It suffered a 14 per cent drop in revenue to ?314million in the last quarter of 2012, with print tumbling 22 per cent and digital directories down 7 per cent, while digital services revenues grew 31 per cent.
Headline profit almost halved to ?55million, while Hibu's debt is just over ?2billion compared with its market value of just ?9million.
Hibu shares gained 15 per cent to 0.38p despite it admitting that refinancing options being considered are likely to result in little or no value for shareholders.
Chief executive Mike Pocock said: "The group continues to make significant progress in executing its digital strategy and preparing for a capital restructure.
"Our new strategic products are progressing well from development to market readiness. Pilots are well underway for a range of new digital products and services to support business owners in promoting, commercialising and running their ventures."
Source: http://www.express.co.uk/finance/city/377427/Yellow-Pages-Hibu-in-bid-to-revamp-debt
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