• by Richard Whitman , Columnist, January 2, 2019

Earlier this week, Martin Sorrell-led S4 Capital issued what it called a “pre-close” trading update.

The “update” raised more questions than it answered, but I’m sure all will be revealed when the firm reports full-year 2018 results in March. 

According to the update, the firm’s “Euro reportable” revenues were up 46%. For what period of time compared to what period of time? And what exactly are “Euro reportable” revenues? Not clear, but they were up 46%, so be impressed! 

Like-for-like revenues were up 51%. Like for like usually refers to organic revenues, a figure that typically strips out the impact of currency fluctuations, acquisitions and asset disposals. 

But again, it was unclear what period of time those like-for-like revenues were for and being compared to, per the S4 release. 

Oh, and the firm also recently won two “prestigious digital content assignments” from “major” consumer packaged goods companies. 

And you’re probably wondering which CPG firms, aren’t you? 

Well, I’m sure all will be revealed when S4 reports full-year 2018 results in March. As Sir Martin is quoted in the pre-close release: “We look forward to updating the market in early March 2019.” 

Congrats on the two wins, Sir Martin. And just before Christmas, you say, what a nice holiday gift!

Here’s hoping for greater clarity and transparency in the New Year.