Yell Group plc financial report for the three months ended 30 June 2008
Increased earnings and cash. Strong online performance.
On track to meet expectations
Revenue up 6.2% to £468.4 million; up 2.9% at constant exchange rates
Adjusted EBITDA up 11.7% to £160.8 million; up 8.1% at constant exchange rates
Adjusted profit after tax and minority interests up 34.4% to £62.9 million
Adjusted diluted earnings per share up 35.0% to 8.1 pence; up 31.7% at constant exchange rates
Operating cash flow up 34.0% to £160.7 million; up 30.1% at constant exchange rates. Cash conversion 99.9% (2007 83.3%)
Free cash flow before exceptionals of £85.4 million (2007 £38.7 million)
Statutory results (unaudited)
Three months ended 30 June
£ millions, unless noted otherwise
Profit after tax and minority interests**
Cash generated from operations
Free cash flow
Diluted earnings per share (pence)**
* EBITDA is reconciled to operating profit in note 3 to the financial information on page 14.
** Statutory earnings are reconciled to adjusted earnings in note 5 to the financial information on page 16.
John Condron, Chief Executive Officer, said:
"We have made a good start to the year, driven by very strong performances from our online channels, which have continued to substantially increase both usage and revenue. Overall, Yell continues to show resilience despite the increasingly difficult economic times. While we expect further pressure on our revenue, we are on track to meet the EBITDA guidance we have given for the year.
John Davis, Chief Financial Officer, said:
"The strong operational performance, combined with effective cost management, means that this quarter is ahead of EBITDA and cash expectations in constant currency terms, with the benefit of the euro exchange rate adding to this. We have shown good deleveraging with net debt at 4.9 times annualised EBITDA compared with 5.1 times at the end of March."
Yell Investors Yell - Media
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This news release contains forward-looking statements. These statements appear in a number of places in this news release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, revenue, financial condition, liquidity, prospects, growth, strategies, new products, the level of new directory launches and the markets in which we operate. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. You should read pages 31 through 35 in Yell Group plcs annual report for the financial year ended 31 March 2008 for an understanding of some of these factors. We undertake no obligation publicly to update or revise any forward-looking statements, except as may be required by law.
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