S4 Capital

SFOR · Main Market · Media · mcap £309m · 46.5p

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Financials · LTM to 30 Jun 26

Source: results 05 Aug 26 ↗

Revenue: £738m
Operating profit: £18.6m
Net income: −£3.1m
Free cash flow: £98.7m
Net debt: £63.6m
Market cap: £311m
EV / EBIT: 20.4×
FCF yield: +31.7%
Price / book: 0.6×

Latest half-year · H1 26 vs H1 25 results 05 Aug 26 ↗

Revenue: £344m
Operating profit: £5.0m
Net income: −£600k
Cash from operations: £27.8m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 05 Aug 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Revenue	344.0	360.4
Direct costs	(36.0)	(32.2)
Net revenue	308.0	328.2
Personnel costs	(224.2)	(262.4)
Other operating expenses	(41.7)	(41.8)
Acquisition, restructuring and other one-off expenses	(4.0)	(3.4)
Depreciatio n, amortisation and impairment	(33.1)	(31.5)
Total operating expenses	(303.0)	(339.1)
Operating profit/(loss)	5.0	(10.9)
Adjusted operating profit	35.2	16.4
Adjusting items 1	(30.2)	(27.3)
Operating profit/(loss)	5.0	(10.9)
Finance income	6.4	1.2
Finance costs	(11.1)	(15.1)
Net finance costs	(4.7)	(13.9)
Loss on the net monetary position	(0.4)	(0.3)
Loss before income tax	(0.1)	(25.1)
Income tax (expense)/credit	(0.5)	2.8
Loss for the period	(0.6)	(22.3)
Attributable to owners of the Company Attributable to non-controlling interests	(22.3)	-
	(0.6)	(22.3)
Loss per share is attributable to the ordinary equity holders of the Company Basic loss per share (pence)	(0.1)	(3.3)

Source ↗

	30 June 2026 £m	31 December 2025 £m
Assets
Goodwill	384.5	381.0
Intangible assets	237.1	258.4
Right-of-use assets	22.8	27.3
Property, plant and equipment	9.2	9.9
Interest in joint ventures and associates	0.8	0.8
Deferred tax assets	48.8	46.7
Other receivables	4.4	4.5
Non-current assets	707.6	728.6
Trade and other receivables	355.0	374.2
Current tax assets	7.1	4.0
Cash and cash equivalents	183.3	240.8
Current assets	545.4	619.0
Total assets	1,253.0	1,347.6
Liabilities
Deferred tax liabilities	(12.4)	(12.9)
Loans and borrowings	(246.9)	(324.4)
Lease liabilities	(15.3)	(19.3)
Provisions	(2.3)	(2.3)
Non-current liabilities	(276.9)	(358.9)
Trade and other payables	(434.3)	(452.9)
Contingent consideration and holdbacks	(6.2)	(6.2)
Loans and borrowings	-	(0.1)
Lease liabilities	(10.6)	(12.0)
Provisions	(7.1)	(8.5)
Current tax liabilities	(4.9)	(3.0)
Current liabilities	(463.1)	(482.7)
Total liabilities	(740.0)	(841.6)
Net assets	513.0	506.0
Equity
Share capital	167.5	167.5
Share premium	205.2	205.2
Other reserves	21.5	19.5
Foreign exchange reserves	(57.8)	(69.5)
Retained earnings	176.5	183.2
Attributable to owners of the Company	512.9	505.9
Non-controlling interests	0.1	0.1
Total equity	513.0	506.0

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Loss before income tax	(0.1)	(25.1)
Net finance costs	4.7	13.9
Depreciation , amortisation and impairment	33.1	31.5
Share-based payments	1.8	2.6
Acquisition, restructuring and other one-off expenses	4.0	3.4
Restructuring and other one-off expenses paid	(5.7)	(9.2)
Loss on the net monetary position	0.4	0.3
Other non-cash items	0.2	(0.8)
Decrease in trade and other receivables	23.2	73.5
Decrease in trade and other payables	(30.0)	(53.5)
Cash flows from operations	31.6	36.6
Income taxes paid	(3.8)	(1.8)
Net cash flows generated from operating activities	27.8	34.8
Cash flows from investing activities
Purchase of intangible assets	(1.3)	(0.6)
Purchase of property, plant and equipment	(1.5)	(1.6)
Interest received	1.9	1.0
Amounts withdrawn from security deposits	0.2	0.1
Cash flows used in investing activities	(0.7)	(1.1)
Cash flows from financing activities
Principal element of lease payments	(6.6)	(6.5)
Loan repurchase 1	(69.6)	-
Repayments of loans and borrowings	(0.1)	(0.1)
Transaction costs on borrowings	-	(0.4)
Interest and facility fees paid	(9.8)	(11.9)
Cash flows used in financing activities	(86.1)	(18.9)
Net movement in cash and cash equivalents	(59.0)	14.8
Cash and cash equivalents at the beginning of the period	240.8	168.4
Exchange gain/(loss) on cash and cash equivalents	1.5	(8.1)
Cash and cash equivalents at the end of the period	183.3	175.1

Source ↗

	2025 £m	2024 £m
Revenue	754.8	848.2
Direct costs	(81.8)	(93.6)
Net revenue	673.0	754.6
Personnel costs	(503.9)	(581.5)
Other operating expenses	(80.1)	(78.7)
Acquisition, restructuring and other one-off expenses	(19.0)	(23.8)
Depreciatio n, amortisation and impairment	(67.3)	(373.5)
Share of profit of joint ventures and associates	-	0.1
Total operating expenses	(670.3)	(1,057.4)
Operating profit/(loss)	2.7	(302.8)
Adjusted operating profit	74.0	78.3
Adjusting items 1	(71.3)	(381.1)
Operating profit/(loss)	2.7	(302.8)
Finance income	2.9	5.3
Finance costs	(28.6)	(31.7)
Net finance costs	(25.7)	(26.4)
Loss on the net monetary position	(0.8)	(1.7)
Loss before income tax	(23.8)	(330.9)
Income tax (expense)/credit 2	(1.0)	24.0
Loss for the year	(24.8)	(306.9)
Attributable to owners of the Company Attributable to non-controlling interests	(306.9)	-
	(24.8)	(306.9)
Loss per share is attributable to the ordinary equity holders of the Company Basic loss per share (pence)	(3.7)	(45.7)
Diluted loss per share (pence)	(3.7)	(45.7)

Source ↗

	2025 £m	2024 £m
Assets
Goodwill	381.0	391.2
Intangible assets	258.4	315.2
Right-of-use assets	27.3	34.7
Property, plant and equipment	9.9	16.4
Interest in joint ventures and associates	0.8	0.8
Deferred tax assets	46.7	49.0
Other receivables	4.5	9.2
Non-current assets	728.6	816.5
Trade and other receivables	374.2	450.8
Current tax assets	4.0	9.6
Cash and cash equivalents	240.8	168.4
Current assets	619.0	628.8
Total assets	1,347.6	1,445.3
Liabilities
Deferred tax liabilities	(12.9)	(18.6)
Loans and borrowings	(324.3)	(307.2)
Lease liabilities	(19.4)	(29.7)
Contingent consideration and holdbacks	-	(4.8)
Provisions	(2.3)	(3.5)
Non-current liabilities	(358.9)	(363.8)
Trade and other payables	(452.9)	(482.0)
Contingent consideration and holdbacks	(6.2)	(4.7)
Loans and borrowings	(0.1)	(0.2)
Lease liabilities	(12.0)	(12.8)
Provisions	(8.5)	(0.8)
Current tax liabilities	(3.0)	(3.5)
Current liabilities	(482.7)	(504.0)
Total liabilities	(841.6)	(867.8)
Net assets	506.0	577.5
Equity
Share capital	167.5	154.9
Share premium	205.2	164.9
Other reserves 1	19.5	70.7
Foreign exchange reserves	(69.5)	(22.9)
Retained earnings	183.2	209.8
Attributable to owners of the Company	505.9	577.4
Non-controlling interests	0.1	0.1
Total equity	506.0	577.5

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Loss before income tax	(23.8)	(330.9)
Net finance costs	25.7	26.4
Depreciation , amortisation and impairment	67.3	373.5
Share-based payments	4.0	6.8
Acquisition, restructuring and other one-off expenses	19.0	23.8
Employment linked contingent consideration paid 1	(0.1)	(2.9)
Restructuring and other one-off expenses paid	(20.4)	(21.1)
Share of profit in joint venture	-	(0.1)
Loss on the net monetary position	0.8	1.7
Other non-cash items	(1.6)	2.0
Decrease/(increase) in trade and other receivables	66.1	(44.4)
(Decrease)/increase in trade and other payables	(9.4)	58.3
Cash flows from operations	127.6	93.1
Income taxes paid	(3.5)	(9.0)
Net cash flows generated from operating activities	124.1	84.1
Cash flows from investing activities
Purchase of intangible assets	(2.4)	(4.2)
Purchase of property, plant and equipment	(2.3)	(4.0)
Proceeds from disposal of property, plant and equipment	0.1	0.1
Acquisition of subsidiaries, net of cash acquired 1	(0.3)	(7.0)
Interest received	2.2	2.1
Dividends from joint venture	-	0.2
Amounts withdrawn (paid into)/withdrawn from security deposits	(0.3)	0.5
Cash flows used in investing activities	(3.0)	(12.3)
Cash flows from financing activities
Share buy-backs	-	(2.5)
Principal element of lease payments	(13.0)	(12.7)
Repayments of loans and borrowings	(0.2)	(0.2)
Transaction costs on borrowings	(0.5)	-
Interest and facility fees paid	(23.6)	(29.1)
Dividends paid	(6.1)	-
Cash flows used in financing activities	(43.4)	(44.5)
Net movement in cash and cash equivalents Cash and cash equivalents at the beginning of the year	27.3	145.7
Exchange loss on cash and cash equivalents	(5.3)	(4.6)
Cash and cash equivalents at the end of the year	240.8	168.4

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	738.4	754.8	848.2
Adjusted EBITDA	98.4	81.2	87.8
Adjusted operating profit	92.8	74.0	78.3
Exceptional / adjusting items	–	(71.3)	(381.1)
Operating profit	18.6	2.7	(302.8)
Depreciation (owned assets)	–	6.7	9.5
Amortisation	–	49.4	44.3
Share-based payments	3.2	4.0	6.5
Operating profit to net income
Finance costs	(21.7)	(25.7)	(31.7)
Profit before tax	1.2	(23.8)	(330.9)
Tax	(4.3)	(1.0)	24.0
Net income (owners)	(3.1)	(24.8)	(306.9)
Per share
EPS basic	(0.5p)	(3.7p)	(45.7p)
EPS diluted	–	(3.7p)	(45.7p)
Dividend per share	–	1.1p	1.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	344.0	−5%	394.4	360.4
Adjusted EBITDA	38.0	+83%	60.4	20.8
Adjusted operating profit	35.2	+115%	57.6	16.4
Operating profit	5.0	n/m	13.6	(10.9)
Share-based payments	1.8	−31%	1.4	2.6
Operating profit to net income
Finance costs	(11.1)	−26%	(10.6)	(15.1)
Profit before tax	(0.1)	n/m	1.3	(25.1)
Tax	(0.5)	n/m	(3.8)	2.8
Net income (owners)	(0.6)	n/m	(2.5)	(22.3)
Per share
EPS basic	(0.1p)	–	(0.4p)	(3.3p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	117.1	124.1	84.1
Interest paid	(21.5)	(23.6)	(29.1)
Tax paid	(5.5)	(3.5)	(9.0)
Investing activities
Capex (PP&E)	(2.2)	(2.3)	(4.0)
Capex (intangibles)	(3.1)	(2.4)	(4.2)
Financing activities
Lease principal paid	(13.1)	(13.0)	(12.7)
Dividends paid	–	(6.1)	0.0
Share buybacks	–	0.0	(2.5)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	27.8	−20%	89.3	34.8
Interest paid	(9.8)	−18%	(11.7)	(11.9)
Tax paid	(3.8)	+111%	(1.7)	(1.8)
Investing activities
Capex (PP&E)	(1.5)	−6%	(0.7)	(1.6)
Capex (intangibles)	(1.3)	+117%	(1.8)	(0.6)
Financing activities
Lease principal paid	(6.6)	+2%	(6.5)	(6.5)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	384.5	381.0	391.2
Other intangibles	237.1	258.4	315.2
Property, plant & equipment	9.2	9.9	16.4
Associates & JVs	0.8	0.8	0.8
Non-current assets	707.6	728.6	816.5
Current assets
Trade receivables	355.0	374.2	450.8
Cash	183.3	240.8	168.4
Current assets	545.4	619.0	628.8
Total assets	1,253.0	1,347.6	1,445.3
Current liabilities
Trade payables	434.3	452.9	482.0
Borrowings, current	0.0	0.1	0.2
Lease liabilities, current	10.6	12.0	12.8
Current liabilities	463.1	482.7	504.0
Non-current liabilities
Borrowings, non-current	246.9	324.4	307.2
Lease liabilities, non-current	15.3	19.3^r	29.7
Deferred consideration	6.2	6.2	4.7
Non-current liabilities	276.9	358.9	363.8
Total liabilities	740.0	841.6	867.8
Equity
Non-controlling interests	0.1	0.1	0.1
Total equity	513.0	506.0	577.5
Net cash and other figures
Net cash / (debt) ex leases	–	(86.9)	(142.9)
Net cash / (debt) incl. leases	–	(118.2)	(185.4)
Shares in issue	670.1m	670.1m	619.6m

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	384.5	381.0	–	391.2
Other intangibles	237.1	258.4	–	315.2
Property, plant & equipment	9.2	9.9	–	16.4
Associates & JVs	0.8	0.8	–	0.8
Non-current assets	707.6	728.6	–	816.5
Current assets
Trade receivables	355.0	374.2	–	450.8
Cash	183.3	240.8	–	168.4
Current assets	545.4	619.0	–	628.8
Total assets	1,253.0	1,347.6	–	1,445.3
Current liabilities
Trade payables	434.3	452.9	–	482.0
Borrowings, current	0.0	0.1	–	0.2
Lease liabilities, current	10.6	12.0	–	12.8
Current liabilities	463.1	482.7	–	504.0
Non-current liabilities
Borrowings, non-current	246.9	324.4	–	307.2
Lease liabilities, non-current	15.3	19.3^r	–	29.7
Deferred consideration	6.2	6.2	–	4.7
Non-current liabilities	276.9	358.9	–	363.8
Total liabilities	740.0	841.6	–	867.8
Equity
Non-controlling interests	0.1	0.1	–	0.1
Total equity	513.0	506.0	–	577.5
Net cash and other figures
Net cash / (debt) ex leases	–	(86.9)	–	(142.9)
Net cash / (debt) incl. leases	–	(118.2)	–	(185.4)
Shares in issue	670.1m	670.1m	619.6m	619.6m

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Company filings. Not investment advice.