Beleaguered Yellow Pages directories publisher Yell today saw its shares plunge as much as a quarter after a worse-than-expected slump in revenues.
Chief executive Mike Pocock blamed the "deteriorating macro-environment and a more competitive digital directory market" for the 15% dive in sales to £382.8 million in the three months to December.
The debt-laden group continues to see traditional print revenues fall faster than growth in digital.
Even turnover at the online version of Yellow Pages was reduced by 15% because of intense competition from other websites.
Pocock, who joined just over a year ago, has tried to diversify from the directories business by offering other services such as e-commerce and building websites for small businesses.
Those non-directories digital revenues doubled to £35.4 million but are less than one tenth of turnover. Analysts at Numis Securities lowered 2013 profit forecasts, saying: "We remain concerned that an accelerated decline in the group's predominantly print revenues could undermine required investment in digital."
The shares fell as low as 4.45p before settling at 4.92p, down more than 16%, valuing the company at
£113 million.
Yell remains saddled with £2.57 billion of net debt.
