The advertising firm was already low on credit with investors and the latest numbers call its strategy into question
It was “unacceptable and embarrassing”, said Sir Martin Sorrell in May, when the advertising firm S4 Capital finally announced its full-year numbers for 2021, that publication had been delayed twice. He could hardly say anything else. S4 is his fast-and-furious post-WPP comeback vehicle and he had just given investors a mighty scare over its ability to manage rapid growth – 29 agencies bought since launch in 2018.
Still, on the bright side, the 2021 numbers contained no nasties. By generating £687m in revenue, the company had almost doubled in size in its third full year. The finance operation would be “upskilled”, said Sorrell. The long-term goal of assembling a large and global digital-only advertising agency was intact.
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