Sorrell’s S4 ad group cuts earnings outlook

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LONDON — Martin Sorrell’s S4 Capital cut its target for full-year core earnings to around 120 million pounds ($144 million)from a market expectation of around 160 million pounds due to strong hiring levels that have hit its cost base.

It maintained its target for 25% like-for-like gross profit. ($1 = 0.8338 pounds) (Reporting by Kate Holton; editing by James Davey)