S4 Capital on course to double business size by 2021
Martin Sorrell's S4 Capital said on Wednesday that it was on course to double in size by 2021 as it reported a jump in first-half revenues and billings.
The digital marketing company said billings were up 44.4% on pro forma basis to £184.23m, while revenue rose 41.6% to £87.97m.
However, earnings before interest, tax, depreciation and amortisation fell 8.5% from the first half of last year to £12m. S4 Capital said the drop in earnings was mostly down to a 60% increase in the like-for-like headcount from 855 people to 1375 people at the end of the first half.
The company said it has continued to invest "heavily" in human capital, as it gears up "for even greater expansion in the second half of the year as a result of strong client demand and geographic expansion".
Executive chairman Sorrell said: "These results confirm the power and relevance of the faster, better, cheaper, digital-only unitary advertising model, with first party data fuelling content and programmatic.
"Now the task is to build significant scale organically, by broadening and deepening existing and new client relationships and adding resources through merger and acquisition. Your company is being increasingly involved in significant industry reviews."
At 1525 BST, the shares were down 1.5% at 136p.