Martin Sorrell
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.