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S4 Capital reported an operating loss of £135.3m for 2022, up from £42.1m the previous year.


The 2022 results showed like-for-like revenue rose by 24.3 per cent to almost £1.1 billion in the year to the end of December, generating an operating profit of £124.2 million, down 16.4 per cent on the same basis.

Not even the same digits!

Ah, The Times has given operational EBITDA which really, really, isn’t the same thing.

As shown:

Different line, different definition, different things, see?

2 thoughts on “Eh?”

  1. “before paying your bills”

    In this case, costs specifically as a result of the acquisition process (3 acquisitions), to be fair. Time will tell to what extent those really are one off cost adjustments as such or whether “said process” turns out to be detrimental to profit on an ongoing basis…

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