Sir Martin Sorrell’s S4 Capital sinks 35 per cent following PwC audit delay
S4 Capital’s shares nosedived 35 per cent this afternoon after PwC auditors said they were unable to complete the work needed for the company’s financial results tomorrow.
In a statement to the stock exchange, the digital advertising group said that it had been informed by the accounting firm early this afternoon that it was “unable to complete the work necessary”.
S4 said the results would be out as soon as PwC completed the work.
“The company believes that the results for 2021 remain within the range of market expectations and continued to trade strongly in the first two months of 2022,” it said.
The company was built up by ad tycoon and former WPP boss Sir Martin Sorrell.
Earlier this year, Sorrell wrote in the Times: “When we started S4 Capital in 2016, I did look at the US market and Spacs, but the entry costs then were too expensive — although it’s gone the other way now, given the oversupply.”
However, he added that now “we would probably get a better valuation” on Wall Street, and flagged plans to list shares in the US.
After a brutal day on the London market, shares closed at 320p, after a previous 482p finish.