Key Points
- Achieved record revenues for fiscal 2023 driven by
Commercial and Matchday revenue
- Club achieved record ticket sales and attendance, and
highest ever number of paid global memberships
- Club announced an industry-leading kit deal with adidas
through 2035 in August and a new front-of-shirt sponsorship deal
with Qualcomm’s Snapdragon brand in September
- Season tickets for the current 2023/24 season sold out at
the fastest rate ever with lowest ever churn
- Club delivered a successful preseason summer tour with over
400K fans in attendance across 8 cities in 5 countries, including
the United States
- Full year 2022/23 progress achieved on pitch with men’s
first team – 3rd in Premier League, Champions League qualification,
FA Cup finalists, and winners of the Carabao Cup
- Full year 2022/23 progress achieved on pitch with women’s
first team – 2nd in Women’s Super League, Champions League
qualification, FA Cup finalists, and investment in dedicated
facilities at Carrington
- Men’s squad strengthened by the recent additions of Mason
Mount, Andre Onana, Rasmus Hojlund Jonny Evans and Altay Bayindir,
with Sergio Reguilon and Sofyan Amrabat acquired on loan; new
long-term contracts signed with Marcus Rashford and Diogo
Dalot
- Women’s squad strengthened with new signings Gemma Evans,
Geyse Da Silva Ferreira, Emma Watson, Hinata Miyazawa, Evie
Rabjohn, Irene Guerrero, Gabby George, Phallon Tullis-Joyce and
Melvine Malard on loan
- For fiscal 2024, the Company introduces new revenue guidance
of a record £650 million to £680 million and new adjusted EBITDA
guidance of £140 million to £165 million
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 2023 fiscal fourth
quarter and twelve months ended 30 June 2023.
Outlook
For fiscal 2024, the Company is introducing new revenue guidance
of a record £650 million to £680 million and new adjusted EBITDA
guidance of £140 million to £165 million.
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
*As of 26 October 2023
Key Financials
(unaudited)
£ million (except loss per share)
Twelve months ended
30 June
Three months ended
30 June
2023
2022
Change
2023
2022
Change
Commercial revenue
302.9
257.8
17.5%
67.4
63.4
6.3%
Broadcasting revenue
209.1
214.9
(2.7%)
64.5
33.7
91.4%
Matchday revenue
136.4
110.5
23.4%
35.4
21.4
65.4%
Total revenue
648.4
583.2
11.2%
167.3
118.5
41.2%
Adjusted EBITDA(1)
154.9
81.1
91.0%
43.2
(8.4)
614.3%
Operating loss
(11.2)
(87.4)
87.2%
(0.3)
(60.7)
99.5%
Loss for the period (i.e. net loss)
(28.7)
(115.5)
75.2%
(2.9)
(70.7)
95.9%
Basic loss per share (pence)
(17.59)
(70.86)
75.2%
(1.79)
(43.46)
95.9%
Adjusted loss for the period (i.e.
adjusted net loss)(1)
(42.1)
(34.0)
(23.8%)
(10.1)
(20.2)
50.0%
Adjusted basic loss per share
(pence)(1)
(25.84)
(20.83)
(24.1%)
(6.18)
(12.38)
50.1%
Non-current and current borrowings in USD
(contractual currency) (2)
$650.0
$650.0
0.0%
$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 8 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 June 2023 was £100.0 million and total current borrowings
including accrued interest payable was £106.0 million.
Football
- Men’s squad was strengthened by the recent additions of Mason
Mount, Andre Onana, Rasmus Hojlund Jonny Evans and Altay Bayindir,
with Sergio Reguilon and Sofyan Amrabat acquired on loan
- New long-term contracts were signed with Marcus Rashford and
Diogo Dalot
- Women’s squad strengthened with new signings Gemma Evans, Geyse
Da Silva Ferreira, Emma Watson, Hinata Miyazawa, Evie Rabjohn,
Irene Guerrero, Gabby George, Phallon Tullis-Joyce and Melvine
Malard on loan
Fan Engagement
- Club published its Fan Engagement Plan for the 2023/24, the
first club to do so in the Premier League
- During the quarter, there were a record 289 Manchester United
Supporters’ Clubs in 96 countries
- Club held quarterly meetings of the Fans’ Advisory Board and
the Fans’ Forum
- In July and August, Club delivered strong summer tour results
with nearly 400K supporters in attendance across 8 cities and 5
countries, including the United States
- Fiscal year 2023 was also a record-breaking year for our
charitable Foundation, which delivered 29% more sessions to
children and young people throughout Greater Manchester and beyond
across 116 projects and programs
Facilities - Venue &
Operations
- Record match attendance and match-by-match hospitality revenues
for fiscal year 2023 were driven by improved pitch performance
across all competitions and record Museum and Tour revenues were
driven by 300K visitors during the fiscal year
- Ticket sales for the 2022/23 season surpassed the record set in
2016/17 totalling a cumulative 2.4 million tickets sold while
current 2023/24 Season Ticket and Executive Club tickets have sold
out in record time with the lowest ever churn (including a record
number of Women’s season tickets); currently there are over 150K
supporters on the Season Ticket waiting list
- Club continues to achieve continued momentum in demand for
women’s football with women’s Matchday revenue for the 2022/23
season at nearly 3x the 2021/22 season; Old Trafford will also host
the WSL Manchester Derby in November 2023
- During fiscal 2023, Old Trafford hosted five major additional
events including Soccer Aid and England’s EURO qualifier in 4Q
- In fiscal 2024, the club has already delivered further
infrastructure upgrades at Old Trafford include an additional 2K
rail seats in the Stretford End, continued WIFI network
enhancements, new point-of-sale systems across the stadium, and
refurbishments of certain suites; while ongoing upgrades to
Carrington include a new facility for the Women’s and Academy
teams
Partnerships
- Club welcomed Estee Lauder as a new regional partner
- In August, the Club announced a global record kit deal with an
extension of its partnership with adidas as kit supplier through
2035
- In September, the Club announced a strategic expansion of its
partnership with Qualcomm’s Snapdragon brand as front-of-shirt
sponsor beginning with the 2024/25 season in July 2024
Digital Products &
Experiences
- Club gained 2.7 million followers and generated more than 318
million digital interactions and 1.5 billion video views across all
global social platforms in the fourth quarter
- Launched Snapchat as a new platform with augmented reality
filters which allows users to virtually try on our three kits
- Club achieved strong e-commerce sales for the full year fiscal
2023 of +21% when excluding last year’s one-off impact from Ronaldo
kit sales, driven by successful record-breaking kit launches
- Record sales of global memberships, with the 2022/23 program at
360,000 members, which we believe is the largest paid membership
program in world sport; membership program now includes new tiers,
new packages, new pricing and new visual identity; prior to the
start of the current 2023/24 season, memberships have already
surpassed last year’s total
- During FY23 Club launched 3 phases of its digital collectibles
in partnership with Tezos as well as a corresponding Discord
community which has grown to the largest in global football and
launched Collect United, a club reward program with free token
giveaways for those who purchased the Devils
- MUTV Linear ended fiscal 2023 with distribution in 72 markets
via 13 partners
- Thus far in FY24, Summer Tour and pre-season matches drove
record subscriptions to MUTV
Revenue Analysis
Commercial
Commercial revenue for the year was £302.9 million, an increase
of £45.1 million, or 17.5%, over the prior year.
- Sponsorship revenue was £189.5 million, an increase of £41.6
million, or 28.1%, over the prior year, due to the impact of the
new sponsorship agreements and the men’s first team’s 2022
pre-season tour; and
- Retail, Merchandising, Apparel & Product Licensing revenue
was £113.4 million, an increase of £3.5 million, or 3.2%, over the
prior year, due to the increased number of home matchdays in the
current year.
For the quarter, commercial revenue was £67.4 million, an
increase of £4.0 million, or 6.3%, over the prior year quarter.
- Sponsorship revenue was £40.3 million, an increase of £3.1
million, or 8.3% over the prior year quarter, primarily due to the
impact of new sponsorship agreements; and
- Retail, Merchandising, Apparel & Product Licensing revenue
was £27.1 million, an increase of £0.9 million, or 3.4%, over the
prior year quarter, due to the increased number of home matchdays
in the current year.
Broadcasting
Broadcasting revenue for the year was £209.1 million, a decrease
of £5.8 million, or 2.7%, over the prior year, primarily due to the
men’s first team participating in the UEFA Europa League compared
to the UEFA Champions League in the current year, mostly offset by
improved performance in both domestic and continental
competitions.
Broadcasting revenue for the quarter was £64.5 million, an
increase of £30.8 million, or 91.4%, over the prior year quarter,
primarily due to playing seven more home and away games across all
competitions and the impact of our men’s first team finishing 3rd
in the Premier League compared to 6th in the prior year.
Matchday
Matchday revenue for the year was £136.4 million, an increase of
£25.9 million, or 23.4%, over the prior year, due to playing 7 more
home games across all competitions in the current year, together
with strong demand for match by match hospitality offers.
Matchday revenue for the quarter was £35.4 million, an increase
of £14.0 million, or 65.4%, over the prior year quarter, due to
playing 3 more home matches in the current year quarter.
Other Financial
Information
Operating expenses
Total operating expenses for the year were £681.1 million, a
decrease of £11.5 million, or 1.7%, over the prior year.
Employee benefit expenses
Employee benefit expenses for the year were £331.4 million, a
decrease of £52.8 million, or 13.7%, over the prior year, as a
result of squad turnover and the men’s first team not participating
in the UEFA Champions League in the current year.
Other operating income
Other operating income for the year was £1.1 million, compared
to £nil in the prior year.
Other operating expenses
Other operating expenses for the year were £163.2 million, an
increase of £45.3 million, or 38.4%, over the prior year. This is
primarily due to costs associated with the men’s first team
pre-season tour and increased matchday costs associated with
progression in domestic cup competitions.
Depreciation, impairment and amortization
Depreciation and impairment for the year was £13.8 million, a
decrease of £0.5 million, or 3.5%, over the prior year.
Amortization for the year was £172.7 million, an increase of £21.2
million, or 14.0%, over the prior year, due to investment in the
first team playing squad. The unamortized balance of registrations
at 30 June 2023 was £384.9 million.
Profit on disposal of intangible assets
Profit on disposal of intangible assets for the year was £20.4
million, compared to £21.9 million for the prior year.
Net finance costs
Net finance costs for the year were £21.4 million, compared to
net finance costs of £62.2 million for the prior year, a decrease
of £40.8 million, or 65.6%. This is primarily due to a favorable
swing in foreign exchange rates resulting in unrealized foreign
exchange gains on unhedged USD borrowings in the current year
compared to unrealized foreign exchange losses in the prior
year.
Income tax
The income tax credit for the year was £3.9 million, compared to
a credit of £34.1 million in the prior year. In both years the
credit arises primarily as a result of deferred tax assets
recognised in respect of losses arising in the year.
Cash flows
Overall cash and cash equivalents (including the effects of
exchange rate movements) decreased by £45.2 million in the year,
compared to an increase of £10.6 million in the prior year.
Net cash inflow from operating activities for the year was £95.8
million, a decrease of £0.6 million compared to a net cash inflow
of £96.4 million for the prior year.
Net capital expenditure on property, plant and equipment for the
year was £15.6 million, an increase of £7.3 million over the prior
year. This is primarily due to expenditure on the upgrade of
facilities at Carrington Training Centre.
Net capital expenditure on intangible assets for the year was
£124.6 million, an increase of £39.5 million over the prior year,
due to continued investment in the first team playing squad.
Net cash outflow from financing activities for the year was £1.9
million, compared to net cash inflow of £5.0 million in the prior
year.
Balance sheet
Our USD non-current borrowings as of 30 June 2023 were $650
million, which was unchanged from 30 June 2022. As a result of the
year-on-year change in the USD/GBP exchange rate from 1.2151 at 30
June 2022 to 1.2716 at 30 June 2023, our non-current borrowings
when converted to GBP were £507.3 million, compared to £530.4
million at the prior year end.
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 June 2023 were £106.0 million
compared to £105.8 million at 30 June 2022.
As of 30 June 2023, cash and cash equivalents were £76.0 million
compared to £121.2 million at the prior year end, primarily due to
investment in the first team playing squad.
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 145-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.
Forward-looking statements include information concerning certain
expectations and uncertainties related to the COVID-19 pandemic and
the Company’s possible or assumed future results of operations,
including descriptions of its business strategy. 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.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth is preliminary and
subject to adjustments. The audit of the financial statements and
related notes to be included in our annual report on Form 20-F for
the year ended 30 June 2023 is still in progress. Adjustments to
the financial statements may be identified when audit work is
completed, which could result in significant differences from this
preliminary unaudited financial information.
Non-IFRS Measures: Definitions and
Use
1. Adjusted EBITDA
Adjusted EBITDA is defined as loss for the period before
depreciation and impairment, amortization, profit on disposal of
intangible assets, net finance costs/income, 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, impairment and
amortization), material volatile items (primarily profit on
disposal of intangible assets), 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 loss/profit 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 charges/credits related to exceptional items,
foreign exchange gains/losses on unhedged US dollar denominated
borrowings (including foreign exchange 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 and foreign currency
options, adding/subtracting the actual tax expense/credit for the
period, and subtracting/adding the adjusted tax expense/credit for
the period (based on a 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 for
the period to adjusted loss 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
Twelve months ended
Three months ended
30 June
30 June
2023
2022
2023 2022
Revenue
Commercial % of total revenue
46.7%
44.2%
40.3% 53.5%
Broadcasting % of total revenue
32.3%
36.8%
38.5% 28.4%
Matchday % of total revenue
21.0%
19.0%
21.2% 18.1%
2022/23
Season
2021/22
Season
2022/23
Season
2021/22
Season
Home Matches Played
PL
19
19
6 4
UEFA competitions
6
4
1 -
Domestic Cups
8
3
- -
Away Matches Played
PL
19
19
6 5
UEFA competitions
6
4
1 -
Domestic Cups
4
-
2 -
Other
Employees at period end
1,134
1,068
1,134 1,068
Employee benefit expenses % of revenue
51.1%
65.9%
51.9% 81.1%
CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
(unaudited; in £ thousands,
except per share and shares outstanding data)
Twelve months ended
30 June
Three months ended
30 June
2023
2022
2023
2022
Revenue from contracts with
customers
648,401
583,201
167,331
118,452
Operating expenses
(681,117
)
(692,520
)
(173,158
)
(183,330
)
Other operating income
1,112
-
1,112
-
Profit on disposal of intangible
assets
20,424
21,935
4,455
4,056
Operating loss
(11,180
)
(87,384
)
(260
)
(60,822
)
Finance costs
(44,917
)
(85,915
)
(14,140
)
(46,053
)
Finance income
23,523
23,676
12,620
15,048
Net finance costs
(21,394
)
(62,239
)
(1,520
)
(31,005
)
Loss before tax
(32,574
)
(149,623
)
(1,780
)
(91,827
)
Income tax credit/(expense)
3,896
34,113
(1,141
)
20,985
Loss for the period
(28,678
)
(115,510
)
(2,921
)
(70,842
)
Basic and diluted loss per
share:
Basic and diluted loss per share (pence)
(1)
(17.59
)
(70.86
)
(1.79
)
(43.46
)
Weighted average number of ordinary shares
used as the denominator in calculating basic and diluted loss per
share (thousands) (1)
163,062
163,001
163,062
163,003
(1) For the twelve and three months ended 30 June 2023 and the
twelve and three months ended 30 June 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 June
2023
2022
ASSETS
Non-current assets
Property, plant and equipment
253,282
242,661
Right-of-use assets
8,760
4,072
Investment properties
19,993
20,273
Intangible assets
812,382
743,278
Trade receivables
22,303
29,757
Derivative financial instruments
7,492
16,462
1,124,212
1,056,503
Current assets
Inventories
3,165
2,200
Prepayments
16,487
15,534
Contract assets – accrued revenue
43,332
36,239
Trade receivables
31,167
49,210
Other receivables
9,928
1,569
Income tax receivable
5,317
4,590
Derivative financial instruments
8,317
6,597
Cash and cash equivalents
76,019
121,223
193,732
237,162
Total assets
1,317,944
1,293,665
CONSOLIDATED BALANCE SHEET
(continued)
(unaudited; in £ thousands)
As of 30 June
2023
2022
EQUITY AND LIABILITIES
Equity
Share capital
53
53
Share premium
68,822
68,822
Treasury shares
(21,305
)
(21,305
)
Merger reserve
249,030
249,030
Hedging reserve
4,002
950
Retained deficit
(196,652
)
(170,042
)
103,950
127,508
Non-current liabilities
Deferred tax liabilities
3,304
7,402
Contract liabilities - deferred
revenue
6,659
16,697
Trade and other payables
161,141
102,347
Borrowings
507,335
530,365
Lease liabilities
7,844
2,869
Derivative financial instruments
748
49
Provisions
93
11,586
687,124
671,315
Current liabilities
Contract liabilities - deferred
revenue
169,624
165,847
Trade and other payables
236,472
220,587
Income tax liabilities
-
-
Borrowings
105,961
105,757
Lease liabilities
1,036
1,561
Derivative financial instruments
931
32
Provisions
12,846
1,058
526,870
494,842
Total equity and liabilities
1,317,944
1,293,665
CONSOLIDATED STATEMENT OF CASH
FLOWS
(unaudited; in £ thousands)
Twelve months ended
30 June
Three months ended
30 June
2023
2022
2023
2022
Cash flows from operating
activities
Cash generated from operations (see
supplemental note 4)
128,857
121,704
116,663
43,876
Interest paid
(31,952
)
(20,642
)
(6,675
)
(2,405
)
Interest received
496
145
289
140
Tax paid
(1,632
)
(4,836
)
(1,020
)
(489
)
Net cash inflow from operating
activities
95,769
96,371
109,257
41,122
Cash flows from investing
activities
Payments for property, plant and
equipment
(15,611
)
(8,323
)
(5,795
)
(2,100
)
Payments for intangible assets
(156,165
)
(115,415
)
(11,449
)
(14,081
)
Proceeds from sale of intangible
assets
31,616
30,307
11,785
10,066
Net cash outflow from investing
activities
(140,160
)
(93,431
)
(5,459
)
(6,115
)
Cash flows from financing
activities
Proceeds from borrowings
100,000
40,000
-
-
Repayment of borrowings
(100,000
)
-
(100,000
)
-
Principal elements of lease payments
(1,952
)
(1,407
)
(350
)
(123
)
Dividends paid
-
(33,553
)
-
(11,992
)
Net cash (outflow)/inflow from
financing activities
(1,952
)
5,040
(100,350
)
(12,115
)
Effects of exchange rate changes on cash
and cash equivalents
1,139
2,585
(1,162
)
2,540
Net (decrease)/increase in cash and
cash equivalents
(45,204
)
10,565
2,286
25,432
Cash and cash equivalents at beginning of
period
121,223
110,658
73,733
95,791
Cash and cash equivalents at end of
period
76,019
121,223
76,019
121,223
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
Twelve months ended
30 June
Three months ended
30 June
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(28,678
)
(115,510
)
(2,921
)
(70,842
)
Adjustments:
Income tax (credit)/expense
(3,896
)
(34,113
)
1,141
(20,985
)
Net finance costs
21,394
62,239
1,520
31,005
Profit on disposal of intangible
assets
(20,424
)
(21,935
)
(4,455
)
(4,056
)
Exceptional items
-
24,692
-
14,700
Amortization
172,684
151,462
44,652
38,231
Depreciation and impairment
13,848
14,314
3,294
3,523
Adjusted EBITDA
154,928
81,149
43,231
(8,424
)
3 Reconciliation of loss for the period to adjusted loss for
the period and adjusted basic and diluted loss per share
Twelve months ended
30 June
Three months ended
30 June
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(28,678
)
(115,510
)
(2,921
)
(70,842
)
Exceptional items
-
24,692
-
14,700
Foreign exchange (gains)/losses on
unhedged US dollar denominated borrowings
(22,375
)
58,738
(12,081
)
37,076
Fair value movement on embedded foreign
exchange derivatives
1,604
23,205
1,106
14,503
Income tax (credit)/expense
(3,896
)
(34,113
)
1,141
(20,985
)
Adjusted loss before tax
(53,345
)
(42,988
)
(12,755
)
(25,548
)
Adjusted income tax credit (using a
normalized tax rate of 21% (2022: 21%))
11,202
9,027
2,679
5,365
Adjusted loss for the period (i.e.
adjusted net loss)
(42,143
)
(33,961
)
(10,076
)
(20,183
)
Adjusted basic and diluted loss per
share:
Adjusted basic and diluted loss per share
(pence)(1)
(25.84
)
(20.83
)
(6.18
)
(12.38
)
Weighted average number of ordinary shares
used as the denominator in calculating adjusted basic and diluted
loss per share (thousands) (1)
163,062
163,001
163,062
163,003
(1) For the twelve and three months ended 30 June 2023 and the
twelve and three months ended 30 June 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
Twelve months ended
30 June
Three months ended
30 June
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(28,678
)
(115,510
)
(2,921
)
(70,842
)
Income tax (credit)/expense
(3,896
)
(34,113
)
1,141
(20,985
)
Loss before income tax
(32,574
)
(149,623
)
(1,780
)
(91,827
)
Adjustments for:
Depreciation and impairment
13,848
14,314
3,294
3,523
Amortization
172,684
151,462
44,652
38,231
Profit on disposal of intangible
assets
(20,424
)
(21,935
)
(4,455
)
(4,056
)
Net finance costs
21,394
62,239
1,520
31,005
Non-cash employee benefit expense -
equity-settled share-based payments
1,753
198
39
(1,291
)
Foreign exchange losses on operating
activities
2,989
50
(1,958
)
356
Reclassified from hedging reserve
267
(672
)
513
(481
)
Changes in working capital:
Inventories
(965
)
(120
)
(520
)
492
Prepayments
(1,704
)
(8,825
)
(80
)
(3,983
)
Contract assets – accrued revenue
(7,093
)
4,305
19,541
16,882
Trade receivables
24,433
(520
)
20,754
8,120
Other receivables
(8,359
)
(1,109
)
(7,897
)
(537
)
Contract liabilities – deferred
revenue
(6,261
)
41,618
42,360
23,440
Trade and other payables
(31,139
)
22,480
731
17,170
Provisions
8
7,842
(51
)
6,832
Cash generated from operations
128,857
121,704
116,663
43,876
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024641888/en/
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
Grafico Azioni Manchester United (NYSE:MANU)
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Grafico Azioni Manchester United (NYSE:MANU)
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