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Yell Group shares dive as top bosses plan departure

BBC Published May 18, 2010 Reviewed Jun 30, 2026 ✓ Reviewed by citations.press editors

Yell announced a 24% decline in adjusted annual earnings to £619 million.

24 % · adjusted annual earnings decline619 million GBP · adjusted annual earnings Yell, company

John Condron and John Davis will leave Yell by May next year.

Yell, company

Revenue for the year to 31 March fell 11.5% to £2.12 billion.

11.5 % · revenue decline2.12 billion GBP · revenue

Yell shares closed down 22% at 36.76 pence.

22 % · share price decline36.76 pence · share price

Yell cut its net debt to £3.1 billion, reducing it by £1.1 billion over the financial year.

3.1 billion GBP · net debt1.1 billion GBP · net debt reduction Yell, company

John Condron has been with Yell for 30 years and John Davis for 10 years.

30 years · Condron tenure10 years · Davis tenure

John Davis stated he wanted to pursue new opportunities after 10 years with Yell.

10 years · service with Yell Mr Davis, Chief Financial Officer

Shares have fallen steeply at directory business Yell after two top executives said they would be leaving the firm.

Yell said its 60-year-old chief executive John Condron and chief financial officer John Davis, aged 48, would leave by May next year.

Mr Condron is retiring after 30 years with the company, while Mr Davis said he wanted to pursue new opportunities after 10 years with Yell.

The company also announced a 24% fall in adjusted annual earnings to £619m.

Replacements for Mr Condron and Mr Davis have not yet been named.

The Yellow Pages publisher has been struggling over the past couple of years, after the economic downturn hit advertising revenues.

The company also faces severe challenges to its business from online rivals, such as Google.

Revenues for the year to 31 March fell by 11.5% to £2.12bn. However, the company said it had cut its net debt to £3.1bn, a reduction of £1.1bn over the financial year.

Shares in the company, which was spun-off from BT in 2001, closed down 22% at 36.76 pence.

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