Nordic search services and directory assistance firm Eniro’s (OMX: ENRO) second quarter operating revenues totalled 1.15 billion Swedish kronor, representing an 8% organic decline. Online revenues were up for the first time since 2009. EBITDA f 285 million was a little bit better than expected and Eniro has raised cost saving target for 2011 by 50 million.
Company CEO Johan Lindgren says that Eniro is half way through its turnaround plan, that was set in motion last year. He highglighted the fact that Eniro has quickly shifted away from printed media, which now only accounts for a small percentage of sales. Eniro is trading down pretty much in line with the broader market in early afternoon trading.
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