RVBA-SFORMarketing Services

S4 Capital — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (3/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news

No ESG-relevant news ingested yet for this company. Run python -m pipeline.news_gdelt to backfill. Sourced from GDELT 2.0 (3-month trailing window).

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

annual report ↗sustainability report ↗

P&L highlights (USD)

Headcount (FTE)	6,345people
Revenue	754.8M
Cost of revenue	(653M)
Gross profit	101.8M
Operating expenses (S&M + G&A)	(80.1M)
Operating income	21.7M
Net income	-24.8M

Balance sheet highlights (USD)

Property, plant & equipment	37.2M
Right-of-use (leased) assets	27.3M
Total assets	1.3B
Total debt	336.4M
Cash & equivalents	240.8M
Minority interest	100,000

Market & shares

Market cap (FY-end)	137.7M
Shares outstanding	674.8M

2024

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	1,293
Scope 2 (market-based)	1,005
Scope 3	17,923
Cat 1 · Purchased goods	10,918
Cat 6 · Business travel	4,733
Cat 7 · Employee commuting	717
Gross carbon footprint	20,221
Net carbon footprint	20,221

Energy (kWh)

Renewable energy %

42%

P&L highlights (USD)

Headcount (FTE)	7,150people
Revenue	848.2M
Cost of revenue	(93.6M)
Gross profit	754.6M
Operating expenses (S&M + G&A)	(1.1B)
Operating income	-302.8M
Net income	-306.9M

Balance sheet highlights (USD)

Property, plant & equipment	51.1M
Right-of-use (leased) assets	34.7M
Total assets	1.4B
Total debt	307.4M
Cash & equivalents	168.4M
Minority interest	100,000

Market & shares

Market cap (FY-end)	220.4M
Shares outstanding	672M

Events 2024· 13

Headcount reduction of 7% during 2024

The number of Monks at the end of the year was around 7,150, down 7.0% from over 7,700 at this time last year, reflecting disciplined cost management aligning headcount with activity levels.

▾ expand

Improved supplier emissions data quality

Suppliers are providing more actual emissions data, particularly regarding business travel, which significantly improves overall quality of Scope 3 data. Reductions observed across all disclosed Scope 3 items except waste.

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£301.2m goodwill/intangible impairment in 2024

In 2024 the Group recorded a £301.2m non-cash impairment of intangible assets (£204.4m Marketing Services, £96.8m Technology Services), driving the £302.8m operating loss. No such charge in 2025.

▾ expand

Revenue decline due to tech client marketing spend diversion to AI capex

Revenues suffered in 2024 as tech clients (approximately half the business) diverted significant marketing spend to capital expenditure on AI. Staff costs to revenue ratio at ~75% vs industry 60-65%.

▾ expand

Non-cash impairment charge of £280.4m net of tax

The Group has taken a non-cash impairment charge net of tax of £280.4 million reflecting trading conditions in the second half of 2024 and the medium-term outlook, with £196.5 million in Content and £83.9 million in Technology Services.

▾ expand

Won General Motors as foundational orchestration agency

Standout client win in last 12 months: Monks appointed to GM roster as foundational/orchestration agency for Cadillac, Chevrolet, GMC and Buick brands, harnessing Monks.Flow.

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Unitary operating brand renamed to Monks

S4Capital re-named its unitary operating brand to Monks in the last 12 months, marking an evolution beyond media and a refocus on two offerings: Marketing Services and Technology Services.

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Achieved B Corp certification

In 2024, Monks achieved B Corp status with a score of 91 points, with every office globally certified simultaneously. Measures social and environmental impact.

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SBTi targets validated in July 2024

The Group's Science-Based Targets were validated by the SBTi in July 2024: reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 from a 2022 base year; reduce absolute Scope 3 GHG emissions by 25% by 2030 from a 2022 base year; reduce absolute Scope 1, 2 and 3 GHG emissions by 90% by 2040 from a 2022 base year. Targets align with 1.5°C ambition of the Paris Agreement.

▾ expand

Global B Corp Certification achieved in 2024

The Group achieved global B Corp Certification, underscoring commitment to balancing profit with purpose and advancing ESG initiatives.

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see 3 more events →

2023

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	2,764
Scope 2 (market-based)	944
Scope 3	21,946
Cat 1 · Purchased goods	13,987
Cat 6 · Business travel	5,169
Cat 7 · Employee commuting	771
Gross carbon footprint	25,654
Net carbon footprint	25,654

Energy (kWh)

Renewable energy %

45%

P&L highlights (USD)

Headcount (FTE)	7,707people
Revenue	1B
Cost of revenue	(138.3M)
Gross profit	873.2M
Operating expenses (S&M + G&A)	(853M)
Operating income	20.2M
Net income	-6M

Balance sheet highlights (USD)

Property, plant & equipment	67.7M
Right-of-use (leased) assets	45.8M
Total assets	1.7B
Total debt	321.1M
Cash & equivalents	145.7M
Minority interest	100,000

Market & shares

Market cap (FY-end)	341.4M
Shares outstanding	639.2M

Events 2023· 11

2023 comparatives restated for deferred tax recognition

The comparatives as at 31 December 2023 and 31 December 2022 have been restated to account for the recognition of deferred tax balances related to certain business combinations in prior years. Impact on total equity at 1 January 2023 is an increase of £35.1 million.

▾ expand

CDP score improved from B- to B

ESG reporting improved with CDP score upgraded from B- to B as a result of continued efforts to report on Scopes 1, 2 and 3 of GHG.

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Shift from carbon neutral via offsets to net zero by 2040

Shifted strategy from being carbon neutral in 2021 and 2022 through carbon offsetting, to become Net Zero by 2040.

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Improved GHG inventory methodology and Scope 3 calculation

Enhanced and refined GHG data recalculation process of market-based reporting, substantially improving the quality of the GHG inventory. Adjusted Scope 3 categories: Purchased goods & services split into three major categories, removed duplicates from Capital goods, corrected Business travel data, and adjusted Fuel- & energy-related activities. Received actual emissions data from key suppliers including hosting, server, and business travel for the first time.

▾ expand

Significant headcount reduction and cost restructuring

Number of Monks reduced 13% from 8,891 to 7,707, with restructuring costs of £18.2 million. Reorganisation of practices including Content with new co-CEO appointment.

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Acquisition of Formula Consultants Incorporated (FCI)

On 31 October 2023, S4Capital announced the business combination of Formula Consultants Incorporated for an expected total consideration of £1.2 million, including performance linked consideration of £0.4 million. Allocated to Technology Services CGU.

▾ expand

Argentinian peso devaluation impact

In December 2023, the Argentinian peso significantly devalued by over 50%. Operational EBITDA excludes the one-off benefit of £9.3 million, which is included in adjusting items.

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Hotel emissions added to Scope 3

Calculated and included hotel emissions in this year's Scope 3, which has posed challenges in the past.

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Argentinian peso devaluation December 2023

On 13 December 2023, the Argentinian peso experienced a significant devaluation of over 50%. The impact on operational EBITDA in 2023 was a reduction of £9.3 million. The Group considers this a one-off item excluded from Alternative Performance Measures.

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B Corp certification target by 2023

Seeking B Corp status across the whole Company, not just for individual offices, by 2023. Currently in the middle of the full scope assessment.

▾ expand

see 1 more event →

2022

Climate · carbon footprint (tCO2e)

Scope 1	3,611
Scope 2 (market-based)	1,084
Scope 3	27,520
Cat 1 · Purchased goods	15,852
Cat 6 · Business travel	2,747
Cat 7 · Employee commuting	3,294
Gross carbon footprint	32,215
Net carbon footprint	32,215

Energy (kWh)

Renewable energy %

57%

P&L highlights (USD)

Headcount (FTE)	8,891people
Revenue	1.1B
Cost of revenue	(943.3M)
Gross profit	126.2M
Operating expenses (S&M + G&A)	(83.3M)
Operating income	42.9M
Net income	-160.5M

Balance sheet highlights (USD)

Property, plant & equipment	85.4M
Right-of-use (leased) assets	55.7M
Total assets	1.9B
Total debt	326.9M
Cash & equivalents	223.6M
Minority interest	100,000

Market & shares

Market cap (FY-end)	1.1B
Shares outstanding	590.7M

2021

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	165
Scope 2 (market-based)	580
Gross carbon footprint	—
Net carbon footprint	—

Energy (kWh)

Renewable energy %

30%

P&L highlights (USD)

Revenue	686.6M
Cost of revenue	(595.3M)
Gross profit	91.3M
Operating expenses (S&M + G&A)	(49.8M)
Operating income	41.4M
Net income	-56.7M

Balance sheet highlights (USD)

Property, plant & equipment	58.2M
Right-of-use (leased) assets	36.6M
Total assets	1.7B
Total debt	311.1M
Cash & equivalents	301M
Minority interest	100,000

Market & shares

Market cap (FY-end)	3.5B
Shares outstanding	551.8M

Events 2021· 8

Hyperinflation accounting (IAS 29) applied for Argentina

Argentina designated as a hyperinflationary economy; financial statements of subsidiaries in Argentina adjusted for the effects of inflation per IAS 29. Comparative 2020 amounts not restated.

▾ expand

Signed Amazon Climate Pledge - net zero by 2040

Signed The Climate Pledge in 2021, committing to net zero carbon emissions by 2040. First advertising and marketing firm to commit to the Amazon Climate Pledge.

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Entered Technology Services as third practice via Zemoga acquisition

Media.Monks entered a third practice, Technology Services, through the combination with South American-based Zemoga in September 2021, enabling deeper engagement with CIOs and CTOs in addition to CMOs.

▾ expand

New €375m Term Loan B and £100m RCF refinancing

On 6 August 2021, signed new facility agreement: secured Term Loan B of €375 million (seven-year, due August 2028) and Revolving Credit Facility of £100 million (five-year, undrawn). Prepaid existing facilities of £109.3 million.

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Audit delay and internal control weaknesses identified

Delay in producing 2021 results due to control weaknesses, inadequate documentation and a lack of understanding in the application of IFRS15 in the Content practice (legacy MediaMonks). Significant changes to financial control, risk and governance structure being implemented including new CFO Mary Basterfield, new Group Financial Controller, new Content CFO.

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Carbon neutrality commitment by 2024

Committed to achieving carbon neutrality by 2024, achieved in 2021 by offsetting 2020 emissions in the S4 Forest. Planted over 265,000 trees and will officially offset 2021 emissions in 2022 through certified forest preservation projects.

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MediaMonks and MightyHive unified as Media.Monks

In August 2021, MediaMonks and MightyHive became one unitary brand: Media.Monks, reflecting seamless, fully integrated offer for clients.

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Ten business combinations completed in 2021

Group continued aggressive growth strategy with 10 acquisitions in 2021 including TOMORROW, STAUD STUDIOS, Datalicious, Jam3, Raccoon, Destined, Cashmere, Zemoga, Miyagi, Maverick. Total consideration of £219.7 million.

▾ expand

2020

Climate · carbon footprint (tCO2e)

Scope 1	211
Scope 2 (market-based)	388
Gross carbon footprint	—
Net carbon footprint	—

P&L highlights (USD)

Headcount (FTE)	9people
Revenue	342.7M
Cost of revenue	(289.7M)
Gross profit	53M
Operating expenses (S&M + G&A)	(30.6M)
Operating income	22.5M
Net income	-3.9M

Balance sheet highlights (USD)

Property, plant & equipment	41.4M
Right-of-use (leased) assets	26.8M
Total assets	1.2B
Total debt	90.4M
Cash & equivalents	142.1M
Minority interest	100,000

Market & shares

Market cap (FY-end)	2.5B
Shares outstanding	493.3M