Advertising giants Yell have reported a major drop in profits over the past tax-year according to brand republic.The company who produce The Yellow Pages, which once was a leader on advertising, has seen a 5.7 per cent decrease in sales which took the profit to £66.3 million.
The decline could be blamed on the slow dismantlement of the print industry with more businesses choosing to advertise via the internet by social media marketing campaigns as well as paid search.
The actual figures for the Yellow Pages was reported to be as high as an 18.6 per cent drop year on year with an increase in digital media revenue by 9.4 per cent.
Mike Pocock, chief executive of Yell Group, said: “In the face of ongoing tough market conditions, we have continued to make good progress with our digital media offering, bringing new products to the market, increasing consumer usage and increasing revenues.
“Our market positions in print remain strong and print revenues, though still under pressure, continue to generate significant cash flow.
“Over the year, Yell has generated over £260m of cash and reduced net debt by almost £330m.”
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