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Shares in S4 Capital fell as the digital advertising agency warned that lower spending from technology clients would hit revenue.
Shares fell as much as 14 percent in early trading before ending the day down 5.9 percent or 2.7 pence at 42.3 pence.
The latest drop has left shares in the firm that Sir Martin Sorrell founded in 2018 near record lows.
Group revenue fell 13.5 per cent to £376.1m in the first half to the end of June, which S4 attributed to continued economic uncertainty and high interest rates.
Fall: Sir Martin Sorrell’s digital advertising agency S4 Capital fell as much as 14% in early trading before ending the day down 5.9%.
While S4 maintained its annual profit forecast, it warned that annual revenue would be even lower than previously thought. The shares have plunged 95 percent since hitting a peak of 870 pence three years ago.
Stock markets on both sides of the Atlantic rose as investors cheered a sharp rate cut by the Federal Reserve (though not the Bank of England).
The FTSE 100 rose 0.9 per cent or 75 points to 8,239, while the FTSE 250 rose 1.6 per cent or 327 points to 21,163.
Miners rose thanks to rising metal prices.
Anglo American added 3.7 percent or 77.5 pence to 2,201 pence, Glencore gained 2.3 percent or 8.7 pence to 388.5 pence, Antofagasta rose 4.5 percent or 80.5 pence to 1,858 pence and Rio Tinto rose 3.1 percent or 146 pence to 4,911.5 pence.
Property investor NewRiver has asked shareholders for £50m to help fund its potential takeover of Capital & Regional.
The group revealed it had submitted a bid for 62.5 per cent of the annual share price valuing the shopping centre operator at £147m, representing a 21 per cent premium to the previous day’s closing price.
Stock Observatory – Bytes Technology
Bytes Technology reported higher profits as the IT firm capitalized on demand for cybersecurity and artificial intelligence (AI).
Group profit rose 13.5 percent in the first half to the end of August.
Chief Executive Sam Mudd said the company was “well positioned to benefit from the structural demand drivers we see across our markets, including cloud computing, cybersecurity and artificial intelligence.”
The shares rose 7.8 percent or 37 pence to 511.50 pence.
NewRiver shares rose 3.4 percent or 2.7 pence to 82.2 pence, while Capital & Regional gained 2.5 percent or 1.5 pence to 62.7 pence.
Close Brothers is to sell its wealth management business to Oaktree Capital Management in a deal worth up to £200m.
The commercial bank also warned that it will set aside funds to cover the cost of potential claims linked to historical auto finance deals.
Shares in Close Brothers fell 5.6 percent or 29.5 pence to 498 pence.
Capricorn Energy expects to meet its annual production targets after a strong performance in Egypt. The shares rose 3.7 percent or 8 pence to 225 pence.
Defence group Babcock reported higher revenue and profit in the five months to the end of August.
The company said demand remained strong during the period as it extended its contract with the Polish Armaments Group to continue supporting Poland’s warship programme.
Babcock shares gained 7.1 percent or 33 pence to 498 pence.
Ashtead Group profited after Berenberg analysts advised their clients to buy shares in the equipment lender.
The broker also set a target price of 7,000p, taking the shares up 4.3 per cent or 240p to 5,780p.
PZ Cussons recouped some losses a day after the owner of Imperial Leather revealed its business had been hit by a 70 percent drop in the currency of Nigeria, its biggest market, against the dollar.
The shares, which fell 15 percent yesterday, added 5.7 percent, or 5 pence, to 92.5 pence.
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