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 November, 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 ⌧ 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: November 26, 2024
| |
MANCHESTER UNITED PLC |
| |
|
| |
By: |
/s/ Roger Bell |
| |
Name: |
Roger Bell |
| |
Title: |
Chief Financial Officer |
EXHIBIT INDEX
Exhibit 99.1
| CORPORATE RELEASE | 26
November 2024 |
Manchester United PLC Reports First Quarter
Fiscal 2025 Results
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 |
MANCHESTER, England – 26 November 2024
– Manchester United (NYSE: MANU; the “Company” and the “Group”) today announced financial results for the
2025 fiscal first quarter ended 30 September 2024.
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 £650 million to £670 million and adjusted EBITDA guidance of £145 million to £160 million.
The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s
Financial Fair Play Regulations.
| 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 | | |
| (5.6 | )% |
| Broadcasting revenue | |
| 31.3 | | |
| 39.3 | | |
| (20.4 | )% |
| Matchday revenue | |
| 26.5 | | |
| 27.4 | | |
| (3.3 | )% |
| Total revenue | |
| 143.1 | | |
| 157.1 | | |
| (8.9 | )% |
| Adjusted EBITDA(1) | |
| 23.7 | | |
| 23.3 | | |
| 1.7 | % |
| Operating (loss)/profit | |
| (6.9 | ) | |
| 1.9 | | |
| (463.2 | )% |
|
| Profit/(loss) for the period (i.e. net profit/(loss))
(3) | |
| 1.4 | | |
| (25.8 | ) | |
| 105.4 | % |
| Basic earnings/(loss) per share (pence) | |
| 0.78 | | |
| (15.79 | ) | |
| 104.9 | % |
| Adjusted loss for the period (i.e. adjusted net loss)(1) | |
| (0.3 | ) | |
| (8.6 | ) | |
| 96.5 | % |
| Adjusted basic loss per share (pence)(1) | |
| (0.21 | ) | |
| (5.27 | ) | |
| 96.0 | % |
|
| 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 2024 was £230.0 million and total current borrowings including accrued interest
payable was £232.3 million.
(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 £85.3
million, a decrease of £5.1 million, or 5.6%, over the prior year quarter.
| · | Sponsorship
revenue was £51.8 million, a decrease of £4.4 million, or 7.8%, 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, or 2.0%, over the prior year quarter. |
Broadcasting
Broadcasting revenue for the quarter was £31.3
million, a decrease of £8.0 million, or 20.4%, over the prior year quarter, primarily due to our men’s first team participating
in the UEFA Europa League compared to the UEFA Champions League in the prior year quarter.
Matchday
Matchday revenue for the quarter was £26.5
million, a decrease of £0.9 million, or 3.3%, over the prior year quarter.
Other Financial Information
Operating expenses
Total operating expenses for the quarter were
£185.6 million, an increase of £0.9 million, or 0.5%, over the prior year quarter. This increase is explained by category
below.
Employee benefit expenses
Employee benefit expenses for the quarter were
£80.2 million, a decrease of £10.1 million, or 11.2%, over the prior year quarter, primarily due to changes in the make-up
of the first team playing squad.
Other operating expenses
Other operating expenses for the quarter were
£39.2 million, a decrease of £4.3 million, or 9.9%, over the prior year quarter. This is primarily due to reduced costs associated
with the men’s first team’s pre-season tour in the current year quarter.
Depreciation and amortization
Depreciation for the quarter was £4.3 million,
an increase of £0.2 million, or 4.9%, over the prior year quarter. Amortization for the quarter was £53.3 million, an increase
of £6.5 million, or 13.9%, over the prior year quarter, due to investment in the first team playing squad and transactions made
in the Summer transfer window. The unamortized balance of registrations at 30 September 2024 was £559.3 million, compared
to £539.9 million at 30 September 2023.
Exceptional items
Exceptional items for the quarter were a cost
of £8.6 million. This comprises costs incurred in relation to the restructuring of the Group’s operations, including the
redundancy scheme implemented in the first quarter of financial year 2025. Exceptional items in the prior year quarter were £nil.
Profit on disposal of intangible assets
Profit on disposal of intangible assets for the
quarter, namely player sales was £35.6 million, an increase of £6.1 million, or 20.7%, from £29.5 million in the prior
year quarter.
Net finance income/(costs)
Net finance income for the quarter was £8.6
million, compared to net finance costs of £34.7 million in the prior year quarter. This is primarily due to a favorable swing in
foreign exchange rates resulting in unrealized foreign exchange gains on unhedged USD borrowings.
Income tax
The income tax expense for the quarter was £0.3
million, compared to an income tax credit of £7.0 million in the prior year quarter.
Cash flows
Overall cash and cash equivalents (including
the effects of exchange rate movements) increased by £76.0 million in the quarter to 30 September 2024 compared to the cash
position at 30 June 2024.
Net cash inflow from operating activities for
the quarter was £13.3 million, compared to net cash inflow of £21.5 million in the prior year quarter.
Net capital expenditure on property, plant and
equipment for the quarter was £10.3 million, an increase of £1.2 million over the prior year quarter, primarily due to expenditure
relating to the redevelopment of our Carrington Training Centre.
Net capital expenditure on intangible assets
for the quarter was £120.2 million, an increase of £13.7 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 £199.9 million, compared to a net cash inflow of £99.8m in the prior year quarter. This is due to a drawdown
of £200.0 million on our revolving facilities in the current year quarter compared to a drawdown of £100.0 million in the
prior year quarter.
Balance sheet
Our USD non-current borrowings as of 30 September 2024
were $650 million, which was unchanged from 30 September 2023. As a result of the year-on-year change in the USD/GBP exchange rate
from 1.2208 at 30 September 2023 to 1.3412 at 30 September 2024, our non-current borrowings when converted to GBP were £481.7
million, compared to £528.8 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 2024 were
£232.3 million compared to £204.4 million at 30 September 2023.
As of 30 September 2024, cash and cash equivalents
were £149.6 million compared to £80.8 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 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
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 25%; 2023: 21%). The normalized tax rate of 25% is
the current UK corporation tax rate (2023: US federal corporate income tax rate of 21%).
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 UK corporation tax rate of 25% (2023: US federal corporate income tax rate of 21% ) applicable during the financial year. A reconciliation
of profit/(loss) 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 | |
| | |
2024 | | |
2023 | |
| | |
| | |
| |
| Revenue | |
| | | |
| | |
| Commercial %
of total revenue | |
| 59.6 | % | |
| 57.5 | % |
| Broadcasting %
of total revenue | |
| 21.9 | % | |
| 25.0 | % |
| Matchday %
of total revenue | |
| 18.5 | % | |
| 17.5 | % |
| | |
| | | |
| | |
| | |
| 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 | |
| 56.0 | % | |
| 57.5 | % |
Contacts
Investors:
Corinna Freedman
Head of Investor Relations
Corinna.Freedman@manutd.co.uk
Media:
Toby Craig
Chief Communications Officer
Toby.Craig@manutd.co.uk
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
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 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 25% (2023: 21%)) | |
| 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 | |
Manchester United (NYSE:MANU)
Historical Stock Chart
From Oct 2024 to Nov 2024
Manchester United (NYSE:MANU)
Historical Stock Chart
From Nov 2023 to Nov 2024
