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Pin to quick picksS4 Cap. Share News (SFOR)

Share Price Information for S4 Cap. (SFOR)

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Share Price: 47.18
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Ask: 48.34
Change: -2.92 (-5.83%)
Spread: 0.34 (0.708%)
Open: 49.00
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LONDON BRIEFING: Ocado shares slip as loss grows; S4 shares drop 44%

Thu, 21st Jul 2022 08:31

(Alliance News) - Online grocer Ocado on Thursday reported an interim revenue decline and widened loss, which it put down to a UK grocery market that "contracted post pandemic and the rising cost of living crisis in UK".

Revenue in the six months to May 29 fell 4.4% to GBP1.26 billion from GBP1.32 billion a year earlier. Ocado Group's pretax loss ballooned to GBP211.3 million from GBP27.9 million.

Hitting its bottom line was depreciation, amortisation and impairment losses, wich rose 51% to GBP157.3 million.

"The significant increase in cost of living is having a significant impact on customer behaviour and will be an ongoing challenge for the remainder of the year," Ocado warned.

Following a near GBP580 million cash raise, the company said its medium-term financing needs are met. Ocado has "ample liquidity", it said.

On Tuesday, the company had said the chief executive of its retail joint-venture with Marks & Spencer will step down from the role. Melanie Smith will leave the business at the end of next month. She has led the joint-venture since its formation back in August 2019. Lawrence Hene, Ocado Group's chief product officer, will take on the role of interim CEO of the joint-venture.

"With a biting cost of living crisis unfolding, Ocado's heydays as a pandemic-era darling now feel like a distant memory. However, our experts expect online penetration to grow to 20% within the next five years. Ocado looks set to benefit if it can expand its capacity in good time," commented Alex Smith at research house Third Bridge.

"Although Ocado is currently the leader in the warehouse picking robotic technology, our experts say it is still at least three to four years away from becoming a pure technology company. The technology part of Ocado's business remains tiny even though it grew by 300% last year."

Ocado shares were down 1.7% early Thursday.

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: down 0.1% at 7,255.03

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Hang Seng: down 1.6% at 20,550.98

Nikkei 225: closed up 0.4% at 27,803.00

S&P/ASX 200: closed up 0.5% at 6,794.30

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DJIA: closed up 47.79 points, or 0.2%, at 31,874.84

S&P 500: closed up 23.21 points, or 0.6%, at 3,959.90

Nasdaq Composite: closed up 184.50 points, or 1.6%, at 11,897.65

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EUR: flat at USD1.0206 (USD1.0202)

GBP: flat at USD1.1983 (USD1.1988)

USD: up at JPY138.35 (JPY138.05)

Gold: down at USD1,689.31 per ounce (USD1,707.88)

Oil (Brent): down at USD106.03 a barrel (USD107.06)

(changes since previous London equities close)

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ECONOMICS AND GENERAL

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Thursday's key economic events still to come

1415 CEST EU ECB interest rate decision

0830 EDT US Philadelphia Fed business outlook survey

0830 EDT US unemployment insurance weekly claims report

0830 EDT US weekly export sales report

1000 EDT US leading indicators

1030 EDT US EIA weekly natural gas storage report

1630 EDT US foreign central bank holdings

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UK government borrowing increased in June, figures from Office for National Statistics showed. Public sector net borrowing, excluding banks, amounted to GBP22.9 billion in June, up 22% year-on-year from GBP18.8 billion. The latest figure was the second-highest June borrowing amount on record, the ONS noted. In June 2020, borrowing was GBP32.2 billion. For the year to June, borrowing hit GBP55.4 billion, down 9.3% from GBP61.1 billion a year earlier, but more than doubled from the year to June 2019, so before the Covid-19 pandemic. Public sector net debt excluding public sector banks and the Bank of England was GBP2.068 trillion, which is 83% of UK gross domestic product.

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In the race to lead the ruling UK Conservative party, Liz Truss criticised Rishi Sunak's record on taxation and the former chancellor claimed he was the only one who could beat Labour as the leadership contenders turned their focus to winning over Tory members. Foreign Secretary Truss vowed to bring in an emergency budget to swiftly axe the national insurance rise if she wins the race to be the next prime minister. Sunak made his own pitch to win over the Conservative membership who will crown the winner by arguing he could win an election, whereas Truss could not. Tory members of Parliament chose the pair to enter the run-off for the leadership, as Penny Mordaunt was eliminated when she came third behind Truss by eight votes. Sunak was the parliamentary party's favourite, winning 137 votes to Truss's 113. But bookmakers placed Truss as the frontrunner, with early indications suggesting she is more popular with Tory members ahead of a summer of campaigning.

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The Nord Stream gas pipeline linking Russia to Germany restarted on Thursday after 10 days of maintenance work, its operator told AFP. "It's working," a Nord Stream spokesman said, without specifying the amount of gas being delivered. The German government had feared the pipeline would not be reopened by Moscow after the scheduled work. According to data given by Russia's state-owned energy giant Gazprom to Gascade, the German operator of the line, 530 gigawatt hours would be delivered during the day. This was only 30% of its capacity, Klaus Mueller, president of Germany's energy regulator, the Federal Network Agency, said on Twitter. Gazprom has cut flows to Germany via the vital Nord Stream 1 pipeline by some 60% in recent weeks, blaming the absence of a Siemens gas turbine that was undergoing repairs in Canada.

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BROKER RATING CHANGES

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Citigroup reinitiates GSK with 'neutral' - price target 1,975 pence

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Citigroup starts Haleon with 'buy' - price target 360 pence

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Jefferies reinitiates THG with 'buy' - price target 120 pence

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COMPANIES - FTSE 100

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Anglo American reported a mostly weaker production performance in the first half of 2022, with declines in copper, platinum group metals and iron ore output. For the six months ended June 30, the miner posted a 17% drop in copper output to 273,000 tonnes from 330,000 tonnes the same period a year before, driven by planned lower grades from the Los Bronces and El Soldado mines in Chile. For 2022 as a whole, Anglo American's copper guidance remained between 660,000 and 750,000 tonnes. Only diamond production from the De Beers business achieved a positive result in the half year, rising 10% to 16.9 million carats from 15.4 million carats. Anglo American's guidance for diamond output for the year was increased to between 32 and 34 million carats, from prior guidance of 30 million carats to 33 million.

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Electricity utility SSE backed its annual guidance but noted that performance in its first quarter "slightly" topped expectations. SSE guided for an annual adjusted earnings per share of 120 pence, which would represent a 26% rise from the 95.4p achieved in the year ended March 2022. The Perth, Scotland-based power suppler said that for the first quarter ended June, its performance "slightly exceeded our expectations". SSE added: "Progress across the various capex projects also continues at pace, with first power from Seagreen offshore wind farm expected by the end of this month and construction on Viking onshore wind farm and Dogger Bank A, B & C offshore wind farms progressing well." Back in May, SSE began a sales process to dispose of a 25% minority stake in SSEN Transmission. On Thursday, SSE said the process now is formally under way, and it targets agreeing a sale by the end of the calendar year.

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Primark-owner Associated British Foods named Eoin Tonge as its next finance director, taking over from John Bason by "no later than February 2023". An official date is yet to be agreed. Tonge is currently chief financial officer at M&S, which said it will kick off a search for a replacement. M&S said Tonge will serve his notice period, which includes the firm's interim results in November.

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COMPANIES - FTSE 250

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Home furnishings retailer Dunelm said annual sales increased and profit has beaten market forecasts. For the financial year that ended June 25, sales were 16% higher at GBP1.55 billion, despite a fourth-quarter decline of 6% year-on-year to GBP358 million. Dunelm said about its fourth quarter: "Strong sales in the comparative period were driven by pent-up demand after the re-opening of our stores in April 2021, following the third national lockdown." Annual pretax profit is expected to be higher than analyst consensus of GBP207 million, Dunelm predicted. A figure of GBP207 million will be 31% higher than the GBP157.8 million achieved in the prior year. In addition, Dunelm said Whitbread CEO Alison Brittain will chair the home furnishing retailer's board. She joins Dunelm's board on September 7 and will succeed current chair Andy Harrison "comfortably in advance" of the end of his nine-year term in September 2023. Late last month, Whitbread announced that Brittain will retire after seven years as CEO of the Premier Inn chain owner, replaced in early 2023 by Domino's Pizza Group CEO Dominic Paul.

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COMPANIES - SMALL CAP

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S4 Capital issued a profit warning as its cost base grew. The digital advertising firm now targets annual earnings before interest, tax, depreciation and amortisation of GBP120 million, below the current analyst forecast range of GBP154 million to GBP165 million. For the six months to June, the Martin Sorrell-led ad agency said like-for-like revenue and gross profit/net revenue growth was in line with a full-year run rate expectation of 25%. S4 explained: "Whilst revenue and gross profit/net revenue growth remain robust, even against very strong comparatives for Q2 2021 (prior year up 66% like-for-like), continued significant investment in hiring and consequent expansion of the company's cost base, particularly in the Content practice, have had a negative impact on first half Ebitda and Ebitda margin. With the pattern of profitability already significantly skewed to the second half of the year, and as previously signalled more than the usual two-thirds weighting, this means that the profitability required for the second half of the year to meet market expectations will be even greater." S4 shares were down 44% early Thursday in London.

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Go-Ahead suitor Kelsian said it will not table a bid for the transport operator, citing "volatile" equity markets in Australia, where Kelsian is listed. Go-Ahead re-affirmed its support for a GBP647.7 million takeover from a consortium consisting of Kinetic Holding and Globalvia Inversiones.

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COMPANIES - GLOBAL

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Zurich-based industrial conglomerate ABB said it has decided to exit the Russian market due to the impact of sanctions, as it reported a drop in quarterly income and revenue. ABB posted a net income of USD379 million in the second quarter of 2022, down 50% from USD752 million the previous year. Basic earnings per share dropped 47% to USD0.20 from USD0.37. Revenue fell more modestly, dropping 3% to USD7.25 billion from USD7.45 billion, despite orders increasing 10% year-on-year to USD8.81 billion from USD7.99 billion. Chief Executive Bjorn Rosengren said this was achieved despite the pressure from a tight supply chain, Covid-related lockdowns in China and an inflationary environment. The issue of component supply is expected to ease, however, he said.

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Thursday's shareholder meetings

Big Yellow Group PLC - AGM

Evgen Pharma PLC - AGM

Experian PLC - AGM

Halma PLC - AGM

Intermediate Capital Group PLC - AGM

Johnson Matthey PLC - AGM

Octopus AIM VCT PLC - AGM

Pennon Group PLC - AGM

Pires Investments PLC - GM re offer from Tern PLC

QinetiQ Group PLC - AGM

SSE PLC - AGM

Tern PLC - GM re offer for Pires Investments PLC

Vp PLC - AGM

Workspace Group PLC - AGM

Zephyr Energy PLC - AGM

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By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
7 Nov 2022 15:54

UK earnings, trading statements calendar - next 7 days

Tuesday 8 November 
3i Infrastructure PLCHalf Year Results
Argentex Group PLCHalf Year Results
Associated British Foods PLCFull Year Results
Aveva Group PLCHalf Year Results
Beximco Pharmaceuticals LtdFull Year Results
CNH Industrial NVQ3 Results
Coca-Cola HBC AGTrading Statement
DCC PLCHalf Year Results
Direct Line Insurance Group PLCTrading Statement
Egdon Resources PLCFull Year Results
Hilton Food Group PLCTrading Statement
IMI PLCTrading Statement
Marks Electrical Group PLCHalf Year Results
Oxford Instruments PLCHalf Year Results
Persimmon PLCTrading Statement
Vaalco Energy Inc Q3 Results
Warehouse REIT PLCHalf Year Results
YouGov PLCFull Year Results
Zoo Digital Group PLCHalf Year Results
Wednesday 9 November 
Aviva PLCTrading Statement
Bank of Ireland Group PLCTrading Statement
Biffa PLCHalf Year Results
Conduit Holdings LtdTrading Statement
Dignity PLCTrading Statement
Esken LtdHalf Year Results
FirstGroup PLCHalf Year Results
Flutter Entertainment PLCTrading Statement
Gelion PLCFull Year Results
Georgia Capital PLCQ3 Results
Gym Group PLCTrading Statement
JD Wetherspoon PLCTrading Statement
ITV PLCTrading Statement
Marks & Spencer Group PLCHalf Year Results
MaxCyte IncQ3 Results
Norcros PLCHalf Year Results
Picton Property Income LtdHalf Year Results
Smiths Group PLCTrading Statement
Smiths News PLCFull Year Results
Taylor Wimpey PLCTrading Statement
Tracsis PLCFull Year Results
Volex PLCHalf Year Results
Watches of Switzerland Group PLCHalf Year Results
Thursday 10 November 
3i Group PLCHalf Year Results
Allianz Technology Trust PLCQ3 Results
AstraZeneca PLCQ3 Results
Auto Trader Group PLCHalf Year Results
B&M European Value Retail SAHalf Year Results
Bank of Georgia Group PLCQ3 Results
ConvaTec Group PLCTrading Statement
Domino's Pizza Group PLCTrading Statement
Endeavour Mining PLCQ3 Results
Grafton Group PLCTrading Statement
Haleon PLCQ3 Results
Manolete Partners PLCHalf Year Results
National Grid PLCHalf Year Results
Nightcap PLCFull Year Results
Qinetiq Group PLCHalf Year Results
Regional REIT LtdTrading Statement
Renewi PLCHalf Year Results
Spirent Communications PLCTrading Statement
Smoove PLCHalf Year Results
Tate & Lyle PLCHalf Year Results
TT Electronics PLCTrading Statement
Vistry Group PLCTrading Statement
Young & Co's Brewery PLCHalf Year Results
WH Smith PLCFull Year Results
Friday 11 November 
Beazley PLCHalf Year Results
Permanent TSB Group Holdings PLCTrading Statement
TheWorks.co.uk PLCTrading Statement
Urban Logistics REIT PLCHalf Year Results
Monday 14 November 
Atalaya Mining PLCQ3 Results
Biome Technologies PLCTrading Statement
Cake Box Holdings PLCHalf Year Results
Diversified Energy Co PLCTrading Statement
HgCapital Trust PLCQ3 Results
Informa PLCTrading Statement
Kainos Group PLCHalf Year Results
MySale Group PLCFull Year Results
S4 Capital PLCQ3 Results
Totally PLCHalf Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
18 Oct 2022 09:27

CORRECT: LONDON MARKET OPEN: Risk appetite recovers; Publicis rises

(Correcting to clarify that there has been a report of a potential delay to a Bank of England bond sale programme.)

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18 Oct 2022 09:01

LONDON MARKET OPEN: Risk appetite recovers; Publicis lifts ad firms

(Alliance News) - Stocks in Europe made a confident start to Tuesday, while sentiment in London continued to be supported by a reversal of a number of mini-budget measures, as well as reports of a delay to a planned Bank of England bond-buying programme.

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30 Sep 2022 09:48

LONDON BROKER RATINGS: Berenberg likes AB Dynamics, Auction Technology

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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27 Sep 2022 16:15

DIRECTOR DEALINGS: Litigation Capital chair and CEO buy after results

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Monday and Tuesday and not separately reported by Alliance News:

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26 Sep 2022 16:55

TRADING UPDATES: Mirada extends loan; Atlantic Lithium joins ASX

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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23 Sep 2022 16:50

DIRECTOR DEALINGS: Shell CEO-designate Wael Sawan sells 28,000 shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Friday and not separately reported by Alliance News:

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22 Sep 2022 09:21

LONDON BROKER RATINGS: Berenberg cuts Aveva to 'hold' from 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning:

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21 Sep 2022 10:47

S4 Capital interim loss widens vastly but shares rise on rosy outlook

(Alliance News) - S4 Capital PLC on Wednesday posted a widened interim loss but shares rose as the advertising agency depicted a bright future ahead.

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21 Sep 2022 07:30

S4 Capital shares jump despite wider first-half losses

(Sharecast News) - Media company S4 Capital reported a 39.8% rise in billings in its first-half results on Wednesday, to £765.6m, and a 59.8% improvement in revenue to £446.4m, although losses widened amid rising costs of hiring.

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16 Sep 2022 09:44

LONDON BROKER RATINGS: Goldman Sachs cuts Landsec and British Land

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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14 Sep 2022 16:01

UK earnings, trading statements calendar - next 7 days

Thursday 15 September 
Big Technologies PLCHalf Year Results
Brooks Macdonald Group PLCFull Year Results
Checkit PLCHalf Year Results
DFS Furniture PLCFull Year Results
Downing Renewables & Infrastructure Trust PLCHalf Year Results
Foresight Solar Fund LtdHalf Year Results
Gresham House PLCHalf Year Results
Hilton Food Group PLCHalf Year Results
IG Group Holding PLCQ1 Results
IGas Energy PLCHalf Year Results
Keystone Law Group PLCHalf Year Results
Kier Group PLCFull Year Results
MJ Gleeson PLCFull Year Results
Oxford BioMedica PLCHalf Year Results
Portmeirion Group PLCHalf Year Results
Regional REIT LtdHalf Year Results
Renishaw PLCFull Year Results
RTW Venture Fund LtdHalf Year Results
THG PLCHalf Year Results
Trainline PLCTrading Statement
Wickes Group PLCHalf Year Results
Friday 16 September 
Dunedin Enterprise Investment Trust PLCHalf Year Results
Pacific Horizon Investment Trust PLCFull Year Results
Monday 19 September 
City of London Investment Group PLCFull Year Results
IQGeo Group PLCHalf Year Results
Tuesday 20 September 
Alliance Pharma PLCHalf Year Results
ASA International Group PLCHalf Year Results
Belluscura PLCHalf Year Results
Brown Advisory US Smaller Cos PLCFull Year Results
Cambridge Cognition Holdings PLCHalf Year Results
Craneware PLCFull Year Results
EKF Diagnostics Holdings PLCHalf Year Results
Elixirr International PLCHalf Year Results
Feedback PLCFull Year Results
Fintel PLCHalf Year Results
First Tin PLCHalf Year Results
Frasers Group PLCFull Year Results
Gaming Realms PLCHalf Year Results
Good Energy Group PLCHalf Year Results
Haleon PLCHalf Year Results
Henry Boot PLCHalf Year Results
HydrogenOne Capital Growth PLCHalf Year Results
Jadestone Energy PLCHalf Year Results
Kingfisher PLCHalf Year Results
Litigation Capital Management LtdFull Year Results
Moonpig PLCTrading Statement
Northcoders Group PLCHalf Year Results
Spectral MD Holdings LtdHalf Year Results
Sthree PLCTrading Statement
Trinity Exploration & Production PLCHalf Year Results
Unbound Group PLCHalf Year Results
Xaar PLCHalf Year Results
Wednesday 21 September 
Alphawave IP Group PLCHalf Year Results
City Pub Group PLCHalf Year Results
Dianomi PLCHalf Year Results
Eagle Eye Solutions Group PLCFull Year Results
Frontier Developments PLCFull Year Results
Galliford Try Holdings PLCFull Year Results
Hostmore PLCHalf Year Results
Ingenta PLCHalf Year Results
Keywords Studios PLCHalf Year Results
LBG Media PLCHalf Year Results
MyHealthChecked PLCHalf Year Results
Pendragon PLCHalf Year Results
Pennant International Group PLCHalf Year Results
Petershill Partners PLCHalf Year Results
S4 Capital PLCHalf Year Results
Strix Group PLCHalf Year Results
Supermarket Income REIT PLCFull Year Results
Surgical Innovations Group PLCHalf Year Results
Ten Entertainment Group PLCHalf Year Results
Warpaint London PLCHalf Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
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S4 Capital details bonus issue; considers "modest" dividend in future

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2 Aug 2022 11:58

S4 Capital hires former WPP non-exec Colin Day to oversee audits

(Alliance News) - Martin Sorrell's S4 Capital PLC on Tuesday appointed Colin Day as a non-executive director, to oversee its audit and risk requirements.

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2 Aug 2022 09:58

S4 Capital taps Colin Day and Chris Martin for board

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