“Embarrassing and Unacceptable!” Sorrell Blasts Long Delay Of S4 Capital’s Financial Report

“Embarrassing and Unacceptable!” Sorrell Blasts Long Delay Of S4 Capital’s Financial Report
SHARE
THIS



Sir Martin Sorrell, who launched the S4 Capital platform, lashed out against the great delay in the reporting of the annual results, with auditors “unable to complete the work necessary”.

The advertising agency, which was founded by Sorrell himself after he resigned from WPP, had to delay the release of its annual financial report twice due to the inability of its auditors, PwC, to get the job done in time.

In a phone call to B&T late last week, Sorrell said he believed the results should be made public by this Friday.

These delays have proven quite costly for the company as they made investors lose their faith in the company, making them think that S4 Capital didn’t want to release the report due to how bad it looked. That alone cost the agency a further $150 million from its market price.

“Delay in producing our 2021 results is unacceptable and embarrassing,” Sorrell said to investors and analysts during a presentation that was held on Friday.

He also vowed to restore faith lost in the group for its potential investors, after a staggering loss of near $1 billion from its market value.

Some of the reasons for the long delay in the publication of the report, according to PwC, included changing of staff and the lack of necessary documents “particularly relating to revenue and cost of sales recognition”.

Sorrell announced that S4 Capital is in the process of “upskilling” its finance team in order to hold pace with the dramatic growth rate of the company.

“Significant changes in our financial control, risk and governance structure and resources at board, company and practice level are being implemented and planned to try to ensure this never happens again and we return to a normal financial calendar,” Sorrell said. “[A] full debrief [is] planned to ensure all suggestions from PwC are captured.”

The report showed that S4 Capital was able to double its revenue within the last year to $1.2 billion, with its market share price going up by 4 percent last Friday.

Please login with linkedin to comment

s4 capital sir martin sorrell

Latest News

Bank Of Queensland Drops OMD, Hands Media To Initiative & Performics
  • Media

Bank Of Queensland Drops OMD, Hands Media To Initiative & Performics

Bank of Queensland Group has announced that following an extensive review of their existing media agency roster, the Group will split media across two agencies, being Performics and Initiative. As part of the acquisition of ME Bank by the BOQ Group in 2021, the marketing teams from across the Group were consolidated into one central […]

Why A Federal Election Is A Treasure Trove Of Data For Strategists & Marketers
  • Opinion

Why A Federal Election Is A Treasure Trove Of Data For Strategists & Marketers

Luisa Dalli (lead image) is a senior strategist at Havas Media Group. In this guest post, Dalli says Australia didn’t merely  elect the Albanese government but it also shone a bright light on where we are and what we want as a nation… It’s been two months since Australia’s federal election, yet the underling feeling […]

Opinion

by B&T Magazine

B&T Magazine
OLYMPUS DIGITAL CAMERA
  • Advertising
  • Opinion

Why Trust, Not Crypto, Is Today’s Most Valuable Online Currency

In uncertain times, trusted sources become even more significant in the world of media. Elise Bennett (pictured), head of account management (APAC) at Outbrain, reveals what advertisers need to know about the new trust exchange. Instability breeds uncertainty. From bushfires to the pandemic and war, there’s been plenty of both to go around in recent […]

Nine’s Radio Stations Bag Best Ever Survey 4 Results
  • Media

Nine’s Radio Stations Bag Best Ever Survey 4 Results

GfK Survey 4 of 2022 reveals that Nine’s talk stations achieved a cumulative audience of 1.873 million – up 9.1 per cent on Survey 4 of 2021. It’s the highest ever Survey 4 audience for the network, and comes off the back of record audiences in Surveys 1, 2 and 3. Sydney’s 2GB is a […]

Optimising Commits To Environmental Support As Part Of 1% For The Planet Movement
  • Marketing

Optimising Commits To Environmental Support As Part Of 1% For The Planet Movement

Independent SEO agency Optimising has further reinforced its commitment to the environment by being part of 1% for the Planet, on the back of it gaining B Corp Certification last year. Optimising continues to walk the walk around environment sustainability by being part of the global movement, which inspires businesses and individuals to support environmental […]

Get Your Entries In For Best Of The Best Now!
  • Advertising
  • Marketing
  • Media
  • Technology

Get Your Entries In For Best Of The Best Now!

A tidy desk and punctuality aren't enough to win a Best of the Best Award. Not, that we do stress, they'd hurt either.

by B&T Magazine

B&T Magazine
Comms Staff Encouraged To Take Survey Into Cultural Diversity, Inclusion & Representation
  • Media

Comms Staff Encouraged To Take Survey Into Cultural Diversity, Inclusion & Representation

Media and communications staff at all levels are invited to take part in a national online survey examining perceptions and practices around cultural diversity, inclusion, and representation in the industry. The FAIR survey, now in its second year, provides a snapshot of cultural diversity in the communications industry, as well as how practitioners incorporate diverse […]

PubMatic Partners With AlikeAudience To Offer Media Buyers Exclusive Sell-side Access To Transactional Data
  • Media

PubMatic Partners With AlikeAudience To Offer Media Buyers Exclusive Sell-side Access To Transactional Data

PubMatic has announced a partnership with AlikeAudience in Australia, Japan, and Indonesia, enabling advertisers to access quality audience data on the supply side. Activating data on the supply side cuts down complexity and delivers more efficiency and value for both media buyers and data owners, through higher match rates and better CPMs. The partnership expands […]

BARCELONA, SPAIN - NOVEMBER 27: Barcelona supporters during the UEFA Champions League group F match between FC Barcelona and Borussia Dortmund at Camp Nou on November 27, 2019 in Barcelona, Spain. (Photo by Eric Alonso/MB Media/Getty Images)
  • Media

Optus Sport Becomes Official Aussie Broadcaster Of Spanish LaLiga

Live streaming service Optus Sport will be showing all major games of the Spanish La Liga Santander and the LaLiga SmartBank, giving football fans an extra reason to become subscribers. The Spanish Football League is considered one of the greatest in the world, containing the likes of European champions Real Madrid, Catalan giants FC Barcelona, […]

TVNZ+ Launches With A Warning About The Perils Of Free Streaming Via Dentsu Creative
  • Campaigns

TVNZ+ Launches With A Warning About The Perils Of Free Streaming Via Dentsu Creative

In the recently launched campaign for TVNZ+, Dentsu Creative, and Sweetshop’s Damien Shatford, have delivered an entertaining look at the new streaming brand, TVNZ+. TVNZ launched the reimagined streaming brand last week to better reflect its digital offering, repositioning the platform as a streaming destination rather than an OnDemand catch-up service.

Nikki Van Dijk And Surfing Australia Team Up With Ruffie Rustic Foods To Promote Plant-Based Meals
  • Campaigns

Nikki Van Dijk And Surfing Australia Team Up With Ruffie Rustic Foods To Promote Plant-Based Meals

Ruffie Rustic Foods have teamed up with Nikki Van Dijk and Surfing Australia to encourage groms to be kind to their bodies and minds through providing nutritious, plant-based meal options. Ruffie Rustic Foods are on a mission to prove that plant-based eating can be easy and convenient, without compromising on flavour. Whether you’re vegetarian, flexitarian, […]

Nestlé Australia Launches First Nations Creative Program Tuck In!
  • Campaigns

Nestlé Australia Launches First Nations Creative Program Tuck In!

Nestlé Australia today launched Tuck In!, a program supporting emerging First Nations creatives to establish career pathways in commercial content creation. Tuck In! invited First Nations chefs and aspiring content creators to develop recipe and video content celebrating the combination of bush foods and Nestlé products. Nestlé Oceania marketing & communications director Anneliese Douglass said […]

British Army’s YouTube And Twitter Accounts Get Hacked By Crypto Scammers
  • Technology

British Army’s YouTube And Twitter Accounts Get Hacked By Crypto Scammers

The UK Ministry of Defence confirmed that the British Army’s Twitter and YouTube accounts had been compromised by hackers who used them to promote their non-fungible token (NFT) products. The two accounts have since returned to normal, as the Ministry said via their own Twitter page. “The breach of the army’s Twitter and YouTube accounts […]