Sir Martin Sorrell has warned of another tough year ahead for S4 Capital after his digital advertising business remained stuck in the red.
S4 Capital, which was set up by Sorrell in 2018, reported a pre-tax loss of £13.9 million in the 12 months to the end of December compared with a loss of £159.7 million the previous year. Net revenues fell 4.5 per cent on a like-for-like basis to £873.2 million as operating margins contracted to 10.7 per cent from nearly 14 per cent a year earlier.
“We had a difficult 2023 reflecting challenging global economic conditions, fears of recession and high interest rates,” Sorrell said. “This resulted in client caution and extended sales cycles, particularly for larger projects, a difficult year for new
