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According to eMarketer, UK ad revenues at Facebook reached nearly £223 million ($353.3 million) in 2012, and the company will grow its UK ad business by 36% this year to £303 million ($481.4 million).

EMarketer's previous forecast of Facebook's UK ad revenues, published in June 2013, projected £279 million ($442.2 million) for this year. The upward revision follows Facebook's strong Q2 earnings results.

The social network's commercial operations are currently being led by James Quarles, the regional director for Southern Europe, on an interim basis amid an .

Google and Facebook dominate digital UK market

Together, Facebook and Google are now believed to account for 48% of all UK digital spend, with revenues of £2.6 billion for Google.

Google and Facebook will account for almost half of the digital adspend in the UK in 2013, with Google alone set to make up 43% of the predicted £6.1 billion revenue, according to the most recent figures released by eMarketer.

One major driver of growth for both companies, and the market overall, comes from mobile advertising.

Mobile will account for 16.5% of the total UK digital ad spending this year reaching nearly £1 billion, according to the eMarketer figures, up from 9.7% of the spend the year before.

EMarketer predicts this will increase to £3.7 billion in 2017, accounting for 44.4% of the expected £8.4 billion digital adspend.

By 2015, Google is expected to account for 46% of the digital adspend, and Facebook will make up 6% of the digital spend.

The figures predicted show that for Google the year-on-year percentage change in 2015 would be 13%, down from 19% in 2011. Facebook's percentage change also showed a drop from 56% year on year in 2011, to 17% in 2015.

The figures also show that the UK's digital adspend is expected to rise from £6.1 billion in 2013 to 8.36 billion in 2017.