One of Russia’s leading internet companies, Rambler Media that operates the Rambler portal has reported its consolidated unaudited interim results for the six months ended June 30, 2009.
In spite of a growth in number of visitors to over 50 million per month, Rambler Media reported a significant drop in both display and contextual advertising revenues due to decline in ad spendings and depreciation of Russian Ruble against US Dollar. The US Dollar/Russian Ruble exchange rate for the first half of 2009 was 33 vs. 24 for the first half of 2008.
Olga Turischeva, who started as Rambler CEO in April 2009, said that “…reallocating more effort to such services as communications and navigation is crucial… My long term vision is to transform Rambler into an incubator of ideas and start ups.”
Below are Rambler’s financial highlights and user statistics.
- Total revenues of $30.8 million (1,019 million Russian Rubles) in H1 2009, down 40% from $51.7 million in H1 2008, including from:
- contextual ads – $12.7 million, down 45% from $23.2 million,
- display/banner ads – $13.1 million, down 36% from $20.5 million,
- paid listings – $1.8 million, down 38% from $2.9 million
- EBITDA of $2.6 million in H1 2009, down from $8.9 million in H1 2008.
- Net loss of $2.1 million in H1 2009.
- Cash of $24.7 million at June 30, 2009.
- 51.5 million average monthly unique users in H1 2009, up 38% from 37.3 million in H1 2008.
- 3.1 billion average monthly page-views in H1 2009, up 10% from H1 2008.
- 1.15 billion searches in H1 2009, down 32% from 1.7 billion in H1 2008 .
Rambler Media, which is 55%-owned by media group Prof-Media, reported annual revenues of $110 million in 2008. The company’s shares are traded on Alternative Investment Market (AIM) of the London Stock Exchange.
Rambler has recently lost its search market share in Russia to less than 10% while Yandex, Mail.ru and Google all gained market shares.