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(Sharecast News) - Shares in Sir Martin Sorrell's S4 Capital tumbled on Monday after the company reported wider interim losses, but increased its profit outlook for a third time.
The company posted an operating loss of £16.1m compare with a profit of £1.3m a year earlier, due to acquisition payments. On a pre-tax basis, losses widened to £19.4m compared with a loss of £1m. Revenue rose 98% to £279.3m.
S4 is a digital-only group that uses data analysis and technology to place ads on the best sites, at the best time of the day, to influence spending decisions. Clients include clients including Google, Facebook, Netflix and Burberry.
It has cashed in on a switch to online advertising by major clients during the Covid pandemic and associated lockdowns. S4 now expects gross profit to rise by 40% this year, the third time it has increased its forecast from an original target of 25%.
"We have had a super strong first half start to 2021, in line with the fast-growing digital platforms," Sorrell, S4's executive chairman, said.
"Even in comparison to 2019, we are up strongly, again more like the digital platforms."
"It is clear that the tragedy of Covid-19 has accelerated the speed of digital transformation and disruption at consumer, media and enterprise levels."
