Trading Update
S4 Capital plc has revised its full-year outlook, now expecting like-for-like net revenue to decrease by just under 10% due to lower project-based revenue, client caution, and slower new business ramp-up. Consequently, operational EBITDA is now targeted at approximately £75 million, falling short of the £81.6 million market consensus. Despite these revenue challenges, the company anticipates improved liquidity, maintaining its year-end net debt target range of £100 million to £140 million.
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Following the release of our third quarter trading update in early November, we have received and reviewed both the Company's financial results for October and the third quarter revised forecast for 2025, which show a decrease in net revenue versus the forecast and therefore impacts our fourth quarter performance.
2025 like-for-like net revenue is now expected to be down by just under 10%. Despite the cost actions we have already taken this year, this decline in net revenue will impact our operational EBITDA, which we are now targeting to be approximately £75 million, below the current market consensus of £81.6 million. This is mainly as a result of lower project-based revenue, continued client caution and a slower ramp up of our new business wins than expected.
Despite this, our liquidity continues to improve more than anticipated and our targeted range for the year end net debt remains £100 million to £140 million.
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