Manchester United Plc Reports Second Quarter Fiscal 2025 Results
Manchester United (NYSE: MANU) reported Q2 FY2025 financial results showing a decline in total revenues by 12% to £198.7 million, primarily due to lower Broadcasting revenues which fell 42.1% to £61.6 million following participation in UEFA Europa League instead of Champions League.
Commercial revenue grew 18.5% to £85.1 million, driven by the Snapdragon sponsorship and e-commerce platform conversion. Matchday revenue increased 9.2% to £52.0 million due to strong ticket demand and hospitality.
Operating profit decreased to £3.1 million from £27.5 million in Q2FY24, while adjusted EBITDA fell 22.9% to £70.5 million. The company maintains FY2025 revenue guidance of £650-670 million and expects adjusted EBITDA to be at the high end of £145-160 million range.
Il Manchester United (NYSE: MANU) ha riportato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, mostrando una diminuzione del 12% nei ricavi totali, scesi a 198,7 milioni di sterline, principalmente a causa della riduzione dei ricavi da trasmissione, che sono diminuiti del 42,1% a 61,6 milioni di sterline, dopo la partecipazione all'UEFA Europa League invece che alla Champions League.
I ricavi commerciali sono aumentati del 18,5% a 85,1 milioni di sterline, sostenuti dal patrocinio di Snapdragon e dalla conversione della piattaforma di e-commerce. I ricavi da partita sono aumentati del 9,2% a 52,0 milioni di sterline grazie alla forte domanda di biglietti e all'ospitalità.
Il profitto operativo è diminuito a 3,1 milioni di sterline rispetto ai 27,5 milioni di sterline del secondo trimestre dell'anno fiscale 2024, mentre l'EBITDA rettificato è sceso del 22,9% a 70,5 milioni di sterline. L'azienda mantiene le previsioni di ricavi per l'anno fiscale 2025 tra 650 e 670 milioni di sterline e si aspetta che l'EBITDA rettificato si attesti nella fascia alta tra 145 e 160 milioni di sterline.
Manchester United (NYSE: MANU) informó los resultados financieros del segundo trimestre del año fiscal 2025, mostrando una disminución del 12% en los ingresos totales, que cayeron a 198,7 millones de libras, principalmente debido a una reducción en los ingresos por transmisión, que cayeron un 42,1% a 61,6 millones de libras tras participar en la UEFA Europa League en lugar de la Champions League.
Los ingresos comerciales crecieron un 18,5% a 85,1 millones de libras, impulsados por el patrocinio de Snapdragon y la conversión de la plataforma de comercio electrónico. Los ingresos por días de partido aumentaron un 9,2% a 52,0 millones de libras gracias a la fuerte demanda de boletos y la hospitalidad.
El beneficio operativo disminuyó a 3,1 millones de libras desde 27,5 millones de libras en el segundo trimestre del año fiscal 2024, mientras que el EBITDA ajustado cayó un 22,9% a 70,5 millones de libras. La compañía mantiene su pronóstico de ingresos para el año fiscal 2025 entre 650 y 670 millones de libras y espera que el EBITDA ajustado se sitúe en el extremo superior del rango de 145 a 160 millones de libras.
맨체스터 유나이티드 (NYSE: MANU)는 2025 회계연도 2분기 재무 결과를 발표하며 총 수익이 12% 감소하여 1억 9870만 파운드에 이르렀다고 밝혔습니다. 이는 주로 UEFA 유로파리그에 참가하면서 방송 수익이 42.1% 감소하여 6160만 파운드로 떨어진 데 기인합니다.
상업 수익은 스냅드래곤 후원 및 전자상거래 플랫폼 전환에 힘입어 18.5% 증가하여 8510만 파운드에 달했습니다. 경기일 수익은 강한 티켓 수요와 접대 덕분에 9.2% 증가하여 5200만 파운드에 이릅니다.
운영 이익은 2024 회계연도 2분기의 2750만 파운드에서 310만 파운드로 감소했으며, 조정된 EBITDA는 22.9% 감소하여 7050만 파운드로 떨어졌습니다. 회사는 2025 회계연도 수익 전망을 6억 5000만에서 6억 7000만 파운드로 유지하며, 조정된 EBITDA가 1억 4500만에서 1억 6000만 파운드 범위의 상단에 이를 것으로 예상하고 있습니다.
Manchester United (NYSE: MANU) a annoncé les résultats financiers du deuxième trimestre de l'exercice 2025, montrant une baisse de 12 % des revenus totaux, qui s'élèvent à 198,7 millions de livres, principalement en raison de la diminution des revenus de diffusion, qui ont chuté de 42,1 % à 61,6 millions de livres suite à la participation à l'UEFA Europa League au lieu de la Ligue des champions.
Les revenus commerciaux ont augmenté de 18,5 % pour atteindre 85,1 millions de livres, soutenus par le parrainage de Snapdragon et la conversion de la plateforme de commerce électronique. Les revenus des jours de match ont augmenté de 9,2 % pour atteindre 52,0 millions de livres grâce à une forte demande de billets et à l'hospitalité.
Le bénéfice opérationnel a diminué à 3,1 millions de livres contre 27,5 millions de livres au deuxième trimestre de l'exercice 2024, tandis que l'EBITDA ajusté a chuté de 22,9 % pour atteindre 70,5 millions de livres. L'entreprise maintient ses prévisions de revenus pour l'exercice 2025 entre 650 et 670 millions de livres et s'attend à ce que l'EBITDA ajusté se situe à la limite supérieure de la fourchette de 145 à 160 millions de livres.
Manchester United (NYSE: MANU) hat die finanziellen Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 bekannt gegeben, die einen Rückgang der Gesamteinnahmen um 12% auf 198,7 Millionen Pfund zeigen. Dies ist hauptsächlich auf die niedrigeren Rundfunkerlöse zurückzuführen, die um 42,1% auf 61,6 Millionen Pfund gefallen sind, nachdem die Teilnahme an der UEFA Europa League anstelle der Champions League erfolgte.
Die Einnahmen aus dem Geschäft wachsen um 18,5% auf 85,1 Millionen Pfund, angetrieben durch das Sponsoring von Snapdragon und die Umstellung auf die E-Commerce-Plattform. Die Einnahmen an Spieltagen stiegen um 9,2% auf 52,0 Millionen Pfund aufgrund der starken Ticketnachfrage und der Gastronomie.
Der operative Gewinn sank auf 3,1 Millionen Pfund von 27,5 Millionen Pfund im zweiten Quartal des Geschäftsjahres 2024, während das bereinigte EBITDA um 22,9% auf 70,5 Millionen Pfund fiel. Das Unternehmen hält an der Umsatzprognose für das Geschäftsjahr 2025 von 650 bis 670 Millionen Pfund fest und erwartet, dass das bereinigte EBITDA am oberen Ende der Spanne von 145 bis 160 Millionen Pfund liegt.
- Commercial revenue increased 18.5% to £85.1 million
- Matchday revenue grew 9.2% to £52.0 million
- Employee benefit expenses decreased 13.2% to £82.5 million
- Company received £80 million investment from INEOS
- Total revenue declined 12% to £198.7 million
- Broadcasting revenue fell 42.1% to £61.6 million
- Operating profit decreased 88.7% to £3.1 million
- Net loss of £27.7 million compared to £20.4 million profit last year
- Current borrowings at £215.7 million
Insights
The Q2 FY2025 results present a complex financial picture for Manchester United, with notable divergence across revenue streams. The 18.5% growth in Commercial revenue to
However, the 42.1% decline in Broadcasting revenue to
The deterioration in operating profit to
The balance sheet shows increasing pressure, with cash and equivalents at
The maintenance of full-year revenue guidance suggests management expects improved performance in H2, likely banking on progression in cup competitions and commercial momentum. However, the structural challenges in broadcasting revenue and high debt servicing costs may constrain the club's ability to invest significantly in squad improvement while maintaining compliance with Financial Fair Play regulations.
Key Points
- The Men’s first team reached the round of 16 of both the UEFA Europa League and the FA Cup while the Women’s team reached the Quarter-Finals of the Women’s FA Cup
-
The Club welcomes Ayden Heaven and Patrick Dorgu to the men’s first team and Kayla Rendell to the women’s team; the Club extended contracts with Amad Diallo, Harry Maguire, Grace Clinton, Jayde Riviere and Jess Simpson and loaned out a total of 8 players across both teams, including Marcus Rashford, Tyrell Malacia and
Antony -
Total revenues declined
12% in the quarter primarily driven by lower Broadcasting revenues which declined42.1% to£61.6 million related to participation in the UEFA Europa League versus record Broadcast revenues and participation in the UEFA Champions League last year -
Club achieved Commercial revenue growth of
18.5% during the quarter to£85.1 million , driven by the front-of-shirt partnership with Snapdragon and a full quarter of e-commerce platform conversion -
Strong ticket demand, hospitality and record Memberships drove Matchday revenue for the quarter to
£52.0 million ,9.2% higher than last year -
The Company recorded an operating profit of
£3.1 million in the quarter, versus£27.5 million in 2Q24; second quarter adjusted EBITDA was£70.5 million , down22.9% from£91.4 million in 2Q24 - The Old Trafford Regeneration Task Force has completed its initial feasibility work and several options remain under consideration
-
For Fiscal 2025, the company reiterates its prior guidance of total revenues of
£650 million to£670 million and now expects adjusted EBITDA guidance to be at the high end of its previously issued range of£145 million to£160 million
Management Commentary
Omar Berrada, Chief Executive Officer, commented, “We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that. At the same time, we are pleased to have progressed to the knock-out phase of the UEFA Europa League and the 5th Round of the FA Cup. Meanwhile, our women’s team is currently placed second in the Women’s Super League, and has reached the Quarter Finals of the FA Cup.”
“Our redevelopment of the Carrington Training Complex remains on track. We continue to work towards a decision on the future of Old Trafford as part of a wider regeneration programme, which has now attracted
Outlook
For fiscal 2025, the Company reiterates its previous 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 (loss)/earnings per share) |
Three months ended 31 December |
|
Six months ended 31 December |
|
||
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
Commercial revenue |
85.1 |
71.8 |
|
170.4 |
162.2 |
|
Broadcasting revenue |
61.6 |
106.4 |
( |
92.9 |
145.7 |
( |
Matchday revenue |
52.0 |
47.6 |
|
78.5 |
75.0 |
|
Total revenue |
198.7 |
225.8 |
( |
341.8 |
382.9 |
( |
Adjusted EBITDA(1) |
70.5 |
91.4 |
( |
94.2 |
114.7 |
( |
Operating profit/(loss) |
3.1 |
27.5 |
( |
(3.8) |
29.4 |
( |
|
||||||
(Loss)/profit for the period (i.e. (loss)/income) |
(27.7) |
20.4 |
( |
(26.3) |
(5.3) |
( |
Basic (loss)/earnings per share (pence) |
(16.35) |
12.49 |
( |
(15.58) |
(3.30) |
( |
Adjusted (loss)/profit for the period (i.e. adjusted net (loss)/income)(1) |
(6.2) |
19.3 |
( |
(6.5) |
10.7 |
( |
Adjusted basic (loss)/income per share (pence)(1) |
(3.65) |
11.83 |
( |
(3.86) |
6.56 |
( |
|
||||||
Non-current borrowings in USD (contractual currency)(2) |
|
|
|
|
|
|
(1) Adjusted EBITDA, adjusted (loss)/profit for the period and adjusted basic (loss)/earnings 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 31 December 2024 was |
||||||
Revenue Analysis
Commercial
Commercial revenue for the quarter was
-
Sponsorship revenue was
£43.0 million , an increase of£3.8 million , or9.7% , over the prior year quarter, primarily due to the new Qualcomm front of shirt sponsorship agreement, partially offset by other changes in our commercial agreements. -
Retail, Merchandising, Apparel & Product Licensing revenue was
£42.1 million , an increase of£9.5 million , or29.1% , over the prior year quarter, due to the launch of our new e-commerce model in partnership with SCAYLE.
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 was
Net finance costs
Net finance costs for the quarter were
Income tax
The income tax credit for the quarter was
Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by
Net cash outflow 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 31 December 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 31 December 2024 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/(loss) on disposal of intangible assets, exceptional items, net finance (costs)/income, 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/(loss) on disposal of intangible assets and exceptional items), capital structure (primarily finance (costs)/income), 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 earnings/(loss) per share
Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted earnings/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(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 earnings/(loss) per share are presented in supplemental note 3.
Key Performance Indicators
|
Three months ended |
Six months ended |
|||||
|
31 December |
31 December |
|||||
|
2024 |
2023 |
2024 |
2023 |
|||
|
|
|
|
|
|||
Revenue |
|
|
|
|
|||
Commercial % of total revenue |
|
|
|
|
|||
Broadcasting % of total revenue |
|
|
|
|
|||
Matchday % of total revenue |
|
|
|
|
|||
|
|||||||
|
2024/25 Season |
2023/24 Season |
2024/25 Season |
2023/24 Season |
|||
Home Matches Played |
|
|
|
|
|||
PL |
7 |
6 |
10 |
10 |
|||
UEFA competitions |
2 |
3 |
3 |
3 |
|||
Domestic Cups |
1 |
1 |
2 |
2 |
|||
Away Matches Played |
|
|
|
|
|||
PL |
6 |
7 |
9 |
10 |
|||
UEFA competitions |
3 |
2 |
3 |
3 |
|||
Domestic Cups |
1 |
- |
1 |
- |
|||
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 31 December |
Six months ended 31 December |
||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue from contracts with customers |
198,700 |
|
225,756 |
|
341,765 |
|
382,852 |
|
Operating expenses |
(196,493 |
) |
(198,661 |
) |
(382,078 |
) |
(383,423 |
) |
Profit on disposal of intangible assets |
839 |
|
399 |
|
36,391 |
|
29,880 |
|
Operating profit/(loss) |
3,046 |
|
27,494 |
|
(3,922 |
) |
29,309 |
|
Finance costs |
(42,480 |
) |
(16,593 |
) |
(31,471 |
) |
(37,842 |
) |
Finance income (1) |
4,917 |
|
16,318 |
|
2,504 |
|
2,948 |
|
Net finance costs |
(37,563 |
) |
(275 |
) |
(28,967 |
) |
(34,894 |
) |
(Loss)/profit before income tax |
(34,517 |
) |
27,219 |
|
(32,889 |
) |
(5,585 |
) |
Income tax credit/(expense) |
6,772 |
|
(6,845 |
) |
6,473 |
|
202 |
|
(Loss)/profit for the period |
(27,745 |
) |
20,374 |
|
(26,416 |
) |
(5,383 |
) |
|
|
|
|
|
||||
Basic (loss)/earnings per share: |
|
|
|
|
||||
Basic (loss)/earnings per share (pence) |
(16.35 |
) |
12.49 |
|
(15.58 |
) |
(3.30 |
) |
Weighted average number of ordinary shares used as the denominator in calculating basic (loss)/earnings per share (thousands) |
169,746 |
|
163,159 |
|
169,532 |
|
163,159 |
|
Diluted (loss)/earnings per share: |
|
|
|
|
||||
Diluted (loss)/earnings per share (pence) (2) |
(16.35 |
) |
12.44 |
|
(15.58 |
) |
(3.30 |
) |
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted (loss)/earnings per share (thousands) (2) |
169,746 |
|
163,723 |
|
169,532 |
|
163,159 |
|
(1) Each element of finance costs and income is split based on its position in both the three months ended 31 December and the six months ended 31 December. In both the current year and the prior year, exchange rate fluctuations have resulted in costs and income for the three months ended 31 December that are greater than the total net position across the six months ended 31 December. |
||||||||
(2) For the three months ended 31 December 2024 and the six months ended 31 December 2024 and 31 December 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. |
||||||||
CONSOLIDATED BALANCE SHEET |
||||||
(unaudited; in £ thousands) |
||||||
|
As of |
|||||
|
31 December |
|
30 June |
|
31 December |
|
2024 |
2024 |
2023 |
||||
ASSETS |
|
|
|
|||
Non-current assets |
|
|
|
|||
Property, plant and equipment |
267,060 |
|
256,118 |
|
255,246 |
|
Right-of-use assets |
7,650 |
|
8,195 |
|
8,199 |
|
Investment properties |
19,573 |
|
19,713 |
|
19,853 |
|
Intangible assets |
946,014 |
|
837,564 |
|
922,527 |
|
Deferred tax asset |
25,779 |
|
17,607 |
|
- |
|
Trade receivables |
46,583 |
|
27,930 |
|
24,498 |
|
Derivative financial instruments |
364 |
|
380 |
|
200 |
|
|
1,313,023 |
|
1,167,507 |
|
1,230,523 |
|
Current assets |
|
|
|
|||
Inventories |
13,423 |
|
3,543 |
|
4,024 |
|
Prepayments |
27,568 |
|
18,759 |
|
26,945 |
|
Contract assets – accrued revenue |
59,847 |
|
39,778 |
|
61,819 |
|
Trade receivables |
88,776 |
|
36,999 |
|
81,388 |
|
Other receivables |
2,022 |
|
2,735 |
|
2,065 |
|
Derivative financial instruments |
247 |
|
1,917 |
|
2,439 |
|
Cash and cash equivalents |
95,542 |
|
73,549 |
|
62,809 |
|
|
287,425 |
|
177,280 |
|
241,489 |
|
Total assets |
1,600,448 |
|
1,344,787 |
|
1,472,012 |
|
CONSOLIDATED BALANCE SHEET (continued) |
||||||
(unaudited; in £ thousands) |
||||||
|
As of |
|||||
|
31 December |
30 June |
31 December |
|||
2024 |
|
2024 |
|
2023 |
|
|
EQUITY AND LIABILITIES |
|
|
|
|||
Equity |
|
|
|
|||
Share capital |
56 |
|
55 |
|
53 |
|
Share premium |
307,345 |
|
227,361 |
|
68,822 |
|
Treasury shares |
(21,305 |
) |
(21,305 |
) |
(21,305 |
) |
Merger reserve |
249,030 |
|
249,030 |
|
249,030 |
|
Hedging reserve |
(3,542 |
) |
(1,000 |
) |
(25 |
) |
Retained deficit |
(334,870 |
) |
(309,251 |
) |
(200,558 |
) |
|
196,714 |
|
144,890 |
|
96,017 |
|
Non-current liabilities |
|
|
|
|||
Deferred tax liabilities |
- |
|
- |
|
924 |
|
Contract liabilities - deferred revenue |
4,146 |
|
5,347 |
|
8,059 |
|
Trade and other payables |
179,438 |
|
175,894 |
|
189,891 |
|
Borrowings |
515,719 |
|
511,047 |
|
506,509 |
|
Lease liabilities |
8,018 |
|
7,707 |
|
7,704 |
|
Derivative financial instruments |
3,179 |
|
4,911 |
|
1,482 |
|
|
710,500 |
|
704,906 |
|
714,569 |
|
Current liabilities |
|
|
|
|||
Contract liabilities - deferred revenue |
165,724 |
|
198,628 |
|
149,643 |
|
Trade and other payables |
297,598 |
|
249,030 |
|
231,701 |
|
Income tax liabilities |
966 |
|
427 |
|
775 |
|
Borrowings |
215,746 |
|
35,574 |
|
266,792 |
|
Lease liabilities |
672 |
|
934 |
|
861 |
|
Derivative financial instruments |
4,558 |
|
2,603 |
|
591 |
|
Provisions |
7,970 |
|
7,795 |
|
11,063 |
|
|
693,234 |
|
494,991 |
|
661,426 |
|
Total equity and liabilities |
1,600,448 |
|
1,344,787 |
|
1,472,012 |
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
||||||||
(unaudited; in £ thousands) |
||||||||
|
Three months ended 31 December |
Six months ended 31 December |
||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
||||
Cash used in operations (see supplemental note 4) |
(55,807 |
) |
(38,012 |
) |
(32,599 |
) |
(12,141 |
) |
Interest paid |
(7,401 |
) |
(8,182 |
) |
(18,771 |
) |
(18,756 |
) |
Interest received |
696 |
|
223 |
|
1,756 |
|
572 |
|
Tax (paid)/refunded |
(718 |
) |
(561 |
) |
(299 |
) |
5,256 |
|
Net cash outflow from operating activities |
(63,230 |
) |
(46,532 |
) |
(49,913 |
) |
(25,069 |
) |
Cash flows from investing activities |
|
|
|
|
||||
Payments for property, plant and equipment |
(6,936 |
) |
(2,811 |
) |
(17,235 |
) |
(11,840 |
) |
Payments for intangible assets |
(49,917 |
) |
(35,729 |
) |
(203,657 |
) |
(167,942 |
) |
Proceeds from sale of intangible assets |
5,770 |
|
7,913 |
|
39,338 |
|
33,582 |
|
Net cash outflow from investing activities |
(51,083 |
) |
(30,627 |
) |
(181,554 |
) |
(146,200 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from issue of shares |
79,985 |
|
- |
|
79,985 |
|
- |
|
Proceeds from borrowings |
- |
|
60,000 |
|
200,000 |
|
160,000 |
|
Repayment of borrowings |
(20,000 |
) |
- |
|
(20,000 |
) |
- |
|
Principal elements of lease payments |
(63 |
) |
(300 |
) |
(191 |
) |
(500 |
) |
Net cash inflow from financing activities |
59,922 |
|
59,700 |
|
259,794 |
|
159,500 |
|
Effects of exchange rate changes on cash and cash equivalents |
375 |
|
(561 |
) |
(6,334 |
) |
(1,441 |
) |
Net (decrease)/increase in cash and cash equivalents |
(54,016 |
) |
(18,020 |
) |
21,993 |
|
(13,210 |
) |
Cash and cash equivalents at beginning of period |
149,558 |
|
80,829 |
|
73,549 |
|
76,019 |
|
Cash and cash equivalents at end of period |
95,542 |
|
62,809 |
|
95,542 |
|
62,809 |
|
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 (loss)/profit for the period to adjusted EBITDA
|
Three months ended 31 December |
Six months ended 31 December |
||||||
|
2024 £’000 |
|
2023 £’000 |
|
2024 £’000 |
|
2023 £’000 |
|
(Loss)/profit for the period |
(27,745 |
) |
20,374 |
|
(26,416 |
) |
(5,383 |
) |
Adjustments: |
|
|
|
|
||||
Income tax (credit)/expense |
(6,772 |
) |
6,845 |
|
(6,473 |
) |
(202 |
) |
Net finance costs |
37,563 |
|
275 |
|
28,967 |
|
34,894 |
|
(Profit)/loss on disposal of intangible assets |
(839 |
) |
(399 |
) |
(36,391 |
) |
(29,880 |
) |
Exceptional items |
14,537 |
|
9,595 |
|
23,175 |
|
9,595 |
|
Amortization |
49,423 |
|
50,495 |
|
102,693 |
|
97,340 |
|
Depreciation |
4,293 |
|
4,153 |
|
8,549 |
|
8,255 |
|
Adjusted EBITDA |
70,460 |
|
91,338 |
|
94,104 |
|
114,619 |
|
3 Reconciliation of (loss)/profit for the period to adjusted (loss)/profit for the period and adjusted basic and diluted (loss)/earnings per share
Three months ended 31 December |
Six months ended 31 December |
|||||||
|
2024 £’000 |
2023 £’000 |
2024 £’000 |
2023 £’000 |
||||
(Loss)/profit for the period |
(27,745 |
) |
20,374 |
|
(26,416 |
) |
(5,383 |
) |
Exceptional items |
14,537 |
|
9,595 |
|
23,175 |
|
9,595 |
|
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings |
15,936 |
|
(13,332 |
) |
(748 |
) |
421 |
|
Fair value (gain)/loss on embedded foreign exchange derivatives |
(4,221 |
) |
946 |
|
1,731 |
|
9,109 |
|
Income tax (credit)/expense |
(6,772 |
) |
6,845 |
|
(6,473 |
) |
(202 |
) |
Adjusted (loss)/profit before income tax |
(8,265 |
) |
24,428 |
|
(8,731 |
) |
13,540 |
|
Adjusted income tax (expense)/credit (using a normalized tax rate of |
2,066 |
|
(5,130 |
) |
2,183 |
|
(2,843 |
) |
Adjusted (loss)/profit for the period (i.e. adjusted net (loss)/income) |
(6,199 |
) |
19,298 |
|
(6,548 |
) |
10,697 |
|
|
|
|
|
|
||||
Adjusted basic (loss)/earnings per share: |
|
|
|
|
||||
Adjusted basic (loss)/earnings per share (pence) |
(3.65 |
) |
11.83 |
|
(3.86 |
) |
6.56 |
|
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic (loss)/earnings per share (thousands) |
169,746 |
|
163,159 |
|
169,532 |
|
163,159 |
|
Adjusted diluted (loss)/earnings per share: |
|
|
|
|
||||
Adjusted diluted (loss)/earnings per share (pence)(1) |
(3.65 |
) |
11.79 |
|
(3.86 |
) |
6.53 |
|
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted (loss)/earnings per share (thousands) (1) |
169,746 |
|
163,723 |
|
169,532 |
|
163,723 |
|
(1) For the three months ended 31 December 2024 and the six months ended 31 December 2024 and 31 December 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 used in operations
|
Three months ended 31 December |
Six months ended 31 December |
||||||
|
2024 £’000 |
|
2023 £’000 |
|
2024 £’000 |
|
2023 £’000 |
|
(Loss)/profit for the period |
(27,745 |
) |
20,374 |
|
(26,416 |
) |
(5,383 |
) |
Income tax (credit)/expense |
(6,772 |
) |
6,845 |
|
(6,473 |
) |
(202 |
) |
(Loss)/profit before income tax |
(34,517 |
) |
27,219 |
|
(32,889 |
) |
(5,585 |
) |
Adjustments for: |
|
|
|
|
||||
Depreciation |
4,293 |
|
4,153 |
|
8,549 |
|
8,255 |
|
Amortization |
49,423 |
|
50,495 |
|
102,693 |
|
97,340 |
|
Profit on disposal of intangible assets |
839 |
|
(399 |
) |
(36,391 |
) |
(29,880 |
) |
Net finance costs |
37,563 |
|
275 |
|
28,967 |
|
34,894 |
|
Non-cash employee benefit expense – equity-settled share-based payments |
421 |
|
736 |
|
797 |
|
1,476 |
|
Foreign exchange losses/(gains) on operating activities |
562 |
|
619 |
|
(152 |
) |
477 |
|
Reclassified from hedging reserve |
184 |
|
250 |
|
2,943 |
|
(2 |
) |
Changes in working capital: |
|
|
|
|
||||
Inventories |
(982 |
) |
1,022 |
|
(9,880 |
) |
(859 |
) |
Prepayments |
8,685 |
|
9,286 |
|
(9,413 |
) |
(10,833 |
) |
Contract assets – accrued revenue |
(14,088 |
) |
(14,476 |
) |
(20,069 |
) |
(18,487 |
) |
Trade receivables |
(35,013 |
) |
(39,110 |
) |
(49,243 |
) |
(44,355 |
) |
Other receivables |
140 |
|
9,612 |
|
713 |
|
7,863 |
|
Contract liabilities – deferred revenue |
(62,241 |
) |
(64,780 |
) |
(34,105 |
) |
(18,581 |
) |
Trade and other payables |
(9,386 |
) |
(23,602 |
) |
14,920 |
|
(31,839 |
) |
Provisions |
(12 |
) |
688 |
|
(39 |
) |
(2,025 |
) |
Cash used in operations |
(55,807 |
) |
(38,012 |
) |
(32,599 |
) |
(12,141 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219099393/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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