Shares in S4 Capital PLC jumped on Friday morning, as the company reaffirmed its targets for the full year despite posting an all-round poor performance in the first quarter.

S4 Capital is a London-based digital advertising and marketing company. Shares in the firm were up 17% at 54.05 pence each in London on Friday morning.

Total billings in the three months ended March 31 were down 5.7% to £430.1 million from £455.9 million.

Total revenue fell 20% to £210.2 million from £261.7 million.

Net revenue was down across all regions and in all divisions, S4 Capital reported, with Technology Services posting the sharpest decline of 31% to £24.3 million.

Chair Martin Sorrel said the weaker first quarter performance reflected the ‘continuing impact of volatile global macroeconomic conditions’, as well as ongoing client caution, particularly among technology clients.

However, S4 Capital maintained its full-year targets, and said that its financial performance will be ‘significantly second half weighted’.

S4 Capital said it is targeting lower like-for-like annual revenue, and a broadly similar level of operational earnings before interest, tax, depreciation and amortisation.

In 2023, the company delivered £1.01 billion in revenue, £93.7 million in operational Ebitda.

S4 Capital’s target range for net debt is £150 to £190 million, compared to £180.8 million at the end of 2023.

S4 Capital cautioned that its financial targets do not serve as forecasts for the full year.

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