Sorrell reels from ANOTHER profit alert as £430m is wiped off his S4 Capital stake
Sir Martin Sorrell saw a further £11million wiped off his fortune yesterday as shares in his advertising firm crashed after it issued a second profit warning.
S4 Capital shares tumbled 21.7 per cent, or 20.7p, to 74.8p – taking Sorrell’s losses over the past two years to more than £430million.
Sorrell owns a stake of more than 9 per cent in S4 Capital, a digital marketing company he set up in 2018 after leaving advertising giant WPP following allegations of personal misconduct.
The British businessman, who took control of WPP in 1985, denies the allegations.
Yesterday’s share price slide knocked £11million off the value of Sorrell’s stake, valuing it at £41million.
His shares were worth £472million in September 2021 when the price peaked at 870p, meaning he has lost £431million in the last two years.
The share price drop was sparked by S4 Capital reducing its earnings margins guidance for 2023 to between 12 per cent and 13.5 per cent, down from 14.5 per cent to 15.5 per cent.
The firm said revenue is forecast to be below the previous year as clients spent less on advertising and marketing campaigns.
.
For more news: Elrisala ، For social communication, follow us on Facebook .
Source of data and images: dailymail
