- Advertising group S4 Capital upgraded its guidance after its revenue in the first four months of 2020 jumped almost 90% 'as the global economy snaps back from the pandemic'.

The rise in revenue compared to the 71% increase the company reported last month for the first quarter.

Four-month reportable gross profit -- or net revenue -- was up almost 84%, compared to 71% for the first quarter, executive chairman Martin Sorrel said in a trading update for S4's annual general meeting.

'We do not have our May figures as yet, but early indications are that May will be similar to April and that in June, the pipeline continues to be robust,' Sorrell said.

'Tech clients, which constitute over 50% of our revenues, are still generally outspending CPG/FMCG, pharma and retail clients, but all verticals exhibit robust activity.'

S4 had at the beginning of the year been aiming for a doubling of the company organically between 2021 and 2023.

That mean targeted organic gross profit or net revenue growth of about 25% in 2021.

After the end of the first quarter, that guidance was raised to 30%.

'In light of the acceleration in the second quarter and the company's first-quarter revised forecast that has just been finalised, guidance has been raised further to 35%,' Sorrell said.

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