Sorrell (pictured) told the meeting that while trading was below pre-pandemic expectations, reportable revenues rose 68% and like-for-like revenues were up 11%.

Reportable gross profit at S4 Capital was up 82% and like-for-like gross profit was at 15%, with pro-forma revenue growth at 13% and gross profit growth almost 17%.

While both revenue and gross profit like-for-like growth rates were lower in April than in the first quarter, Sorrell said, like-for-like gross profit remained positive at more than 3%.

Sorrell said that May’s figures were not ready yet, but early indications showed results would likely improve from April.

S4 Capital is a purely digital company, and is valued at around £1.2bn, Sorrell said.

Sorrell told the AGM: “The company’s cash flow remains strong, ahead of various stress test scenarios, with a continuing average net cash position, despite anticipated merger payments.

“Your company will continue to conclude strategic mergers, but without compromising the strength of its balance sheet or liquidity, at least until the threat of covid-19 recedes.”