Manchester United PLC Reports First Quarter Fiscal 2025 Results
Manchester United (NYSE: MANU) reported first quarter fiscal 2025 results with total revenue of £143.1 million, down 8.9% year-over-year. Commercial revenue decreased 5.6% to £85.3 million, broadcasting revenue fell 20.4% to £31.3 million, and matchday revenue declined 3.3% to £26.5 million.
The company announced new sponsorship deals with Heineken and renewed partnerships with DHL, Hong Kong Jockey Club and Konami. Management reiterated full-year guidance of £650-670 million in revenue and £145-160 million in adjusted EBITDA. The quarter saw a net profit of £1.4 million compared to a £25.8 million loss in the prior year period.
Manchester United (NYSE: MANU) ha riportato i risultati del primo trimestre dell'esercizio fiscale 2025 con un fatturato totale di £143,1 milioni, in calo dell'8,9% rispetto all'anno precedente. I ricavi commerciali sono diminuiti del 5,6% a £85,3 milioni, i ricavi da trasmissione sono scesi del 20,4% a £31,3 milioni e i ricavi da giornata di partita sono calati del 3,3% a £26,5 milioni.
L'azienda ha annunciato nuovi accordi di sponsorizzazione con Heineken e ha rinnovato le partnership con DHL, Hong Kong Jockey Club e Konami. La direzione ha confermato la previsione per l'intero anno di un fatturato tra £650-670 milioni e un EBITDA rettificato tra £145-160 milioni. Nel trimestre ha registrato un utile netto di £1,4 milioni rispetto a una perdita di £25,8 milioni nello stesso periodo dell'anno precedente.
Manchester United (NYSE: MANU) reportó los resultados del primer trimestre del ejercicio fiscal 2025 con unos ingresos totales de £143,1 millones, una disminución del 8,9% en comparación con el año anterior. Los ingresos comerciales disminuyeron un 5,6% a £85,3 millones, los ingresos por transmisión cayeron un 20,4% a £31,3 millones y los ingresos por días de partido bajaron un 3,3% a £26,5 millones.
La compañía anunció nuevos acuerdos de patrocinio con Heineken y renovó asociaciones con DHL, Hong Kong Jockey Club y Konami. La dirección reiteró su guía de ingresos para todo el año de entre £650-670 millones y un EBITDA ajustado de entre £145-160 millones. En el trimestre, la compañía tuvo un beneficio neto de £1,4 millones, en comparación con una pérdida de £25,8 millones en el mismo período del año anterior.
맨체스터 유나이티드 (NYSE: MANU)는 2025 회계 연도 1분기 실적을 보고하며 총 수익이 £143.1백만으로 전년 대비 8.9% 감소했다고 밝혔습니다. 상업 매출은 5.6% 감소하여 £85.3백만, 방송 수익은 20.4% 감소하여 £31.3백만, 경기일 수익은 3.3% 감소하여 £26.5백만에 달했습니다.
회사는 하이네켄과의 새로운 후원 계약을 발표하고, DHL, 홍콩 경마 클럽, 코나미와의 파트너십을 갱신했습니다. 경영진은 전체 연도 수익에 대한 가이던스를 £650-670백만, 조정된 EBITDA에 대해 £145-160백만으로 반복했습니다. 이번 분기에는 전년 동기 £25.8백만 손실에 비해 £1.4백만의 순이익을 기록했습니다.
Manchester United (NYSE: MANU) a rapporté les résultats du premier trimestre de l'exercice fiscal 2025 avec des revenus totaux de 143,1 millions de livres, soit une baisse de 8,9 % par rapport à l'année précédente. Les revenus commerciaux ont diminué de 5,6 % pour atteindre 85,3 millions de livres, les revenus de diffusion ont chuté de 20,4 % à 31,3 millions de livres, et les revenus des jours de match ont reculé de 3,3 % à 26,5 millions de livres.
L'entreprise a annoncé de nouveaux accords de sponsoring avec Heineken et a renouvelé des partenariats avec DHL, le Hong Kong Jockey Club et Konami. La direction a réitéré ses prévisions pour l'année complète, visant des revenus entre 650 et 670 millions de livres et un EBITDA ajusté entre 145 et 160 millions de livres. Au cours du trimestre, un bénéfice net de 1,4 million de livres a été enregistré, comparé à une perte de 25,8 millions de livres pendant la même période de l'année précédente.
Manchester United (NYSE: MANU) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, mit einem Gesamtumsatz von £143,1 Millionen, was einem Rückgang von 8,9% im Jahresvergleich entspricht. Die Einnahmen aus dem Geschäft sank um 5,6% auf £85,3 Millionen, die Rundfunkerlöse fielen um 20,4% auf £31,3 Millionen, und die Einnahmen an Spieltagen reduzierten sich um 3,3% auf £26,5 Millionen.
Das Unternehmen gab neue Sponsoringverträge mit Heineken bekannt und erneuerte Partnerschaften mit DHL, dem Hong Kong Jockey Club und Konami. Das Management bekräftigte die Jahresprognose von £650-670 Millionen Umsatz und £145-160 Millionen bereinigtem EBITDA. Im Quartal wurde ein Nettogewinn von £1,4 Millionen im Vergleich zu einem Verlust von £25,8 Millionen im Vorjahreszeitraum verzeichnet.
- New global sponsorship secured with Heineken until 2028
- Net profit of £1.4 million vs £25.8 million loss year-over-year
- Employee benefit expenses decreased 11.2% to £80.2 million
- Profit from player sales increased 20.7% to £35.6 million
- Total revenue declined 8.9% to £143.1 million
- Commercial revenue decreased 5.6% to £85.3 million
- Broadcasting revenue fell 20.4% due to UEFA Europa League participation
- Operating loss of £6.9 million vs £1.9 million profit in prior year
- Current borrowings increased to £232.3 million from £204.4 million year-over-year
Insights
Q1 FY2025 shows mixed results for Manchester United with notable headwinds. Total revenue decreased by
Key positives include resilient matchday revenues despite fewer fixtures and a significant improvement in net profit position to
Management's reiterated guidance of
The transition from Champions League to Europa League participation represents a significant competitive and financial setback. The
The ongoing cost reduction initiatives and infrastructure investments in Carrington Training Centre demonstrate a strategic focus on long-term sustainability. The appointment of Ruben Amorim as head coach signals a new direction for sporting operations, though the financial impact remains to be seen in upcoming quarters.
Key Points
-
Achieved Commercial revenues of
£85.3 million with a reduced summer tour relative to last year -
The men’s first team participated in the revised format of the UEFA Europa League, contributing to Broadcasting revenue for the quarter of
£31.3 million -
Matchday revenues remain resilient at
£26.5 million , with 3 fewer fixtures relative to last year offset by strong Hospitality and Matchday VIP revenues - Club announced a new global sponsorship with Heineken until June 2028, with Tiger Beer as the Official Beer Partner of Manchester United and renewed global sponsorships with DHL, Hong Kong Jockey Club and Konami during the quarter
-
For Fiscal 2025, the company reiterates its prior guidance of total revenues of
£650 million to£670 million and adjusted EBITDA of£145 million to£160 million
Management Commentary
Omar Berrada, Chief Executive Officer, commented, “The season is now well underway for both our men’s and women’s team, and we are keen to ensure both are as competitive as possible. We are delighted to have appointed Ruben Amorim as head coach of our men’s team and remain committed to returning Manchester United to the top of domestic and European football. Our cost and headcount reductions remain on track, and we are pleased to have seen further commercial traction, and welcome new partner Heineken, through their Tiger brand. Our renovation of the Carrington Training Centre is progressing well, while the Old Trafford Regeneration Task Force continues its work. Once it has delivered its recommendations, we will then take some time to digest them and evaluate all our options in the upcoming year.”
Outlook
For fiscal 2025, the Company reiterates its full year revenue guidance of
Phasing of Premier League games |
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
Total |
2024/25 season |
6 |
13 |
10 |
9 |
38 |
2023/24 season |
7 |
13 |
9 |
9 |
38 |
2022/23 season |
6 |
10 |
10 |
12 |
38 |
Key Financials (unaudited)
£ million (except earnings/(loss) per share) |
Three months ended 30 September |
|
|
|
2024 |
2023 |
Change |
Commercial revenue |
85.3 |
90.4 |
( |
Broadcasting revenue |
31.3 |
39.3 |
( |
Matchday revenue |
26.5 |
27.4 |
( |
Total revenue |
143.1 |
157.1 |
( |
Adjusted EBITDA(1) |
23.7 |
23.3 |
|
Operating (loss)/profit |
(6.9) |
1.9 |
( |
|
|||
Profit/(loss) for the period (i.e. net profit/(loss)) (3) |
1.4 |
(25.8) |
|
Basic earnings/(loss) per share (pence) |
0.78 |
(15.79) |
|
Adjusted loss for the period (i.e. adjusted net loss)(1) |
(0.3) |
(8.6) |
|
Adjusted basic loss per share (pence)(1) |
(0.21) |
(5.27) |
|
|
|||
Non-current borrowings in USD (contractual currency) (2) |
|
|
|
(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.
(2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 30 September 2024 was (3) Profit attributable primarily to foreign exchange gains on unhedged US dollar borrowings as a result of favourable movements in the USD/GBP exchange rates, from 1.2643 at 30 June 2024, to 1.3412 at 30 September 2024; the majority of this gain is expected to be reversed during the second quarter of Fiscal 2025. |
|||
Revenue Analysis
Commercial
Commercial revenue for the quarter was
-
Sponsorship revenue was
£51.8 million , a decrease of£4.4 million , or7.8% , over the prior year quarter due to changes in sponsorship agreements and the men’s first team playing 3 fewer matches on their pre-season tour compared to the prior year quarter. -
Retail, Merchandising, Apparel & Product Licensing revenue was
£33.5 million , a decrease of£0.7 million , or2.0% , over the prior year quarter.
Broadcasting
Broadcasting revenue for the quarter was
Matchday
Matchday revenue for the quarter was
Other Financial Information
Operating expenses
Total operating expenses for the quarter were
Employee benefit expenses
Employee benefit expenses for the quarter were
Other operating expenses
Other operating expenses for the quarter were
Depreciation and amortization
Depreciation for the quarter was
Exceptional items
Exceptional items for the quarter were a cost of
Profit on disposal of intangible assets
Profit on disposal of intangible assets for the quarter, namely player sales was
Net finance income/(costs)
Net finance income for the quarter was
Income tax
The income tax expense for the quarter was
Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) increased by
Net cash inflow from operating activities for the quarter was
Net capital expenditure on property, plant and equipment for the quarter was
Net capital expenditure on intangible assets for the quarter was
Net cash inflow from financing activities for the quarter was
Balance sheet
Our USD non-current borrowings as of 30 September 2024 were
In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 30 September 2024 were
As of 30 September 2024, cash and cash equivalents were
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 147-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.
Cautionary Statements
This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.
Non-IFRS Measures: Definitions and Use
1. Adjusted EBITDA
Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, profit on disposal of intangible assets, net finance income/costs, exceptional items and tax.
Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit/(loss) for the period to adjusted EBITDA is presented in supplemental note 2.
2. Adjusted loss for the period (i.e. adjusted net loss)
Adjusted loss for the period is calculated, where appropriate, by adjusting for foreign exchange losses/gains on unhedged US dollar denominated borrowings (including foreign exchange gains/losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives, subtracting/adding the actual tax credit/expense for the period, and adding the adjusted tax credit for the period (based on an normalized tax rate of
In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the
3. Adjusted basic and diluted loss per share
Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3.
Key Performance Indicators
|
Three months ended 30 September |
|
|
2024 |
2023 |
|
|
|
Revenue |
|
|
Commercial % of total revenue |
|
|
Broadcasting % of total revenue |
|
|
Matchday % of total revenue |
|
|
|
|
|
|
2024/25 Season |
2023/24 Season |
Home Matches Played |
|
|
PL |
3 |
4 |
UEFA competitions |
1 |
- |
Domestic Cups |
1 |
1 |
Away Matches Played |
|
|
PL |
3 |
3 |
UEFA competitions |
- |
1 |
Domestic Cups |
- |
- |
|
|
|
Other |
|
|
Employee benefit expenses % of revenue |
|
|
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (unaudited; in £ thousands, except per share and shares outstanding data) |
||||
|
Three months ended 30 September |
|||
|
2024 |
|
2023 |
|
Revenue from contracts with customers |
143,065 |
|
157,096 |
|
Operating expenses |
(185,585 |
) |
(184,762 |
) |
Profit on disposal of intangible assets |
35,552 |
|
29,481 |
|
Operating (loss)/profit |
(6,968 |
) |
1,815 |
|
Finance costs |
(19,776 |
) |
(34,968 |
) |
Finance income |
28,372 |
|
349 |
|
Net finance income/(costs) |
8,596 |
|
(34,619 |
) |
Profit/(loss) before income tax |
1,628 |
|
(32,804 |
) |
Income tax (expense)/credit |
(299 |
) |
7,047 |
|
Profit/(loss) for the period |
1,329 |
|
(25,757 |
) |
|
|
|
||
Basic and diluted earnings/(loss) per share: |
|
|
||
Basic and diluted earnings/(loss) per share (pence) (1) (2) |
0.78 |
|
(15.79 |
) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings/(loss) per share (thousands) (1) (2) |
169,318 |
|
163,159 |
|
(1) For the three months ended 30 September 2023, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. (2) For the three months ended 30 September 2024, potential ordinary shares are dilutive as their inclusion reduces the earnings per share, however this dilution does not have an impact upon rounding the earnings per share to two decimal places. |
||||
CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands) |
|||
|
As of |
||
|
30 September 2024 |
30 June 2024 |
30 September 2023 |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Property, plant and equipment |
265,432 |
256,118 |
256,961 |
Right-of-use assets |
7,912 |
8,195 |
8,417 |
Investment properties |
19,643 |
19,713 |
19,923 |
Intangible assets |
987,674 |
837,564 |
966,766 |
Deferred tax asset |
16,848 |
17,607 |
6,244 |
Trade receivables |
59,512 |
27,930 |
45,014 |
Derivative financial instruments |
101 |
380 |
190 |
|
1,357,122 |
1,167,507 |
1,303,515 |
Current assets |
|
|
|
Inventories |
12,441 |
3,543 |
5,046 |
Prepayments |
36,555 |
18,759 |
36,418 |
Contract assets – accrued revenue |
45,759 |
39,778 |
47,343 |
Trade receivables |
39,355 |
36,999 |
28,920 |
Other receivables |
2,162 |
2,735 |
11,677 |
Derivative financial instruments |
11 |
1,917 |
6,646 |
Cash and cash equivalents |
149,558 |
73,549 |
80,829 |
|
285,841 |
177,280 |
216,879 |
Total assets |
1,642,963 |
1,344,787 |
1,520,394 |
CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands) |
||||||
|
As of |
|||||
|
30 September 2024 |
|
30 June 2024 |
|
30 September 2023 |
|
EQUITY AND LIABILITIES |
|
|
|
|||
Equity |
|
|
|
|||
Share capital |
55 |
|
55 |
|
53 |
|
Share premium |
227,361 |
|
227,361 |
|
68,822 |
|
Treasury shares |
(21,305 |
) |
(21,305 |
) |
(21,305 |
) |
Merger reserve |
249,030 |
|
249,030 |
|
249,030 |
|
Hedging reserve |
583 |
|
(1,000 |
) |
(2,947 |
) |
Retained deficit |
(307,545 |
) |
(309,251 |
) |
(221,669 |
) |
|
148,179 |
|
144,890 |
|
71,984 |
|
Non-current liabilities |
|
|
|
|||
Deferred tax liabilities |
- |
|
- |
|
- |
|
Contract liabilities - deferred revenue |
7,269 |
|
5,347 |
|
7,816 |
|
Trade and other payables |
210,555 |
|
175,894 |
|
203,853 |
|
Borrowings |
481,714 |
|
511,047 |
|
528,787 |
|
Lease liabilities |
8,227 |
|
7,707 |
|
7,766 |
|
Derivative financial instruments |
3,192 |
|
4,911 |
|
850 |
|
Provisions |
- |
|
- |
|
95 |
|
|
710,957 |
|
704,906 |
|
749,167 |
|
Current liabilities |
|
|
|
|||
Contract liabilities - deferred revenue |
224,842 |
|
198,628 |
|
214,666 |
|
Trade and other payables |
309,542 |
|
249,030 |
|
267,728 |
|
Income tax liabilities |
914 |
|
427 |
|
684 |
|
Borrowings |
232,317 |
|
35,574 |
|
204,380 |
|
Lease liabilities |
446 |
|
934 |
|
971 |
|
Derivative financial instruments |
7,890 |
|
2,603 |
|
499 |
|
Provisions |
7,876 |
|
7,795 |
|
10,315 |
|
|
783,827 |
|
494,991 |
|
699,243 |
|
Total equity and liabilities |
1,642,963 |
|
1,344,787 |
|
1,520,394 |
|
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands) |
||||
|
Three months ended 30 September |
|||
|
2024 |
|
2023 |
|
Cash flow from operating activities |
|
|
||
Cash generated from operations (see supplemental note 4) |
23,208 |
|
25,871 |
|
Interest paid |
(11,370 |
) |
(10,574 |
) |
Interest received |
1,060 |
|
349 |
|
Tax refunded |
419 |
|
5,817 |
|
Net cash inflow from operating activities |
13,317 |
|
21,463 |
|
Cash flow from investing activities |
|
|
||
Payments for property, plant and equipment |
(10,299 |
) |
(9,029 |
) |
Payments for intangible assets |
(153,740 |
) |
(132,213 |
) |
Proceeds from sale of intangible assets |
33,568 |
|
25,669 |
|
Net cash outflow from investing activities |
(130,471 |
) |
(115,573 |
) |
Cash flow from financing activities |
|
|
||
Proceeds from borrowings |
200,000 |
|
100,000 |
|
Principal elements of lease payments |
(128 |
) |
(200 |
) |
Net cash inflow from financing activities |
199,872 |
|
99,800 |
|
Effect of exchange rate changes on cash and cash equivalents |
(6,709 |
) |
(880 |
) |
Net increase in cash and cash equivalents |
76,009 |
|
4,810 |
|
Cash and cash equivalents at beginning of period |
73,549 |
|
76,019 |
|
Cash and cash equivalents at end of period |
149,558 |
|
80,829 |
|
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the
2 Reconciliation of profit/(loss) for the period to adjusted EBITDA
|
Three months ended 30 September |
|||
|
2024 £’000 |
|
2023 £’000 |
|
Profit/(loss) for the period |
1,329 |
|
(25,757 |
) |
Adjustments: |
|
|
||
Income tax expense/(credit) |
299 |
|
(7,047 |
) |
Net finance (income)/costs |
(8,596 |
) |
34,619 |
|
Profit on disposal of intangible assets |
(35,552 |
) |
(29,481 |
) |
Amortization |
53,270 |
|
46,845 |
|
Depreciation |
4,256 |
|
4,102 |
|
Exceptional items |
8,638 |
|
- |
|
Adjusted EBITDA |
23,644 |
|
23,281 |
|
3 Reconciliation of profit/(loss) for the period to adjusted loss for the period and adjusted basic and diluted loss per share
|
Three months ended 30 September |
|||
|
2024 £’000 |
|
2023 £’000 |
|
Profit/(loss) for the period |
1,329 |
|
(25,757 |
) |
Exceptional items |
8,638 |
|
- |
|
Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings |
(16,684 |
) |
13,753 |
|
Fair value movement on embedded foreign exchange derivatives |
5,952 |
|
8,163 |
|
Income tax expense/(credit) |
299 |
|
(7,047 |
) |
Adjusted loss before income tax |
(466 |
) |
(10,888 |
) |
Adjusted income tax credit (using a normalized tax rate of |
117 |
|
2,286 |
|
Adjusted loss for the period (i.e. adjusted net loss) |
(349 |
) |
(8,602 |
) |
|
|
|
||
Adjusted basic and diluted loss per share: |
|
|
||
Adjusted basic and diluted loss per share (pence)(1) |
(0.21 |
) |
(5.27 |
) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1) |
169,318 |
|
163,159 |
|
(1) For the three months ended 30 September 2024 and the three months ended 30 September 2023 potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. |
||||
4 Cash generated from operations
|
Three months ended 30 September |
|||
|
2024 £’000 |
|
2023 £’000 |
|
Profit/(loss) for the period |
1,329 |
|
(25,757 |
) |
Income tax expense/(credit) |
299 |
|
(7,047 |
) |
Profit/(loss) before income tax |
1,628 |
|
(32,804 |
) |
Adjustments for: |
|
|
||
Depreciation |
4,256 |
|
4,102 |
|
Amortization |
53,270 |
|
46,845 |
|
Profit on disposal of intangible assets |
(35,552 |
) |
(29,481 |
) |
Net finance (income)/costs |
(8,596 |
) |
34,619 |
|
Non-cash employee benefit expense - equity-settled share-based payments |
376 |
|
740 |
|
Foreign exchange gains on operating activities |
(714 |
) |
(142 |
) |
Reclassified from hedging reserve |
2,759 |
|
(252 |
) |
Changes in working capital: |
|
|
||
Inventories |
(8,898 |
) |
(1,881 |
) |
Prepayments |
(18,098 |
) |
(20,119 |
) |
Contract assets – accrued revenue |
(5,981 |
) |
(4,011 |
) |
Trade receivables |
(14,230 |
) |
(5,245 |
) |
Other receivables |
573 |
|
(1,749 |
) |
Contract liabilities – deferred revenue |
28,136 |
|
46,199 |
|
Trade and other payables |
24,306 |
|
(8,237 |
) |
Provisions |
(27 |
) |
(2,713 |
) |
Cash generated from operations |
23,208 |
|
25,871 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241122260124/en/
Investors:
Corinna Freedman
Head of Investor Relations
Corinna.Freedman@manutd.co.uk
Media:
Toby Craig
Chief Communications Officer
Toby.Craig@manutd.co.uk
Source: Manchester United
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