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 September, 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: September 11, 2024
| |
MANCHESTER UNITED PLC |
| |
|
| |
By: |
/s/ Roger Bell |
| |
Name: |
Roger Bell |
| |
Title: |
Chief Financial Officer |
EXHIBIT INDEX
Exhibit 99.1
 |
 |
| |
|
| |
11 September 2024 |
CORPORATE RELEASE
Manchester United
PLC Reports Fourth Quarter
and Full Year
Fiscal 2024 Results; Restructuring Initiatives to Drive
Cost Savings
Key Points
| | · | Achieved 4Q total revenues of £142.2
million, which contributed to record fiscal 2024 total revenues of £661.8 million driven
by record Commercial and Matchday revenues |
| | · | 4Q Matchday revenues were £32.6
million and contributed to record fiscal 2024 Matchday revenues of £137.1 million with
eight less home matches played during the year |
| | · | Other operating expenses for fiscal
2024 improved by £13.8 million versus fiscal 2023, due to fewer home matches played
and lower associated non-personnel football costs |
| · | Achieved
record ticket sales and attendance in 2023/24, including a doubling of women’s matchday
revenues, and the highest ever number of paid global memberships sold at 438k; for the 2024/25
season, general admission season tickets sold out at the fastest rate ever and the waiting
list for season tickets has increased to 171k |
| · | During
4Q, investments in Old Trafford included new hospitality facilities, expansion of rail seating
and kiosk refurbishments to support continued growth and enhance fan engagement and atmosphere |
| · | Club
recently announced an extension of its new front-of-shirt sponsorship deal with Qualcomm’s
Snapdragon brand to 2029 |
| · | Construction
commenced in July on the main building of the Carrington Training Complex to support
an improved performance environment |
| · | New
2024/25 season kits achieved a combined record-breaking launch |
| · | E-commerce
transitioned to an in-house operation in partnership with SCAYLE on 5 September |
| · | The
men’s first team has been strengthened by the additions of Manuel Ugarte, Joshua Zirkzee,
Leny Yoro, Matthijs de Ligt and Noussair Mazraoui; while the women’s team was strengthened
with new signings Celin Bizet, Dominique Janssen, Elizabeth Terland, Anna Sandberg and Simi
Awujo and the permanent signing of Melvine Malard |
| · | In
January 2024, a club-wide business transformation plan commenced and these efforts accelerated
into 4Q24 with the aim of improving operating efficiency via cost-savings, headcount rationalization
and changes to the organizational structure; these improvements are expected to impact fiscal
years 2025 and 2026 and are anticipated to contribute towards investments in football and
other club projects |
| · | For
full year fiscal 2025, the Company introduces revenue guidance of £650 to £670
million and adjusted EBITDA guidance of £145
million to £160 million, which reflects a partial year impact of recent restructuring
initiatives |
MANCHESTER, England
– 11 September 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 fourth
quarter and twelve months ended 30 June 2024.
Management Commentary
Omar Berrada, Chief
Executive Officer, commented, “It has been a busy off-season for the club with successful training camps for both our men’s
and women’s teams. We have strengthened our men’s first team with five exciting players and put a new football leadership
structure in place to provide greater support to our manager, Erik ten Hag. Dan Ashworth was appointed Sporting Director and Jason Wilcox
joined us as Technical Director, two extremely experienced and highly respected professionals who will add great depth to our team. We
have added six players to our women’s team and are investing to ensure all of our teams have access to world-class training facilities
at a fully renovated Carrington. We are also delighted to have extended our Principal Partnership with Snapdragon, after an excellent
start, for a further two years in addition to the initial three-year term.
“As I embark
on my new role as Chief Executive Officer of this historic club, we are all extremely focused on working collectively to create a bright
future with football success at the heart of it. We are working towards greater financial sustainability and making changes to our operations
to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance. Today, we announce new guidance
for fiscal 2025 which reflects a partial year impact of the transformative cost-savings and organizational changes that we have been
busy implementing over the summer.
“Ultimately,
the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to
the top of European football. Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch,
for the ultimate benefit of our fans, shareholders, and hugely diverse range of stakeholders.”
Recent Restructuring and Cost-Savings
Initiatives
Beginning in the
third quarter of fiscal 2024, the club commenced a business transformation plan to unlock operational efficiency with the ultimate goal
of improving the club’s financial sustainability and maximize the resources available to improve football operations. These initiatives
included installing a new executive leadership team covering both the business and sporting side, streamlining the organizational structure
and, following a thorough cost review by Interpath Advisory, the club implemented a significant cost rationalization program.
In January 2024,
the club announced the appointment of new CEO Omar Berrada and a new football leadership team was installed under his leadership, creating
a new reporting structure with seasoned football leaders, Dan Ashworth and Jason Wilcox. Additional club executive leadership was also
appointed in April, and the new non-football structure will be supported by a more streamlined organization. Beginning in March 2024,
the club engaged Interpath Advisory for a thorough club-wide cost review which identified substantial cost-savings. As a result of this
change in strategy and with the intention of creating a leaner, agile and more sustainable structure, the club subsequently announced
an employee redundancy program in July 2024, which was concluded at the end of August 2024 and resulted in the rationalization
of the club’s employee base by approximately 250 roles across all departments.
In total, the club
expects to realize annualized cost savings of approximately £40 million to £45 million, before implementation costs of £10
million. Due to timing and other contractual obligations, the club expects to realize these savings over fiscal years 2025 and 2026.
Outlook and Guidance Details
For fiscal 2025,
the Company is introducing new full year revenue guidance of £650 million to £670 million and new adjusted EBITDA guidance
of £145 million to £160 million, while exceptional costs related to severance charges
associated with the headcount reduction program are expected to total approximately £10 million. Included in full year revenue
guidance is an approximate £30 million improvement to Retail, Merchandising and Licensing revenues driven by the transition of
e-commerce to an in-house operation in partnership with SCAYLE to better serve our global fans and followers with an expanded and more
compelling offering, new merchandise categories, as well as greatly improved fulfilment and product availability. The new re-branded
site (https://store.manutd.com/) was launched on 5 September, and due to timing, the topline
impact for the first quarter 2025 will be minimal, however we expect revenue to build through the Holiday season in the second quarter
2025 and into the second half of the fiscal year as we recognize the transactional revenue. Full year Broadcasting revenues in fiscal
2025 will be approximately £30 million lower than the prior year, given the men’s first team’s participation in the
UEFA Europa League versus Champions’ League participation in fiscal 2024.
For the full year
fiscal 2025, the club currently anticipates non-player capital expenditures to total approximately £60 million and includes the
upgrade of the main players’ building at the Carrington Training Centre, which is on plan to be completed by the end of the 2024/25
season and is intended to enhance the performance environment. In March 2024, the club led the creation of the Old Trafford Regeneration
Task Force to explore options for the revitalization of the Old Trafford area in Greater Manchester. The task force has since convened
for four meetings and all options continue to be vetted as the Task Force continues to seek input and feedback from all key stakeholders.
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 | |
*As of 11 September 2024;
subject to change
Key Financials (unaudited)
| £ million (except loss per share) | |
Twelve months ended
30 June | | |
| | |
Three months ended
30 June | | |
| |
| | |
2024 | | |
2023 | | |
Change |
| |
2024 | | |
2023 | | |
Change |
|
| Commercial revenue | |
| 302.9 | | |
| 302.9 | | |
| - | | |
| 71.2 | | |
| 67.4 | | |
| 5.6 | % |
| Broadcasting revenue | |
| 221.8 | | |
| 209.1 | | |
| 6.1 | % | |
| 38.4 | | |
| 64.5 | | |
| (40.5) | % |
| Matchday revenue | |
| 137.1 | | |
| 136.4 | | |
| 0.5 | % | |
| 32.6 | | |
| 35.4 | | |
| (7.9) | % |
| Total revenue | |
| 661.8 | | |
| 648.4 | | |
| 2.1 | % | |
| 142.2 | | |
| 167.3 | | |
| (15.0) | % |
| Adjusted EBITDA(1) | |
| 147.7 | | |
| 154.9 | | |
| (4.6) | % | |
| 19.3 | | |
| 43.2 | | |
| (55.3) | % |
| Operating loss | |
| (69.3 | ) | |
| (11.2 | ) | |
| (518.8) | % | |
| (32.4 | ) | |
| (0.3 | ) | |
| (10,700.0) | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss for the period (i.e. net loss) | |
| (113.2 | ) | |
| (28.7 | ) | |
| (294.4) | % | |
| (36.3 | ) | |
| (2.9 | ) | |
| (1,151.7) | % |
| Basic loss per share (pence) | |
| (68.44 | ) | |
| (17.59 | ) | |
| (289.1) | % | |
| (21.44 | ) | |
| (1.79 | ) | |
| (1,097.8) | % |
| Adjusted loss for the period (i.e.
adjusted net loss)(1) | |
| (55.1 | ) | |
| (42.1 | ) | |
| (30.9) | % | |
| (26.7 | ) | |
| (10.1 | ) | |
| (164.4) | % |
| Adjusted basic loss per share (pence)(1) | |
| (33.32 | ) | |
| (25.84 | ) | |
| (28.9) | % | |
| (15.79 | ) | |
| (6.18 | ) | |
| (155.5) | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-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 9 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 2024 was £30.0 million and total current borrowings including
accrued interest payable was £35.6 million. At 30 June 2023, the outstanding balance of the revolving credit facility was
£100.0 million and current borrowings including accrued interest payable was £106.0 million.
Revenue Analysis
Commercial
Commercial revenue
for the year was £302.9 million, in line with commercial revenue of £302.9 million in the prior year.
| · | Sponsorship
revenue was £177.8 million, a decrease of £11.7 million, or 6.2%, over the
prior year, primarily due to a one-off sponsorship credit in the prior year. |
| · | Retail,
Merchandising, Apparel & Product Licensing revenue was £125.1 million,
an increase of £11.7 million, or 10.3%, over the prior year, primarily due to the extension
of our agreement with adidas and record fiscal year revenue performance of the Megastore,
which improved 8.0% over the prior year. |
For the quarter,
commercial revenue was £71.2 million, an increase of £3.8 million, or 5.6%, over the prior year quarter.
| · | Sponsorship
revenue was £41.8 million, an increase of £1.5 million, or 3.7% over the
prior year quarter, primarily due to differences across our sponsors agreements year on year;
and |
| · | Retail,
Merchandising, Apparel & Product Licensing revenue was £29.4 million,
an increase of £2.3 million, or 8.5%, over the prior year quarter, due to the extension
of our agreement with adidas, partially offset by lower Megastore sales resulting from fewer
matches being played at Old Trafford in the quarter. |
Broadcasting
Broadcasting revenue
for the year was £221.8 million, an increase of £12.7 million, or 6.1%, over the prior year, primarily due to the men’s
first team participating in the UEFA Champions League compared to the UEFA Europa League in the prior year. This is partially offset
by the men’s first team being eliminated in the group stage of the UEFA Champions League and finishing 8th in the Premier
League in the current year, compared to reaching the Quarter-finals of the UEFA Europa League and finishing 3rd in the Premier
League in the prior year.
Broadcasting revenue
for the quarter was £38.4 million, a decrease of £26.1 million, or 40.5%, over the prior year quarter, primarily due to the
impact of our men’s first team finishing 8th in the Premier League compared to 3rd in the prior year, as well as playing 5 fewer
matches in the current year quarter compared to the prior year quarter.
Matchday
Matchday revenue
for the year was £137.1 million, an increase of £0.7 million, or 0.5%, over the prior year, due to strong demand for hospitality
offers, mostly offset by the men’s first team playing 8 fewer home matches in the current year.
Matchday revenue
for the quarter was £32.6 million, a decrease of £2.8 million, or 7.9%, over the prior year quarter, due to playing 2 fewer
home matches in the current year quarter.
Other Financial Information
Operating
expenses
Total operating
expenses for the year were £768.5 million, an increase of £87.4 million, or 12.8%, over the prior year. This increase is
explained by category below.
Employee
benefit expenses
Employee benefit
expenses for the year were £364.7 million, an increase of £33.3 million, or 10.0%, over the prior year, primarily as a result
of the men’s first team participating in the UEFA Champions League in the current year compared to the UEFA Europa League in the
prior year.
Other operating
income
Other operating
income for the year was £nil, compared to £1.1 million in the prior year.
Other operating expenses
Other operating
expenses for the year were £149.4 million, a decrease of £13.8 million, or 8.5%, over the prior year. This is primarily due
to reduced matchday costs associated with the men’s first team playing 8 fewer home matches in the current year than the prior
year.
Depreciation,
impairment and amortization
Depreciation and
impairment for the year was £16.5 million, an increase of £2.7 million, or 19.6%, over the prior year, as a result of increased
capital investment in tangible fixed assets at the Club. Amortization for the year was £190.1 million, an increase of £17.4
million, or 10.1%, over the prior year, due to investment in the first team playing squad. The unamortized balance of registrations at
30 June 2024 was £408.6 million.
Exceptional
items
Exceptional items
for the year were a cost of £47.8 million. This primarily comprises of costs incurred in relation to the sale of 27.7% of the Group’s
voting rights to Trawlers Limited, an entity wholly owned by Sir Jim Ratcliffe, including transactions fees payable on completion and
compensation for loss of office. The charge also includes additional contributions we expect to pay towards the Football League pension
scheme deficit based on the latest actuarial valuation. Exceptional items in the prior year were £nil.
Profit on
disposal of intangible assets
Profit on disposal
of intangible assets for the year was £37.4 million, compared to £20.4 million for the prior year.
Net finance
costs
Net finance costs
for the year were £61.4 million, compared to net finance costs of £21.4 million for the prior year, an increase of £40.0
million, or 186.9%. This is primarily due to more stable foreign exchange rates in the current year resulting in a small unrealized foreign
exchange loss on unhedged USD borrowings of £2.8m, compared to large unrealized foreign exchange gain in the prior year of £22.4m.
The current year also saw an increase in interest costs payable on our external borrowings and a larger discounting charge on player
creditors due to investment in the first team playing squad.
Income tax
The income tax credit for the year was £17.5
million, compared to a credit of £3.9 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 £2.5 million in the year, compared to a decrease of £45.2 million in
the prior year.
Net cash inflow from operating activities for
the year was £85.7 million, a decrease of £10.1 million compared to a net cash inflow of £95.8 million for the prior
year. This is explained further in the Statement of Cash Flows on page 14 and Cash Generated from Operations note on page 17.
Net capital expenditure on property, plant and
equipment for the year was £17.5 million, an increase of £1.9 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 £153.7 million, an increase of £29.1 million over the prior year, due to continued investment in the first
team playing squad.
Net cash inflow from financing activities for
the year was £86.2 million. This is due to £158.5 million of proceeds from the issue of shares as part of the transaction
agreement with Trawlers Limited, partially offset by £70.0 million of net repayments on our revolving facilities.
Balance sheet
Our USD non-current borrowings as of 30 June 2024
were $650 million, which was unchanged from 30 June 2023. As a result of the year-on-year change in the USD/GBP exchange rate from
1.2716 at 30 June 2023 to 1.2643 at 30 June 2024, our non-current borrowings when converted to GBP were £511.0 million,
compared to £507.3 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 including accrued interest, at
30 June 2024 were £35.6 million compared to £106.0 million at 30 June 2023.
As of 30 June 2024, cash and cash equivalents
were £73.5 million compared to £76.0 million at the prior year end. This movement is detailed further in the Statement of
Cash Flows on page 14 of this report.
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 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.
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 2024 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
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 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 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 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 weighted average US federal corporate income tax rate of 21% (2023: 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 | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenue | |
| | | |
| | | |
| | | |
| | |
| Commercial % of total revenue | |
| 45.8 | % | |
| 46.7 | % | |
| 50.1 | % | |
| 40.3 | % |
| Broadcasting % of total revenue | |
| 33.5 | % | |
| 32.2 | % | |
| 27.0 | % | |
| 38.6 | % |
| Matchday % of total revenue | |
| 20.7 | % | |
| 21.0 | % | |
| 22.9 | % | |
| 21.2 | % |
| | |
| | | |
| | | |
| | | |
| | |
| | |
2023/24
Season | | |
2022/23
Season | | |
2023/24
Season | | |
2022/23
Season | |
| Home Matches Played | |
| | | |
| | | |
| | | |
| | |
| PL | |
| 19 | | |
| 19 | | |
| 5 | | |
| 6 | |
| UEFA competitions | |
| 3 | | |
| 6 | | |
| - | | |
| 1 | |
| Domestic Cups | |
| 3 | | |
| 8 | | |
| - | | |
| - | |
| Away Matches Played | |
| | | |
| | | |
| | | |
| | |
| PL | |
| 19 | | |
| 19 | | |
| 4 | | |
| 6 | |
| UEFA competitions | |
| 3 | | |
| 6 | | |
| - | | |
| 1 | |
| Domestic Cups | |
| 5 | | |
| 4 | | |
| 2 | | |
| 2 | |
| Other | |
| | | |
| | | |
| | | |
| | |
| Employees at period end | |
| 1,127 | | |
| 1,134 | | |
| 1,127 | | |
| 1,134 | |
| Employee benefit expenses % of revenue | |
| 55.1 | % | |
| 51.1 | % | |
| 62.0 | % | |
| 51.9 | % |
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)
| |
|
Twelve months ended
30 June |
|
|
Three months ended
30 June |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenue from contracts with customers |
|
|
661,755 |
|
|
|
648,401 |
|
|
|
142,210 |
|
|
|
167,331 |
|
| Operating expenses |
|
|
(768,530 |
) |
|
|
(681,117 |
) |
|
|
(181,375 |
) |
|
|
(173,158 |
) |
| Other operating income |
|
|
- |
|
|
|
1,112 |
|
|
|
- |
|
|
|
1,112 |
|
| Profit on disposal of intangible assets |
|
|
37,422 |
|
|
|
20,424 |
|
|
|
6,752 |
|
|
|
4,455 |
|
| Operating loss |
|
|
(69,353 |
) |
|
|
(11,180 |
) |
|
|
(32,413 |
) |
|
|
(260 |
) |
| Finance costs |
|
|
(63,867 |
) |
|
|
(44,917 |
) |
|
|
(10,147 |
) |
|
|
(14,140 |
) |
| Finance income |
|
|
2,496 |
|
|
|
23,523 |
|
|
|
990 |
|
|
|
12,620 |
|
| Net finance costs |
|
|
(61,371 |
) |
|
|
(21,394 |
) |
|
|
(9,157 |
) |
|
|
(1,520 |
) |
| Loss before tax |
|
|
(130,724 |
) |
|
|
(32,574 |
) |
|
|
(41,570 |
) |
|
|
(1,780 |
) |
| Income tax credit/(expense) |
|
|
17,565 |
|
|
|
3,896 |
|
|
|
5,294 |
|
|
|
(1,141 |
) |
| Loss for the period |
|
|
(113,159 |
) |
|
|
(28,678 |
) |
|
|
(36,276 |
) |
|
|
(2,921 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per share (pence) (1) |
|
|
(68.44 |
) |
|
|
(17.59 |
) |
|
|
(21.44 |
) |
|
|
(1.79 |
) |
| Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1) |
|
|
165,345 |
|
|
|
163,062 |
|
|
|
169,220 |
|
|
|
163,062 |
|
(1) For the twelve and
three months ended 30 June 2024 and the twelve and three months ended 30 June 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 30 June | |
| | |
2024 | | |
2023 | |
| ASSETS | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Property, plant and equipment | |
| 256,118 | | |
| 253,282 | |
| Right-of-use assets | |
| 8,195 | | |
| 8,760 | |
| Investment properties | |
| 19,713 | | |
| 19,993 | |
| Intangible assets | |
| 837,564 | | |
| 812,382 | |
| Deferred tax asset | |
| 17,607 | | |
| - | |
| Trade receivables | |
| 27,930 | | |
| 22,303 | |
| Derivative financial instruments | |
| 380 | | |
| 7,492 | |
| | |
| 1,167,507 | | |
| 1,124,212 | |
| Current assets | |
| | | |
| | |
| Inventories | |
| 3,543 | | |
| 3,165 | |
| Prepayments | |
| 18,759 | | |
| 16,487 | |
| Contract assets – accrued revenue | |
| 39,778 | | |
| 43,332 | |
| Trade receivables | |
| 36,999 | | |
| 31,167 | |
| Other receivables | |
| 2,735 | | |
| 9,928 | |
| Income tax receivable | |
| - | | |
| 5,317 | |
| Derivative financial instruments | |
| 1,917 | | |
| 8,317 | |
| Cash and cash equivalents | |
| 73,549 | | |
| 76,019 | |
| | |
| 117,280 | | |
| 193,732 | |
| Total assets | |
| 1,344,787 | | |
| 1,317,944 | |
CONSOLIDATED
BALANCE SHEET (continued)
(unaudited; in
£ thousands)
| | |
As
of 30 June | |
| | |
2024 | | |
2023 | |
| EQUITY AND LIABILITIES | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Share capital | |
| 55 | | |
| 53 | |
| Share premium | |
| 227,361 | | |
| 68,822 | |
| Treasury shares | |
| (21,305 | ) | |
| (21,305 | ) |
| Merger reserve | |
| 249,030 | | |
| 249,030 | |
| Hedging reserve | |
| (1,000 | ) | |
| 4,002 | |
| Retained deficit | |
| (309,251 | ) | |
| (196,652 | ) |
| | |
| 144,890 | | |
| 103,950 | |
| Non-current liabilities | |
| | | |
| | |
| Deferred tax liabilities | |
| - | | |
| 3,304 | |
| Contract liabilities - deferred revenue | |
| 5,347 | | |
| 6,659 | |
| Trade and other payables | |
| 175,894 | | |
| 161,141 | |
| Borrowings | |
| 511,047 | | |
| 507,335 | |
| Lease liabilities | |
| 7,707 | | |
| 7,844 | |
| Derivative financial instruments | |
| 4,911 | | |
| 748 | |
| Provisions | |
| - | | |
| 93 | |
| | |
| 704,906 | | |
| 687,124 | |
| Current liabilities | |
| | | |
| | |
| Contract liabilities - deferred revenue | |
| 198,628 | | |
| 169,624 | |
| Trade and other payables | |
| 249,030 | | |
| 236,472 | |
| Income tax liabilities | |
| 427 | | |
| - | |
| Borrowings | |
| 35,574 | | |
| 105,961 | |
| Lease liabilities | |
| 934 | | |
| 1,036 | |
| Derivative financial instruments | |
| 2,603 | | |
| 931 | |
| Provisions | |
| 7,795 | | |
| 12,846 | |
| | |
| 494,991 | | |
| 526,870 | |
| Total equity and liabilities | |
| 1,344,787 | | |
| 1,317,944 | |
CONSOLIDATED
STATEMENT OF CASH FLOWS
(unaudited; in
£ thousands)
| |
|
Twelve months ended
30 June |
|
|
Three months ended
30 June |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash generated from operations (see supplemental note 4) |
|
|
117,461 |
|
|
|
128,857 |
|
|
|
132,186 |
|
|
|
116,663 |
|
| Interest paid |
|
|
(37,225 |
) |
|
|
(31,952 |
) |
|
|
(5,387 |
) |
|
|
(6,675 |
) |
| Interest received |
|
|
1,686 |
|
|
|
496 |
|
|
|
833 |
|
|
|
289 |
|
| Tax refunded/(paid) |
|
|
3,749 |
|
|
|
(1,632 |
) |
|
|
(1,775 |
) |
|
|
(1,020 |
) |
| Net cash inflow from operating activities |
|
|
85,671 |
|
|
|
95,769 |
|
|
|
125,857 |
|
|
|
109,257 |
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payments for property, plant and equipment |
|
|
(17,511 |
) |
|
|
(15,611 |
) |
|
|
(2,562 |
) |
|
|
(5,795 |
) |
| Payments for intangible assets |
|
|
(190,721 |
) |
|
|
(156,165 |
) |
|
|
(4,326 |
) |
|
|
(11,449 |
) |
| Proceeds from sale of intangible assets |
|
|
37,028 |
|
|
|
31,616 |
|
|
|
762 |
|
|
|
11,785 |
|
| Net cash outflow from investing activities |
|
|
(171,204 |
) |
|
|
(140,160 |
) |
|
|
(6,126 |
) |
|
|
(5,459 |
) |
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from borrowings |
|
|
160,000 |
|
|
|
100,000 |
|
|
|
- |
|
|
|
- |
|
| Repayment of borrowings |
|
|
(230,000 |
) |
|
|
(100,000 |
) |
|
|
(110,000 |
) |
|
|
(100,000 |
) |
| Proceeds from issue of shares |
|
|
158,542 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Principal elements of lease payments |
|
|
(976 |
) |
|
|
(1,952 |
) |
|
|
(296 |
) |
|
|
(350 |
) |
| Debt issue costs paid |
|
|
(1,335 |
) |
|
|
- |
|
|
|
(1,335 |
) |
|
|
- |
|
| Net cash inflow/(outflow) from financing activities |
|
|
86,231 |
|
|
|
(1,952 |
) |
|
|
(111,631 |
) |
|
|
(100,350 |
) |
| Effects of exchange rate changes on cash and cash equivalents |
|
|
(3,168 |
) |
|
|
1,139 |
|
|
|
(1,545 |
) |
|
|
(1,162 |
) |
| Net (decrease)/increase in cash and cash equivalents |
|
|
(2,470 |
) |
|
|
(45,204 |
) |
|
|
6,555 |
|
|
|
2,286 |
|
| Cash and cash equivalents at beginning of period |
|
|
76,019 |
|
|
|
121,223 |
|
|
|
66,994 |
|
|
|
73,733 |
|
| Cash and cash equivalents at end of period |
|
|
73,549 |
|
|
|
76,019 |
|
|
|
73,549 |
|
|
|
76,019 |
|
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 loss for the period to adjusted EBITDA |
| |
|
Twelve months ended
30 June |
|
|
Three months ended
30 June |
|
| |
|
2024
£’000 |
|
|
2023
£’000 |
|
|
2024
£’000 |
|
|
2023
£’000 |
|
| Loss for the period |
|
|
(113,159 |
) |
|
|
(28,678 |
) |
|
|
(36,276 |
) |
|
|
(2,921 |
) |
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax (credit)/expense |
|
|
(17,565 |
) |
|
|
(3,896 |
) |
|
|
(5,294 |
) |
|
|
1,141 |
|
| Net finance costs |
|
|
61,371 |
|
|
|
21,394 |
|
|
|
9,157 |
|
|
|
1,520 |
|
| Profit on disposal of intangible assets |
|
|
(37,422 |
) |
|
|
(20,424 |
) |
|
|
(6,752 |
) |
|
|
(4,455 |
) |
| Exceptional items |
|
|
47,778 |
|
|
|
- |
|
|
|
7,843 |
|
|
|
- |
|
| Amortization |
|
|
190,123 |
|
|
|
172,684 |
|
|
|
46,521 |
|
|
|
44,652 |
|
| Depreciation and impairment |
|
|
16,526 |
|
|
|
13,848 |
|
|
|
4,127 |
|
|
|
3,294 |
|
| Adjusted EBITDA |
|
|
147,652 |
|
|
|
154,928 |
|
|
|
19,326 |
|
|
|
43,231 |
|
| 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 |
|
| |
|
2024
£’000 |
|
|
2023
£’000 |
|
|
2024
£’000 |
|
|
2023
£’000 |
|
| Loss for the period |
|
|
(113,159 |
) |
|
|
(28,678 |
) |
|
|
(36,276 |
) |
|
|
(2,921 |
) |
| Exceptional items |
|
|
47,778 |
|
|
|
- |
|
|
|
7,843 |
|
|
|
- |
|
| Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings |
|
|
2,755 |
|
|
|
(22,375 |
) |
|
|
(307 |
) |
|
|
(12,081 |
) |
| Fair value movement on embedded foreign exchange derivatives |
|
|
6,742 |
|
|
|
1,604 |
|
|
|
(1,590 |
) |
|
|
1,106 |
|
| Income tax (credit)/expense |
|
|
(17,565 |
) |
|
|
(3,896 |
) |
|
|
(5,294 |
) |
|
|
1,141 |
|
| Adjusted loss before tax |
|
|
(73,449 |
) |
|
|
(53,345 |
) |
|
|
(35,624 |
) |
|
|
(12,755 |
) |
| Adjusted income tax credit (using a normalized tax rate of 21% (2023: 21%)) |
|
|
18,362 |
|
|
|
11,202 |
|
|
|
8,906 |
|
|
|
2,679 |
|
| Adjusted loss for the period (i.e. adjusted net loss) |
|
|
(55,087 |
) |
|
|
(42,143 |
) |
|
|
(26,718 |
) |
|
|
(10,076 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted basic and diluted loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted basic and diluted loss per share (pence)(1) |
|
|
(33.32 |
) |
|
|
(25.84 |
) |
|
|
(15.79 |
) |
|
|
(6.18 |
) |
| Weighted average number of ordinary shares used as the denominator in calculating adjusted basic and diluted loss per share (thousands) (1) |
|
|
165,345 |
|
|
|
163,062 |
|
|
|
169,220 |
|
|
|
163,062 |
|
(1) For the twelve and
three months ended 30 June 2024 and the twelve and three months ended 30 June 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 |
| |
|
Twelve months ended
30 June |
|
|
Three months ended
30 June |
|
| |
|
2024
£’000 |
|
|
2023
£’000 |
|
|
2024
£’000 |
|
|
2023
£’000 |
|
| Loss for the period |
|
|
(113,159 |
) |
|
|
(28,678 |
) |
|
|
(36,276 |
) |
|
|
(2,921 |
) |
| Income tax (credit)/expense |
|
|
(17,565 |
) |
|
|
(3,896 |
) |
|
|
(5,294 |
) |
|
|
1,141 |
|
| Loss before income tax |
|
|
(130,724 |
) |
|
|
(32,574 |
) |
|
|
(41,570 |
) |
|
|
(1,780 |
) |
| Adjustments for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and impairment |
|
|
16,526 |
|
|
|
13,848 |
|
|
|
4,127 |
|
|
|
3,294 |
|
| Amortization |
|
|
190,123 |
|
|
|
172,684 |
|
|
|
46,521 |
|
|
|
44,652 |
|
| Profit on disposal of intangible assets |
|
|
(37,422 |
) |
|
|
(20,424 |
) |
|
|
(6,752 |
) |
|
|
(4,455 |
) |
| Net finance costs |
|
|
61,371 |
|
|
|
21,394 |
|
|
|
9,157 |
|
|
|
1,520 |
|
| Non-cash employee benefit expense - equity-settled share-based payments |
|
|
875 |
|
|
|
1,753 |
|
|
|
(1,032 |
) |
|
|
39 |
|
| Foreign exchange losses on operating activities |
|
|
2,041 |
|
|
|
2,989 |
|
|
|
1,153 |
|
|
|
(1,958 |
) |
| Reclassified from hedging reserve |
|
|
- |
|
|
|
267 |
|
|
|
- |
|
|
|
513 |
|
| Changes in working capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inventories |
|
|
(378 |
) |
|
|
(965 |
) |
|
|
214 |
|
|
|
(520 |
) |
| Prepayments |
|
|
(1,726 |
) |
|
|
(1,704 |
) |
|
|
(415 |
) |
|
|
(80 |
) |
| Contract assets – accrued revenue |
|
|
3,554 |
|
|
|
(7,093 |
) |
|
|
14,109 |
|
|
|
19,541 |
|
| Trade receivables |
|
|
2,358 |
|
|
|
24,433 |
|
|
|
4,864 |
|
|
|
20,754 |
|
| Other receivables |
|
|
7,193 |
|
|
|
(8,359 |
) |
|
|
(900 |
) |
|
|
(7,897 |
) |
| Contract liabilities – deferred revenue |
|
|
27,692 |
|
|
|
(6,261 |
) |
|
|
94,498 |
|
|
|
42,360 |
|
| Trade and other payables |
|
|
(18,904 |
) |
|
|
(31,139 |
) |
|
|
10,955 |
|
|
|
731 |
|
| Provisions |
|
|
(5,118 |
) |
|
|
8 |
|
|
|
(2,743 |
) |
|
|
(51 |
) |
| Cash generated from operations |
|
|
117,461 |
|
|
|
128,857 |
|
|
|
132,186 |
|
|
|
116,663 |
|
Grafico Azioni Manchester United (NYSE:MANU)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Manchester United (NYSE:MANU)
Storico
Da Dic 2023 a Dic 2024
