Sir Martin Sorrell's S4 Capital's net revenue for the first half of 2025 reduced by 12.7% on a reported (and 10% on a like-for-like) basis during the first half of 2025.

According to the company, this revenue drop was due to continued caution from clients due to challenging global macroeconomic
conditions, tariffs and larger technology clients prioritising investment in AI over marketing expenditure.

Its revenue for the first half of 2025 was GBP 328.2 million, down from GBP 376.1 million in 2024.

The group's operating profit was GBP 16.4 million pounds. It was 24.8 million pounds in 2024.

The net debt closing was GBP 145.9 million, a GBP 37 million improvement from the first half of 2024. 

The group's headcount also declined by close to 9%. It reached 6,879 from 7,553 in the first half of 2024. 

Billings increased by 1.9% from £908.9m to £925.9m.