Yahoo could see significant revenue growth from its new Panama advertising platform, despite long launch delays, writes MediaPost.

The forecast comes from research firm UBS, which estimates that 2007 SEM revenue at Yahoo could jump 15-45 percent. The ambitious estimate of 45 percent is based on search volume growth, as well as an increase in Yahoo's click-rates to 12.4 percent, up from 11.4 percent. That would boost search revenue from $960 million in 2006 to $1.392 billion this year.

The delays in launching the Panama system upgrade, however, mean that revenue increases aren't likely to be seen until the second quarter of the year.

At least one industry observer says that early results since the launch of Panama show click-through rates on Yahoo ads are up, meaning revenue will likely rise even if Yahoo's SEM market share remains level.