LONDON (Thomson Financial) - Rambler Media Ltd. said its consolidated
revenues for the first-half to June 30 were up over 150 percent year-on-year,
demonstrating the resilience of the Russian advertising market and the
improvements in its sales organisations.
First-half consolidated revenue rose to $52 million compared with $20.5
million for the same period a year ago, while like-for-like sales increased 73
percent to $35.4 million.
The Internet media and services group reiterated its previous full-year
revenue guidance of between $100 million and $110 million, even after allowing
for the impact of not consolidating ZAO Begun in the fourth quarter.
On July 18, the company announced the sale of its contextual advertising
company ZAO Begun and related units to Google Inc. for $140 million from which
Rambler expects a net gain of about $50 million.
The company said Begun will no longer be consolidated in its accounts once
the sale is completed.
Rambler Media also confirmed its earlier guidance of the full-year EBITDA
margin improving to 20 to 25 percent and added that the recent transactions are
expected to support further margin improvement in future.
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