Citing an “unfavorable economic climate,” Pages Jaunes’ Director General Jean-Pierre Remy announced that the annual revenues would be “more towards -2 or -3 percent than the -1 or -2 percent” than originally predicted.

This prompted a drop in the price of its shares on the Paris Bourse to €8.52  – a fall of 7.7 percent.

The group confirmed that it still aims for an annual turnover growth of 5 percent in 2011 and 2012 as well as growing Internet activity by 50 percent — which would mean that online accounted for two-thirds of its business.