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(Sharecast News) - Martin Sorrell's S4 Capital appointed a new chief operating officer on Wednesday as it reported a drop in revenues as clients cut back on advertising spend.
In the year to the end of December 2023, net revenue declined by 2.1% on a reported basis, or 4.5% on a like-for-like basis, to £873.2m.
Operational EBITDA slumped 24.6% on a reported basis to £93.7m, or 36.6% on a LFL basis.
The company said it had been a "difficult year", with the third and fourth quarters more challenging after growth in the first half of the year.
Executive chairman Martin Sorrell said: "After our first four strong net revenue growth years, we had a difficult 2023 reflecting challenging global macroeconomic conditions, fears of recession and high interest rates.
"This resulted in client caution to commit and extended sales cycles, particularly for larger projects, a difficult year for new business, as well as spend reductions from some regional and smaller client relationships."
The company also said on Wednesday that it has appointed Jean-Benoit Berty as its new COO with immediate effect.
Prior to joining S4, Berty was a senior partner at Ernst & Young for around 18 years, where he held various leadership roles, including being the Technology, Media & Telecommunications Leader, Head of Industries and part of the original management team to build the Consulting practice.
He has also spent the past 12 years advising boards and management teams in the advertising and media industry on strategic and operational initiatives.
Sorrell said: "We welcome Jean-Benoit Berty as chief operating officer. His extensive management consulting experience will be of great value in focusing on the opportunities and challenges we face.
"The simplification of board membership and strengthening of the Executive Committee will also enable us to focus more on our performance."
At 1000 GMT, the shares were down 12.4% at 39.02p.
