‘Unacceptable and embarrassing’: Sorrell criticises S4 Capital results delay

Founder vows to make changes to structure after almost $1bn wiped off advertising group's share price

Sir Martin Sorrell has described the twice-delayed reporting of S4 Capital's annual results as unacceptable and embarrassing" and pledged to restore investor confidence in the advertising group after almost $1bn (810m) was wiped off its market value.

S4 Capital, the digitally-led ad group Sorrell launched after resigning from WPP four years ago, was forced to delay the publication of its results twice after its auditors, PwC, said it was unable to complete the work necessary".