Hibu shares hit yet again

Hibu took another hammering after interim results showed both revenues and profits dropping heavily.

Group revenue of £660m was down by 15%, while pre-tax profit was down a whopping 90%.

The company formerly known as Yell, which is trying to reinvent itself as a digital business and shake off the legacy of Yellow Pages, said total digital revenue increased from 30% to 33% of total takings.

Digital services revenues grew by 38% to £82m, but this was overshadowed by digital directories revenue, which fell by 15% to £134m, while print and other directory revenues fell by 22% to £444m.

Shares were down 14.8% after the announcement, meaning shares are now down 93% over the last year.

In September the group said it expected to be below published market expectations for the current financial year.

The six monthly statement said there had been no material change to the trading outlook for the current financial year since that announcement.