S4 Capital shares slumped further today as investors wrestled with why Martin Sorrell’s acquisitive ad company had delayed its annual results for a second time.
Having tumbled by a third on Thursday, when S4 made the surprise announcement in the afternoon, the shares were off another 13% today at 271p.
In its statement, S4 said that auditor PwC was unable to complete the work in time for the scheduled announcement on Friday having previously blamed Covid issues at the auditor for its initial delay in March.
One analyst, Morgan Stanley (NYSE:MS)’s Omar Sheikh, said that based on conversations with the company the lack of a revised date suggests the problem is “non-trivial.”
In January, Sorrell said that revenue and profit were well ahead of guidance.