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ANALYST VIEWS: IS PUBLISHER YELL GOING IN THE RIGHT DIRECTION ?

SAM HART| CHARLES STANLEY
Although the company is being upbeat, the outlook is not good for Yell. The company has major structural issues and the move from print to online operations is a headache. Shares did rise after the statement but sales are down in the UK and elsewhere – there are more problems ahead.

LORNA TILBIAN | NUMIS
Some early evidence of increased confidence during its sales canvasses means that the management anticipates a 'noticeable’ improvement in the rate of decline. The company also expects to increase its investment in the fourth quarter.

ANDREW VINER | BDO STOY HAYWARD
Yell’s third quarter results show signs of an improving near-term outlook with increased cash generation, strong growth from online revenues and further slowdowns in revenue declines. However, over the long term, the group continues to face some major challenges such as declining margins.