Updates

Yell

August 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The volatile share price performance continues. For Q1, Yell has reported results slightly ahead of guidance with sales of Â£475m and EBITDA of Â£143m. Yell said that in what remains a difficult trading environment, it continues to outperform others in the media sector. The printed directories business is under pressure but loyalty amongst customers remains high. Internet usage continues to grow strongly, up from 16% to 21% of sales year-on-year.Net debt in the quarter has fallen by Â£400m to Â£3.8 billion helped by the strengthening of sterling and operating cashflow. At the end of June, Yell said it had begun a process to refinance its debt and will also in the autumn discuss with shareholders what to do next, with a rights issu ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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