Acquisition of Formula Consultants Incorporated (FCI) S4Capital acquired Formula Consultants Incorporated for expected total consideration of £1.2m including performance-linked consideration of £0.4m. Net identifiable assets £1.0m, goodwill £0.2m. FCI contributed £0.4m revenue and £0.3m operational EBITDA since acquisition. Added to Technology Services segment.
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Target 100% renewable energy by 2040 via REGOs/RECs and landlord engagement S4Capital achieved 45% renewable electricity in 2023 (down from 57% in 2022 due to shift from extrapolated to actual data). The company plans to increase renewable energy usage significantly, targeting 100% renewable energy consumption by 2040 in line with SBTi targets. Near-term actions include purchasing REGOs/RECs as an interim solution, engaging landlords to switch to renewable electricity, and considering PPAs for renewable electricity. Two out of four UK offices are already gas-free and use 100% renewable electricity. Software-defined production workflows are powered by 95%+ renewable energy. The AWS cloud-hybrid broadcast workflow actively avoids GHG emissions associated with traditional live broadcast setups.
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Primary: Purchased goods and services supply chain engagement Purchased goods and services is the dominant Scope 3 category at 13,977 tCO2e (54.5% of total GHG in 2023), reduced 12% vs 2022 through operational cost optimisation. The company is implementing sustainable procurement practices across the supply chain, with actual emissions data received from key suppliers including hosting/server emissions for the first time. A Sustainable Procurement Policy has been Board-approved and good progress on sustainable procurement measures and policies is a 2024 goal. The Group categorises direct costs more accurately into motion picture/sound recording, photographers, and independent artists categories.
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Shift from extrapolated to actual energy/emissions data Increased access to actual energy consumption and emissions data from offices reduced the extrapolation factor significantly. This particularly impacted employee commuting (-76.6%) and waste categories where actual data replaced estimates. Hotel emissions included in Scope 3 for first time. Actual supplier emissions incorporated for hosting/servers and business travel.
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Board restructure: four Executive Directors to step down at 2024 AGM Following board effectiveness review, Board decided to develop more traditional streamlined structure. Christopher S. Martin, Victor Knaap, Wes ter Haar and Scott Spirit agreed to retire from Board at conclusion of 2024 AGM, retaining executive roles. Jean-Benoit Berty appointed Chief Operating Officer. Wesley ter Haar to become Board Observer.
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Primary: Office energy decarbonisation and natural gas phase-out A significant 78% decrease in natural gas emissions was achieved in 2023 (from 9,048 MWh to 2,038 MWh globally), reflecting reduced reliance on fossil fuels. The company is engaging landlords to switch to renewable electricity and reduce reliance on gas for heating, and targeting transition to less polluting refrigerant systems. Office footprint was also reduced 39% (from 69,875m² to 42,420m²) through real estate optimisation. Two UK offices are now gas-free with 100% renewable electricity. Refrigerant leakage management is an ongoing focus after first-time inclusion of combined entity data increased visibility.
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Primary: Employee commuting reduction via hybrid working and urban office locations Employee commuting emissions were 771 tCO2e in 2023, significantly lower than 2022 due to both improved data quality and sustained hybrid working. On average, 64% of employees worldwide either work from home, walk or cycle to work, resulting in negligible emissions. The company maintains locations in central areas to facilitate non-car commuting and has a return-to-office policy of at least three days per week. Initiatives to incentivise less carbon-intensive commuting include public transport, walking, cycling, and switching to hybrid or electric vehicles.
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SBTi targets formally submitted for verification S4Capital formally submitted Science-Based Targets for verification: 42% reduction in absolute Scope 1&2 by 2030 (2022 base), 25% reduction in Scope 3 by 2030, 90% reduction in Scope 1,2&3 by 2040. Near-term targets aligned with 1.5°C, full value chain target consistent with well-below 2°C pathway.
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Shifted strategy from carbon neutrality via offsets to net zero by 2040 Having been carbon neutral in 2021 and 2022 through carbon offsetting, S4Capital shifted strategy to becoming Net Zero by 2040. The S4 Forest (tree planting) initiative continues but company explicitly states it does not aim to become carbon neutral through offsetting.
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CDP score improved from B- to B S4Capital improved its CDP (Carbon Disclosure Project) score from B- to B following enhanced GHG reporting across Scopes 1, 2 and 3. This reflects improved data quality and ESG reporting maturity.
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