customer base of small businesses had not yet regained economic confidence, resulting in a second-quarter sales decline of 12.1 per cent.

For the first half, revenue fell 11.2 per cent at constant exchange rates to 896m, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 12.2 per cent to 265m.

"Our revenues are directly related to the confidence small businesses feel, and small businesses continue to see little evidence of economic recovery," outgoing chief John Condron said.

The company said it would still meet full-year profit expectations by cutting costs.

"Yell remains our least preferred stock in the sector," Numis analysts wrote.