Ad group S4 Capital posts 35% first quarter gross profit growth

LONDON - Martin Sorrell's digital advertising group S4 Capital reported a 34.5% rise in first-quarter gross profit and reiterated its full-year outlook, saying it expected robust demand despite forecasts of slowing global economic growth.

The British-listed group reiterated its profit growth target of 25%. "Despite the slowdown in forecasts for global GDP growth in 2022 and 2023, demand for digital advertising and marketing transformation is forecast to expand at 10-15% per annum," it said.