Q3 2023 S4 Capital PLC Trading Statement Call Transcript
Good morning, everybody, but early morning actually from New York, and I'm joined with Mary and Scott here in London. This is our Q3 for 2023. We're going to cover trading update from Mary, market momentum and client analysis from Scott and then I'll come back with a brief summary, and then we'll do Q&A. There's an appendix also available in the presentation for other matters too.
So over to you, Mary.
Thank you, Martin. Good morning, and thank you for joining us today. Trading in the third quarter was difficult with increasing macro uncertainty, client caution, and extended sales cycles. Reported revenue was down 18% at GBP 246 million, with some impact from foreign exchange rates, especially the dollar to pound. On a like-for-like basis, revenue was down 13%. Reported net revenue was down 15% to GBP 212 million or 10% like-for-like in these challenging market conditions.
Caution was especially evident in regional
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