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$ 4 CAPITAL S4 Capital plc ( “ SªCapital ” or “ the Company " ) Results for the six months ended 30 June 2021 Very strong first half to start 2021 , with like - for - like gross profit ( net revenue ) up 49 % and accelerating to 66 % in second quarter , more in line with the fast - growing digital platforms Like - for - like gross profit ( net revenue ) guidance for 2021 increased for the third time this year , now from 35 % to 40 % Operational EBITDA up 91 % reported , 30 % like - for - like and 36 % pro - forma with EBITDA margin of 14.5 % reflecting continued investment in human capital and " whopper " growth in the first half and preparation for a continued strong second half , signaled by July's like - for - like gross profit ( net revenue ) growth of over 50 % Financial highlights Billings * £ 547.5 million , up over 110 % reported , up over 82 % like - for - like ** , up almost 82 % pro - forma *** Revenue £ 279.3 million , up almost 98 % reported , up over 56 % like - for - like , up almost 57 % pro - forma . Gross profit ( net revenue ) £ 236.7 million , up almost 91 % reported , up over 49 % like - for - like , up almost 50 % pro - forma . Like - for - like gross profit ( net revenue ) growth of almost 33 % in Q1 more than doubled to almost 66 % in Q2 , partly reflecting easier comparatives due to the impact of covid - 19 in 2020. Even more importantly , the gross profit ( net revenue ) two - year stack ( ie adding this half year's like - for - like growth of 49 % to last year's 12 % ) was up 61 % and up 73 % in Q2 ( adding this second quarter growth of 66 % to last year's 7 % ) , clearly demonstrating that S4Capital is more of a proxy on the growth of the digital platforms , with Google's Q2 two - year revenue growth stack at 57 % and Facebook's Advertising revenue Q2 two - year growth stack at 66 % , rather than the adholdcos , which were generally flat . On a like - for - like basis the Company's two year stack for the first half of 2021 was up 75 % ( ie comparing 2021 with 2019 on a constant currency basis ) . Like - for - like gross profit ( net revenue ) growth continued at over 50 % in July and the Company is raising its like - for - like gross profit ( net revenue ) growth guidance for 2021 from 35 % to 40 % . This is the third time this year that such guidance has been raised from the original figure of 25 % and clearly signals that the Company is confident of doubling its size purely organically ( ie on a like - for- like basis ) for all its three , three - year plans covering the periods 2019-21 , 2020-22 and 2021-23 . Operational EBITDA **** £ 34.3 million , up 91 % reported , up almost 30 % like - for - like and up over 36 % pro - forma , as the Company continued to invest in the human fabric of the firm and prioritised top - line growth . Headcount increased to 5,751 from 2,644 at the end of the first half last year , like - for - like headcount increasing by 56 % , to support the even stronger revenue and gross profit ( net revenue ) growth anticipated in the second half and achieve the enhanced expectations for 2021 . Operating loss £ 16.1 million , which includes adjusting items of £ 47.5 million ( primarily acquisition payments , some linked to continued employment and associated expense totalling £ 23.6 million versus a credit of £ 1.8 million in 2020 , amortisation and share - based compensation ) , versus an operating profit of £ 1.3 million in 2020 and like - for - like operating loss of £ 18.1 million loss . Loss before income tax £ 19.4 million , which includes adjusting items , versus £ 1.0 million ( loss ) in 2020 and like - for - like loss before income tax of £ 20.1 million . Loss for the period £ 21.1 million , which includes adjusting items after taxation versus £ 1.4 million ( loss ) in 2020 and like - for- like loss of £ 21.6 million . Basic and diluted loss per share 3.9p versus 0.3p loss in 2020 Adjusted basic earnings per share , which includes adjusting items after tax , of 3.9p per ordinary share , up over 66 % , versus 2.3p per share in the first half of last year and pro - forma adjusted basic earnings per share 4.4p . Liquidity was strong throughout the first half , with net cash balances pretty much throughout the half - year , even after significant combination payments , with period end net cash ***** £ 7.4 million , which excludes the impact of the seven - year € 375 million senior secured term loan led by Credit Suisse AG , London branch , HSBC Bank plc and Barclays Bank plc . In addition , the company negotiated a five - year £ 100 million equivalent multi - currency senior secured revolving credit facility with Credit Suisse , HSBC , Barclays , JP Morgan and BNP Paribas . Both term loan and revolving facility were successfully S4Capital / interim results 2021 1