Sir Martin Sorrell celebrates his return to the booming S4 Capital
Sir Martin Sorrell celebrates return to booming S4 Capital: advertising mogul hails ‘post-pandemic rebound’
Sir Martin Sorrell hailed the boom in business at his company as a “post-pandemic rebound” energizes the economy.
The outfit of 76-year-old advertising mogul S4 Capital said in a business update that sales and profits had exceeded expectations this summer.
The advertising and marketing services company said this was due to growing dynamics in the global economy and the shift to digital marketing by many companies, a trend that has been accelerated by the Covid-19 crisis.
On the rise: Sir Martin Sorrell’s outfit, S4 Capital, said in a business update that sales and earnings have exceeded expectations this summer
Many Western countries, including the UK, are easing pandemic restrictions as vaccination rollout reduces hospitalizations and deaths.
S4 also revealed new loans that will be used to refinance its debts and to embark on new acquisitions.
The company said activity was “at unprecedented levels” in May and June, driven by both the post-pandemic rebound in global production and the acceleration of digital marketing.
S4 plans to expand into other technology areas and offer more services in the Americas and Asia-Pacific region.
Sorrell started S4 just months after leaving WPP – the company he turned into the world’s largest advertising agency – in 2018.
The tycoon aims to double the size of the company over the next three years. This goal is facilitated by the growing shift towards the digital advertising models in which S4 specializes.
And Sorrell believes the pandemic has sped up that process, after businesses moved more ads online to target those stranded at home. S4 claims that 66% of global ad spend will be digital by 2024.
In yesterday’s update, S4 said it has entered into a £ 321million loan with Credit Suisse, HSBC and Barclays, as well as a five-year facility of up to £ 100million with Credit Suisse, HSBC , Barclays, JP Morgan and BNP Paribas.
The money will refinance existing debts worth £ 109million.