Corporate

S4 Capital revenue declines by 12.7%, headcount drops 8.9%

The company also downgraded its net revenue forecast for the year.

Shauna Lewis

September 15, 2025

1:20 pm

Credit: Getty Images / Cagkansayin

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S4 Capital has reported a 12.7% decline in net revenue for H1 2025 and a 8.9% drop in headcount.

The business reported revenues of £328.2m for H1, down on £376.1m in the same period of 2024.

The company is home to Sir Martin Sorrell’s media agency Monks, formerly known as Media.Monks.

S4 Capital’s headcount declined by 8.9%, from 7,553 to 6,879. It has downgraded its revenue forecast for the rest of the year, expected to be down by “mid-single digits”, compared to a low single-digit decline previously.

Sorrell, executive chairman at S4 Capital, said market conditions reflected “volatile global macroeconomic conditions along with the unsettling effect of tariff negotiations”.

He added: “As a result, clients remain generally cautious given the uncertainty, with technology clients, which account for almost half our revenue, in particular, continuing to prioritise capital expenditure on expanding AI capacity.

“Our Technology Services Practice faced longer sales cycles and continued to be affected by a reduction in one of our larger relationships, although this will cycle out in the second half of the year.”

Sorrell remained optimistic though and noted that the agency’s net debt declined by £37m to reach £145.9m in H1.

By the end of the year, S4 Capital expects to reduce debt to £100m.

He added that the company was expecting to improve net revenue, with business wins from General Motors, Amazon and T-Mobile.

Billings increased by 1.9% between H1 2024 and H1 2025, from £908.9m to £925.9m.

This story first appeared on Campaign UK.

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S4 Capital revenue declines by 12.7%, headcount drops 8.9%

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