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S4 Capital reports 25% drop in earnings after 'difficult' 2023

Reuters

LONDON (Reuters) - Martin Sorrell's ad group S4 Capital reported a 25% drop in core earnings in a "difficult" 2023, reflecting a reluctance from its clients to commit to larger projects and a tough year for new business.

The group said it expected its clients to remain cautious in the short term as it forecast another fall in like-for-like net revenue in 2024 and earnings broadly around the same level as 2023's 93.7 million pounds ($118.2 million).

($1 = 0.7925 pounds)

(Reporting by Paul Sandle; Editing by Kate Holton)