Pre-tax profits slump at Hibu

 
City A.M. Reporter
PRE-TAX profits at struggling Hibu fell by 90 per cent in the six months to 30 September, the group said yesterday, just a day after it pushed back the deadline for a debt deal with its creditors.

Pre-tax profit plummeted by £80m to £150m, on group revenues down 15 per cent to £660m.

Digital revenue – a key focus of the company since it rebranded from Yell in May – grew from 30 per cent to 33 per cent of total group revenue, and digital services grew by 38 per cent to bring in £82m.

The firm’s statement also said there had been no material change to the trading outlook for the current financial year since September, when it lowered profit expectations. Shares have fallen 93 per cent over the last year.