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| Martin Sorrell |
S4 Capital chief Martin Sorrell reports that Q1 revenues fell 19.7 percent to $262M due largely to the slowdown in the technology sector. It dipped 16.6 percent on a like-for-like basis.
The company expects client caution to persist throughout 2024 due to economic uncertainty. The company does forecast a revenue pick-up during the second half, though revenues will be lower than the full-year 2023 period.
S4 said it remains confident in its strategy, business model and talent. It believes its scaled client relationships position S4 well for growth in the longer term.
The emphasis will be on deploying free cash flow to shareholder returns. S4 noted that all significant merger payments are behind it.
Sorrell's firm employs 7,600 people, which is down 13 percent from a year ago.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
