UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January, 2024
Commission File Number: 001-35627
MANCHESTER UNITED PLC
(Translation of registrant’s name into English)
Old Trafford
Manchester M16 0RA
United Kingdom
(Address of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). ¨
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 17, 2024
| |
MANCHESTER UNITED PLC |
| |
|
| |
By: |
/s/ Cliff Baty |
| |
Name: |
Cliff Baty |
| |
Title: |
Chief Financial Officer |
EXHIBIT INDEX
Exhibit 99.1
 |
 |
| |
|
| CORPORATE RELEASE | 17
January 2024 |
Manchester United
PLC Reports First Quarter Fiscal 2024 Results
Key Points
| · | Achieved
record total first quarter revenue driven by record Matchday and Commercial revenue |
| · | Club
continues to achieve record ticket sales and attendance while paid global memberships recently
surpassed a record 400K, the largest membership program of any global sports team |
| · | Signed
a new multi-year global partnership with WOW HYDRATE, and renewed partnerships with Konami,
Concho Y Toro and Mlily |
| · | Achieved
record Megastore turnover during the quarter driven by a strong finish to the 2022/23 season
and record 2023/24 kit launches |
| · | Club
opened expanded Women’s facilities at the Carrington Training Complex |
| · | Club
launched an online Official Supporters’ Club Hub during the first quarter |
MANCHESTER, England
– 17 January 2024 – Manchester United (NYSE: MANU; the “Company” and the “Group”) – one
of the most popular and successful sports teams in the world - today announced financial results for the 2024 fiscal first quarter ended
30 September 2023.
Outlook
For fiscal 2024,
the Company is forecasting revenue guidance to be within a range of £635 million to £665 million from prior guidance of £650
million to £680 million and adjusted EBITDA guidance to be within a range of £125 million to £150 million from prior
guidance of £140 million to £165 million, owing to the early Champions League exit and related reduction in Broadcasting
revenues.
| Phasing of
Premier League games | |
Quarter
1 | | |
Quarter
2 | | |
Quarter
3 | | |
Quarter
4 | | |
Total | |
| 2023/24 season | |
| 7 | | |
| 13 | | |
| 10 | | |
| 8 | | |
| 38 | |
| 2022/23 season | |
| 6 | | |
| 10 | | |
| 10 | | |
| 12 | | |
| 38 | |
| 2021/22 season | |
| 6 | | |
| 12 | | |
| 11 | | |
| 9 | | |
| 38 | |
Key Financials (unaudited)
| £ million
(except loss per share) | |
Three
months ended 30
September | | |
| |
| | |
2023 | | |
2022 | | |
Change | |
| Commercial revenue | |
| 90.4 | | |
| 87.4 | | |
| 3.4 | % |
| Broadcasting revenue | |
| 39.3 | | |
| 35.0 | | |
| 12.3 | % |
| Matchday revenue | |
| 27.4 | | |
| 21.3 | | |
| 28.6 | % |
| Total revenue | |
| 157.1 | | |
| 143.7 | | |
| 9.3 | % |
| Adjusted EBITDA(1) | |
| 23.3 | | |
| 23.6 | | |
| (1.3 | )% |
| Operating profit/(loss) | |
| 1.9 | | |
| (3.4 | ) | |
| 155.9 | % |
| | |
| | | |
| | | |
| | |
| Loss for the period (i.e. net
loss) | |
| (25.8 | ) | |
| (26.5 | ) | |
| 2.6 | % |
| Basic loss per share (pence) | |
| (15.79 | ) | |
| (16.26 | ) | |
| 2.9 | % |
| Adjusted loss for the period
(i.e. adjusted net loss)(1) | |
| (8.6 | ) | |
| (9.9 | ) | |
| 13.1 | % |
| Adjusted basic loss per share (pence)(1) | |
| (5.27 | ) | |
| (6.08 | ) | |
| 13.3 | % |
| | |
| | | |
| | | |
| | |
| Non-current borrowings in USD
(contractual currency) (2) | |
$ | 650.0 | | |
$ | 650.0 | | |
| 0.0 | % |
(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 2023 was £200.0 million and total current borrowings
including accrued interest payable was £204.4 million.
Revenue Analysis
Commercial
Commercial revenue
for the quarter was £90.4 million, an increase of £3.0 million, or 3.4%, over the prior year quarter.
| · | Sponsorship
revenue was £56.2 million, a decrease of £1.6 million, or 2.8%, over the
prior year quarter. |
| · | Retail,
Merchandising, Apparel & Product Licensing revenue was £34.2 million,
an increase of £4.6 million, or 15.5%, over the prior year quarter, primarily due to
the extension of our partnership with adidas until the end of the 2034/35 season and strong
Megastore performance. |
Broadcasting
Broadcasting revenue
for the quarter was £39.3 million, an increase of £4.3 million, or 12.3%, over the prior year quarter, primarily due to our
men’s first team participating in the UEFA Champions League compared to the UEFA Europa League in the prior year quarter, as well
as increased income from the Premier League.
Matchday
Matchday revenue
for the quarter was £27.4 million, an increase of £6.1 million, or 28.6%, over the prior year quarter, primarily due to playing
one more home game in the current year quarter, compared to the prior year quarter.
Other Financial Information
Operating
expenses
Total operating
expenses for the quarter were £184.7 million, an increase of £21.0 million, or 12.8%, over the prior year quarter.
Employee
benefit expenses
Employee benefit
expenses for the quarter were £90.3 million, an increase of £8.0 million, or 9.7%, over the prior year quarter, primarily
due to the men’s first team participating in the UEFA Champions League in the current year, in addition to investment in the first
team playing squad.
Other operating expenses
Other operating
expenses for the quarter were £43.5 million, an increase of £5.7 million, or 15.1%, over the prior year quarter. This is
primarily due to increased commercial costs and increased matchday costs, due to hosting one additional home game in the current year
quarter.
Depreciation
and amortization
Depreciation for
the quarter was £4.1 million, an increase of £0.6 million, or 17.1%, over the prior year quarter. Amortization for the quarter
was £46.8 million, an increase of £6.7 million, or 16.7%, over the prior year quarter, due to investment in the first team
playing squad. The unamortized balance of registrations at 30 September 2023 was £539.9 million.
Profit on
disposal of intangible assets
Profit on disposal
of intangible assets for the quarter was £29.5 million, an increase of £12.9 million, or 77.7%, over the prior year quarter,
primarily due to the disposals of Elanga, Fred and Henderson.
Net finance
costs
Net finance costs
for the quarter were £34.7 million, compared to £31.0 million in the prior year quarter. This is primarily due to an unfavorable
swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings.
Income tax
The income tax
credit for the quarter was £7.0 million, compared to an income tax credit of £7.9 million in the prior year quarter.
Cash flows
Overall cash and
cash equivalents (including the effects of exchange rate movements) increased by £5.7 million in the quarter to 30 September 2023
compared to the cash position at 30 June 2023.
Net cash inflow
from operating activities for the quarter was £21.5 million, compared to net cash outflow of £6.0 million in the prior year
quarter.
Net capital expenditure
on property, plant and equipment for the quarter was £9.1 million, an increase of £4.7 million over the prior year quarter,
primarily due to expenditure relating to training facilities for our Academy and Women’s teams
Net capital expenditure
on intangible assets for the quarter was £106.5 million, an increase of £18.2 million over the prior year quarter, due to
increased investment in the first team playing squad.
Net cash inflow
from financing activities for the quarter was £99.8 million, compared to a net cash outflow of £0.9m in the prior year quarter,
due to a drawdown of £100.0 million on our revolving facilities.
Balance sheet
Our USD non-current
borrowings as of 30 September 2023 were $650 million, which was unchanged from 30 September 2022. As a result of the year-on-year
change in the USD/GBP exchange rate from 1.1173 at 30 September 2022 to 1.2208 at 30 September 2023, our non-current borrowings
when converted to GBP were £528.8 million, compared to £577.4 million at the prior year quarter.
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 2023 were £204.4 million compared to £102.9 million at 30 September 2022.
As of 30 September 2023,
cash and cash equivalents were £80.8 million compared to £24.3 million at the prior year quarter.
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 146-year football heritage we have won 67 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
Adjusted EBITDA
is defined as loss for the period before depreciation, amortization, profit on disposal of intangible assets, net finance costs, 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), capital structure (primarily finance 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 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 21%; 2022: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.
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 weighted average US federal corporate income tax rate of 21% (2022: 21%) applicable
during the financial year. A reconciliation of loss/profit for the period to adjusted loss/profit for the period is
presented in supplemental note 3.
| 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 | |
| | |
2023 | |
2022 | |
| Revenue | |
| | |
| |
| Commercial
% of total revenue | |
| 57.5 | % |
60.8 | % |
| Broadcasting % of total
revenue | |
| 25.0 | % |
24.4 | % |
| Matchday % of total revenue | |
| 17.5 | % |
14.8 | % |
| |
|
2023/24
Season |
|
2022/23
Season |
|
| Home Matches Played |
|
|
|
|
|
|
| PL |
|
|
4 |
|
3 |
|
| UEFA competitions |
|
|
1 |
|
1 |
|
| Domestic Cups |
|
|
- |
|
- |
|
| Away Matches Played |
|
|
|
|
|
|
| PL |
|
|
3 |
|
3 |
|
| UEFA competitions |
|
|
1 |
|
1 |
|
| Domestic Cups |
|
|
- |
|
- |
|
| |
|
|
|
|
|
|
| Other |
|
|
|
|
|
|
| Employees at period end |
|
|
1,142 |
|
1,205 |
|
| Employee benefit expenses % of revenue |
|
|
57.5 |
% |
57.3 |
% |
| Contacts
|
|
| |
|
Investor Relations:
Corinna Freedman
Head of Investor Relations
+44 738 491 0828
Corinna.Freedman@manutd.co.uk |
Media Relations:
Andrew Ward
Director of Media Relations & Public Affairs
+44 161 676 7770
andrew.ward@manutd.co.uk |
CONSOLIDATED
STATEMENT OF PROFIT OR LOSS
(unaudited; in
£ thousands, except per share and shares outstanding data)
| | |
Three
months ended 30
September | |
| | |
2023 | | |
2022 | |
| Revenue from
contracts with customers | |
| 157,096 | | |
| 143,654 | |
| Operating expenses | |
| (184,762 | ) | |
| (163,644 | ) |
| Profit
on disposal of intangible assets | |
| 29,481 | | |
| 16,608 | |
| Operating
profit/(loss) | |
| 1,815 | | |
| (3,382 | ) |
| Finance costs | |
| (34,968 | ) | |
| (49,730 | ) |
| Finance
income | |
| 349 | | |
| 18,742 | |
| Net finance
costs | |
| (34,619 | ) | |
| (30,988 | ) |
| Loss before income tax | |
| (32,804 | ) | |
| (34,370 | ) |
| Income
tax credit | |
| 7,047 | | |
| 7,854 | |
| Loss
for the period | |
| (25,757 | ) | |
| (26,516 | ) |
| | |
| | | |
| | |
| Basic and diluted loss
per share: | |
| | | |
| | |
| Basic
and diluted loss per share (pence) (1) | |
| (15.79 | ) | |
| (16.26 | ) |
| Weighted
average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1) | |
| 163,159 | | |
| 163,062 | |
(1) For
the three months ended 30 September 2023 and the three months ended 30 September 2022, 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 | |
| | |
30
September 2023 | | |
30
June
2023 | | |
30
September
2022 | |
| ASSETS | |
| | | |
| | | |
| | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property, plant
and equipment | |
| 256,961 | | |
| 253,282 | | |
| 244,642 | |
| Right-of-use assets | |
| 8,417 | | |
| 8,760 | | |
| 3,677 | |
| Investment properties | |
| 19,923 | | |
| 19,993 | | |
| 20,203 | |
| Intangible assets | |
| 966,766 | | |
| 812,382 | | |
| 920,941 | |
| Deferred tax asset | |
| 6,244 | | |
| - | | |
| 644 | |
| Trade receivables | |
| 45,014 | | |
| 22,303 | | |
| 19,325 | |
| Derivative
financial instruments | |
| 190 | | |
| 7,492 | | |
| 36,683 | |
| | |
| 1,303,515 | | |
| 1,124,212 | | |
| 1,246,115 | |
| Current assets | |
| | | |
| | | |
| | |
| Inventories | |
| 5,046 | | |
| 3,165 | | |
| 3,752 | |
| Prepayments | |
| 36,418 | | |
| 16,487 | | |
| 30,912 | |
| Contract assets – accrued
revenue | |
| 47,343 | | |
| 43,332 | | |
| 46,139 | |
| Trade receivables | |
| 28,920 | | |
| 31,167 | | |
| 51,224 | |
| Other receivables | |
| 11,677 | | |
| 9,928 | | |
| 1,929 | |
| Income tax receivable | |
| - | | |
| 5,317 | | |
| 4,547 | |
| Derivative financial instruments | |
| 6,646 | | |
| 8,317 | | |
| 12,137 | |
| Cash and
cash equivalents | |
| 80,829 | | |
| 76,019 | | |
| 24,277 | |
| | |
| 216,879 | | |
| 193,732 | | |
| 174,917 | |
| Total
assets | |
| 1,520,394 | | |
| 1,317,944 | | |
| 1,421,032 | |
CONSOLIDATED
BALANCE SHEET (continued)
(unaudited; in
£ thousands)
| | |
As
of | |
| | |
30
September 2023 | | |
30
June
2023 | | |
30
September
2022 | |
| EQUITY AND LIABILITIES | |
| | | |
| | | |
| | |
| Equity | |
| | | |
| | | |
| | |
| Share capital | |
| 53 | | |
| 53 | | |
| 53 | |
| Share premium | |
| 68,822 | | |
| 68,822 | | |
| 68,822 | |
| Treasury shares | |
| (21,305 | ) | |
| (21,305 | ) | |
| (21,305 | ) |
| Merger reserve | |
| 249,030 | | |
| 249,030 | | |
| 249,030 | |
| Hedging reserve | |
| (2,947 | ) | |
| 4,002 | | |
| 659 | |
| Retained
deficit | |
| (221,669 | ) | |
| (196,652 | ) | |
| (196,029 | ) |
| | |
| 71,984 | | |
| 103,950 | | |
| 101,230 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Deferred tax liabilities | |
| - | | |
| 3,304 | | |
| - | |
| Contract liabilities - deferred
revenue | |
| 7,816 | | |
| 6,659 | | |
| 20,382 | |
| Trade and other payables | |
| 203,853 | | |
| 161,141 | | |
| 172,977 | |
| Borrowings | |
| 528,787 | | |
| 507,335 | | |
| 577,367 | |
| Lease liabilities | |
| 7,766 | | |
| 7,844 | | |
| 2,588 | |
| Derivative financial instruments | |
| 850 | | |
| 748 | | |
| - | |
| Provisions | |
| 95 | | |
| 93 | | |
| 11,706 | |
| | |
| 749,167 | | |
| 687,124 | | |
| 785,020 | |
| Current liabilities | |
| | | |
| | | |
| | |
| Contract liabilities - deferred
revenue | |
| 214,666 | | |
| 169,624 | | |
| 171,344 | |
| Trade and other payables | |
| 267,728 | | |
| 236,472 | | |
| 258,443 | |
| Income tax liabilities | |
| 684 | | |
| - | | |
| - | |
| Borrowings | |
| 204,380 | | |
| 105,961 | | |
| 102,892 | |
| Lease liabilities | |
| 971 | | |
| 1,036 | | |
| 1,000 | |
| Derivative financial instruments | |
| 499 | | |
| 931 | | |
| - | |
| Provisions | |
| 10,315 | | |
| 12,846 | | |
| 1,103 | |
| | |
| 699,243 | | |
| 526,870 | | |
| 534,782 | |
| Total
equity and liabilities | |
| 1,520,394 | | |
| 1,317,944 | | |
| 1,421,032 | |
CONSOLIDATED
STATEMENT OF CASH FLOWS
(unaudited; in
£ thousands)
| | |
Three
months ended 30
September | |
| | |
2023 | | |
2022 | |
| Cash flow from operating
activities | |
| | | |
| | |
| Cash generated from
operations (see supplemental note 4) | |
| 25,871 | | |
| 3,619 | |
| Interest paid | |
| (10,574 | ) | |
| (9,628 | ) |
| Interest received | |
| 349 | | |
| 18 | |
Tax refunded/(paid)
| |
| 5,817 | | |
| (52 | ) |
| Net cash inflow/(outflow)
from operating activities | |
| 21,463 | | |
| (6,043 | ) |
| Cash flow from investing
activities | |
| | | |
| | |
| Payments for property, plant
and equipment | |
| (9,029 | ) | |
| (4,393 | ) |
| Payments
for intangible assets | |
| (132,213 | ) | |
| (100,024 | ) |
| Proceeds from sale of intangible
assets | |
| 25,669 | | |
| 11,662 | |
| Net cash outflow from investing
activities | |
| (115,573 | ) | |
| (92,755 | ) |
| Cash flow from financing
activities | |
| | | |
| | |
| Proceeds from borrowings | |
| 100,000 | | |
| - | |
| Principal elements of lease
payments | |
| (200 | ) | |
| (878 | ) |
| Net cash inflow/(outflow)
from financing activities | |
| 99,800 | | |
| (878 | ) |
| Effect of exchange rate changes
on cash and cash equivalents | |
| (880 | ) | |
| 2,730 | |
| Net increase/(decrease)
in cash and cash equivalents | |
| 4,810 | | |
| (96,946 | ) |
| Cash and cash equivalents at
beginning of period | |
| 76,019 | | |
| 121,223 | |
| Cash and cash equivalents
at end of period | |
| 80,829 | | |
| 24,277 | |
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 Cayman
Islands.
| 2 | Reconciliation
of loss for the period to adjusted EBITDA |
| | |
Three
months ended 30
September | |
| | |
2023 £’000 | | |
2022
£’000 | |
| Loss for the
period | |
| (25,757 | ) | |
| (26,516 | ) |
| Adjustments: | |
| | | |
| | |
| Income tax credit | |
| (7,047 | ) | |
| (7,854 | ) |
| Net finance costs | |
| 34,619 | | |
| 30,988 | |
| Profit on disposal of intangible
assets | |
| (29,481 | ) | |
| (16,608 | ) |
| Amortization | |
| 46,845 | | |
| 40,139 | |
| Depreciation | |
| 4,102 | | |
| 3,478 | |
| Adjusted
EBITDA | |
| 23,281 | | |
| 23,627 | |
| 3 | Reconciliation
of loss for the period to adjusted loss for the period and adjusted basic and diluted loss
per share |
| | |
Three
months ended
30 September | |
| | |
2023 £’000 | | |
2022
£’000 | |
| Loss for the
period | |
| (25,757 | ) | |
| (26,516 | ) |
| Foreign exchange losses on unhedged
US dollar denominated borrowings | |
| 13,753 | | |
| 40,440 | |
| Fair value movement on embedded
foreign exchange derivatives | |
| 8,163 | | |
| (18,612 | ) |
| Income
tax credit | |
| (7,047 | ) | |
| (7,854 | ) |
| Adjusted loss before income
tax | |
| (10,888 | ) | |
| (12,542 | ) |
| Adjusted
income tax credit (using a normalized tax rate of 21% (2022: 21%)) | |
| 2,286 | | |
| 2,634 | |
| Adjusted
loss for the period (i.e. adjusted net loss) | |
| (8,602 | ) | |
| (9,908 | ) |
| | |
| | | |
| | |
| Adjusted basic and diluted
loss per share: | |
| | | |
| | |
| Adjusted
basic and diluted loss per share (pence) (1) | |
| (5.27 | ) | |
| (6.08 | ) |
| Weighted
average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1) | |
| 163,159 | | |
| 163,062 | |
(1) For
the three months ended 30 September 2023 and the three months ended 30 September 2022 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 | |
| | |
2023 £’000 | | |
2022
£’000 | |
| Loss for the period | |
| (25,757 | ) | |
| (26,516 | ) |
| Income tax credit | |
| (7,047 | ) | |
| (7,854 | ) |
| Loss before income tax | |
| (32,804 | ) | |
| (34,370 | ) |
| Adjustments for: | |
| | | |
| | |
| Depreciation | |
| 4,102 | | |
| 3,478 | |
| Amortization | |
| 46,845 | | |
| 40,139 | |
| Profit on disposal of intangible
assets | |
| (29,481 | ) | |
| (16,608 | ) |
| Net finance costs | |
| 34,619 | | |
| 30,988 | |
| Non-cash employee benefit expense
- equity-settled share-based payments | |
| 740 | | |
| 529 | |
| Foreign exchange gains on operating
activities | |
| (142 | ) | |
| (1,173 | ) |
| Reclassified from hedging reserve | |
| (252 | ) | |
| (163 | ) |
| Changes in working capital: | |
| | | |
| | |
| Inventories | |
| (1,881 | ) | |
| (1,552 | ) |
| Prepayments | |
| (20,119 | ) | |
| (15,566 | ) |
| Contract assets – accrued
revenue | |
| (4,011 | ) | |
| (9,900 | ) |
| Trade receivables | |
| (5,245 | ) | |
| 15,983 | |
| Other receivables | |
| (1,749 | ) | |
| (360 | ) |
| Contract liabilities –
deferred revenue | |
| 46,199 | | |
| 9,182 | |
| Trade and other payables | |
| (8,237 | ) | |
| (17,153 | ) |
| Provisions | |
| (2,713 | ) | |
| 165 | |
| Cash generated from operations | |
| 25,871 | | |
| 3,619 | |
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