(Sharecast News) – Martin Sorrell’s Digital advertising agency S4 Capital cut full-year earnings guidance again on Monday despite narrowing interim operating losses.

The company said like-for-like net revenue was now expected to fall year-on-year and its operational core earnings margin would be 12% – 13.5%, down from 14.5% – 15.5%.

Interim operating losses came in at £6.4m in the first half, down from £69m a year earlier. Revenue rose to £445.4m, up 18.7%.

“We had a very mixed first half of the year reflecting challenging global macroeconomic conditions and consequent fears of recession, which resulted in client caution to commit and extended sales cycles, particularly for larger projects,” Sorrell said.

Reporting by Frank Prenesti for Sharecast.com

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