Yell has reiterated that its bankers are “reasonably comfortable” with its level of debt as it reported first quarter revenue and earnings ahead of expectations.

Shares in Yell, which publishes print and online directories in the UK, US and Spain, had fallen recently to a tenth of their February 2007 value of 645p, but on Thursday rose 8p, or 11.3 per cent, to close at 79p.