This London-listed internet company lost two-thirds of its revenue after Google switched off a popular product

Team Internet, the AIM-listed Internet company formerly known as CentralNic, reported first-half gross revenue of $179.1 million on 24 July, down from $263.9 million a year earlier, as the collapse of a single Google advertising product continued to have a significant impact.

The damage comes almost entirely from its Search division. Search, which monetises parked domains and search-driven content, generated revenue of $48.3 million in the six months to 30 June 2026, against $132.1 million in the same period of 2025 – a fall of 63%.

Net revenue in the division dropped 70% to $7.8 million, and adjusted EBITDA swung from a profit of $8.5 million to a loss of $2.6 million.

Google switched off AdSense for Domains (AFD), the product that put ads on parked domains.

Google curtailed AFD in stages across 2023 and 2024, first requiring consent from EU visitors before parked-domain ads could be shown, then restricting how those ads could be displayed, then in September 2024 no longer automatically opting new advertiser accounts into showing ads on parked domains.

The decisive move came in February 2025, when Google said it would opt all existing advertisers out of parked domains.

A hit to Team Internet

The company attributes the decline to its transition away from Google’s AdSense for Domains platform, which it describes as having reached a negligible level of revenue during the half after falling throughout 2025.

Team Internet reported gross revenue of $481.9 million for 2025, down from $802.8 million the year before, with adjusted EBITDA falling to $42.7 million from $91.9 million and $41.7 million of impairment charges, mostly relating to Search, producing an operating loss of $49.9 million. At the current half-year run rate, group revenue now sits at less than half the 2024 figure.

The rest of the group grew. Domains, Identity & Software – the domain registration and identity business that Team Internet calls DIS – lifted net revenue 8% to $40.8 million and adjusted EBITDA 28% to $13.7 million, despite headline revenue slipping 6% to $97.9 million.

Comparison, which operates advertorial and review sites, grew revenue 18% to $32.9 million and adjusted EBITDA 54% to $8.4 million.

Group gross margin rose from 27.6% to 34.1% as the low-margin Search revenue drained away, and adjusted EBITDA of $19.5 million came in ahead of the $18.0 million the group managed in the second half of 2025.

Team Internet is now selling the division that grew fastest. The board launched a strategic review in November 2025 after receiving inbound approaches, saying at the time it believed the sum of the parts was worth considerably more than the group’s market valuation.

It has since said DIS alone could command a valuation materially in excess of the company’s market capitalisation, which stood at roughly £120 million when the review began.

In June the company said it expected to announce an outcome in the first half of the third quarter of 2026.

The 24 July update softened that, saying discussions with selected parties continue, that any transaction should complete during 2026, and that a further update will follow at or before the interim results on 7 September.

Chief executive Michael Riedl pointed to Search returning to profit in June and to the group’s usual second-half weighting, saying Team Internet approaches the rest of the year and the conclusion of the review “from a genuine position of strength”.

The company also confirmed that non-executive director Claire MacLellan retires immediately after the annual general meeting, after serving since 2022, leaving the audit and risk committee with Marie Holive as chair and Iain McDonald as its other member.

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