Manchester United plc 2018 Fourth Quarter and Full Year Results

  • RECORD TOTAL REVENUE OF £590.0 MILLION
  • ADJUSTED EBITDA OF £177.1 MILLION
  • OPERATING PROFIT OF £44.1 MILLION

MANCHESTER, England--()--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 2018 fiscal fourth quarter and twelve months ended 30 June 2018.

Highlights
  • 7 sponsorship deals announced including first shirt sleeve partnership with Kohler
    • 5 global partnerships
    • 1 regional partnership; and
    • 1 financial services partnership.
  • Successfully launched Manchester United new club website and app
  • Commencement of a new UEFA club competitions cycle with gross commercial revenue up 33% to €3.2 billion
  • Favourable change to EPL international distribution effective 19/20
  • Established Manchester United Women’s Football Club competing in the 18/19 FA Women’s Championship
Commentary

Ed Woodward, Executive Vice Chairman, commented, “Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies.  That is what our passionate fans and our history demands.  We are committed to our philosophy of blending top academy graduates with world class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.  Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”

Outlook

For fiscal 2019, Manchester United expect:

  • Revenue to be £615m to £630m
  • Adjusted EBITDA to be £175m to £190m

Key Financials (unaudited)

£ million (except (loss)/earnings per share)   Twelve months ended

30 June

      Three months ended

30 June

   
  2018   2017 Change 2018   2017 Change
Commercial revenue 276.1 275.5 0.2% 63.5 67.9 (6.5%)
Broadcasting revenue 204.1 194.1 5.2% 64.7 81.1 (20.2%)
Matchday revenue 109.8 111.6 (1.6%) 19.4 26.9 (27.9%)
Total revenue 590.0 581.2 1.5% 147.6 175.9 (16.1%)
Adjusted EBITDA1 177.1 199.8 (11.4%) 36.6 69.6 (47.4%)
Operating profit 44.1 80.8 (45.4%) 2.5 41.1 (93.9%)
 
(Loss)/profit for the period (i.e. net (loss)/income) 2 (37.3) 39.2 - (16.3) 24.3 -
Basic (loss)/earnings per share (22.70) 23.88 - (9.89) 14.79 -

Adjusted profit/(loss) for the period (i.e. adjusted net income/(loss))1

17.4 34.8 (50.0%) (0.8) 22.9 -
Adjusted basic earnings/ (loss) per share (pence)1 10.59 21.20 (50.0%) (0.51) 13.98 -
 
Net debt1/3 253.7 213.1 19.1% 253.7 213.1 19.1%

1 Adjusted EBITDA, adjusted profit/(loss) for the period, adjusted basic earnings/(loss) per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” below 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 The US federal corporate income tax rate reduced from 35% to 21% following the substantive enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the loss for the twelve months ended 30 June 2018 includes a non-cash tax accounting write off of £48.8 million.
3 The gross USD debt principal remains unchanged.

Revenue Analysis

Commercial
Commercial revenue for the year was £276.1 million, an increase of £0.6 million, or 0.2%, over the prior year.

  • Sponsorship revenue was £173.2 million, an increase of £1.7 million, or 1.0%, over the prior year.
  • Retail, Merchandising, Apparel & Product Licensing revenue was £102.9 million, a decrease of £1.1 million, or 1.1%, over the prior year.

For the quarter, commercial revenue was £63.5 million, a decrease of £4.4 million, or 6.5%, over the prior year quarter.

  • Sponsorship revenue was £38.9 million, a decrease of £3.2 million, or 7.6%, over the prior year quarter.
  • Retail, Merchandising, Apparel & Product Licensing revenue was £24.6 million, a decrease of £1.2 million, or 4.7%, over the prior year quarter.

Broadcasting
Broadcasting revenue for the year was £204.1 million, an increase of £10.0 million, or 5.2%, over the prior year, primarily due to finishing runners up in the Premier League compared to sixth in the prior year.

Broadcasting revenue for the quarter was £64.7 million, a decrease of £16.4 million, or 20.2%, over the prior year quarter, primarily due to winning the UEFA Europa League in the prior year.

Matchday
Matchday revenue for the year was £109.8 million, a decrease of £1.8 million, or 1.6%, over the prior year.

Matchday revenue for the quarter was £19.4 million, a decrease of £7.5 million, or 27.9%, over the prior year quarter, primarily due to quarterly phasing of Premier League home games and impact of UEFA Europa League quarter-final and semi-final home games in the prior year quarter.

Other Financial Information

Operating expenses
Total operating expenses for the year were £564.0 million, an increase of £52.7 million, or 10.3%, over the prior year.

Employee benefit expenses
Employee benefit expenses for the year were £295.9 million, an increase of £32.4 million, or 12.3%, over the prior year, primarily due to player salary uplifts related to participation in the UEFA Champions League.

Other operating expenses
Other operating expenses for the year were £117.0 million, a decrease of £0.9 million, or 0.8%, over the prior year.

Depreciation and amortization
Depreciation for the year was £10.8 million, an increase of £0.5 million, or 4.9%, over the prior year. Amortization for the year was £138.4 million, an increase of £14.0 million, or 11.3%, over the prior year. The unamortized balance of registrations at 30 June 2018 was £369.5 million.

Exceptional items
Exceptional costs for the year were £1.9 million, relating to the present value of the additional contributions the Group is expected to pay to make good the increased deficit of the Football League pension scheme pursuant to the latest triennial actuarial valuation at 31 August 2017. Exceptional credit for the prior year was £4.8 million, relating to a reversal of a player registration impairment charge for a player considered to be re-established as a member of the first team playing squad.

Profit on disposal of intangible assets
Profit on disposal of intangible assets for the year was £18.1 million, compared to £10.9 million for the prior year. The profit on disposal of intangible assets for the year primarily relates to the disposal of Januzaj (Real Sociedad) and sell on fees relating to former players.

Net finance costs
Net finance costs for the year were £18.0 million, a decrease of £6.3 million, or 25.9%, over the prior year. The decrease was primarily due to unrealized foreign exchange gains on unhedged USD borrowings.

Tax
The tax expense for the year was £63.4 million, compared to £17.3 million in the prior year. The current year charge includes a non-cash, tax accounting write-off of £48.8 million following the substantive enactment of US tax reform on 22 December 2017. The non-cash write-off was primarily due to the reduction in the US federal corporate income tax rate from 35% to 21%, which necessitated re-measurement of the existing US deferred tax position in the period to 31 December 2017.

Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £48.2 million in the year.

Net cash generated from operating activities for the year was £95.2 million, a decrease of £132.5 million over the prior year, primarily due to timing of cash receipts on commercial contractual arrangements.

Net capital expenditure on property, plant and equipment for the year was £13.2 million, an increase of £4.9 million over the prior year.

Net capital expenditure on intangible assets for the year was £108.1 million, a decrease of £33.9 million over the prior year.

Net debt
Net Debt as of 30 June 2018 was £253.7 million, an increase of £40.6 million over the year, primarily due to an overall decrease in cash and cash equivalents as described above. The gross USD debt principal remains unchanged.

Dividend
Two semi-annual dividends of $0.09 per share were paid during the year.

Conference Call Information

The Company’s conference call to review fiscal 2018 and fourth quarter results will be broadcast live over the internet today, 25 September 2018 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

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 140-year heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports brands and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday.

Cautionary Statement

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 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).

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 2018 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)/profit for the period before depreciation, amortization, profit on disposal of intangible assets, exceptional items, net finance costs, and tax.

We believe 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), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of (loss)/profit for the period to Adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit/(loss) for the period (i.e. adjusted net income/(loss))
Adjusted profit/(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, and fair value movements on derivative financial instruments, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 28%; 2017: 35%). The normalized tax rate of 28% was the weighted average US federal corporate income tax rate applicable during the financial year.

We believe that 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 28% (2017: 35%) applicable during the financial year. A reconciliation of (loss)/profit for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings/(loss) per share
Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. We have one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted earnings/(loss) per share are presented in supplemental note 3.

4. Net debt
Net debt is calculated as non-current and current borrowings minus cash and cash equivalents.

Key Performance Indicators

  Twelve months ended   Three months ended
30 June 30 June
  2018   2017 2018   2017
Commercial % of total revenue 46.8% 47.4% 43.0% 38.6%
Broadcasting % of total revenue 34.6% 33.4% 43.8% 46.1%
Matchday % of total revenue 18.6% 19.2% 13.2% 15.3%
Home Matches Played        
PL 19 19 3 5
UEFA competitions 4 7 - 2
Domestic Cups 3 5 - -
Away Matches Played        
UEFA competitions 5 8 - 3
Domestic Cups 6 5 2 -
 
Other        
Employees at period end 922 895 922 895
Employee benefit expenses % of revenue 50.2% 45.3% 55.1% 40.4%
 

Phasing of Premier League home games

 

Quarter 1

Quarter 2 Quarter 3 Quarter 4 Total
2018/19 season* 3 7 6 3 19
2017/18 season 4 7 5 3 19
2016/17 season 3 7 4 5 19

*Subject to changes in broadcasting scheduling


CONSOLIDATED INCOME STATEMENT
(unaudited; in £ thousands, except per share and shares outstanding data)

   
  Twelve months ended

30 June

Three months ended

30 June

 

2018   2017 2018   2017
Revenue 590,022 581,204 147,611 175,936
Operating expenses (564,006) (511,315) (148,307) (138,118)
Profit on disposal of intangible assets 18,119 10,926 3,273 3,327
Operating profit 44,135 80,815 2,577 41,145
Finance costs (24,233) (26,829) (14,868) (9,375)
Finance income 6,195 2,552 884 6,279
Net finance costs (18,038) (24,277) (13,984) (3,096)
Profit/(loss) before tax 26,097 56,538 (11,407) 38,049
Tax expense1 (63,367) (17,361) (4,832) (13,797)
(Loss)/profit for the period1 (37,270) 39,177 (16,239) 24,252
 
Basic (loss)/earnings per share:
Basic (loss)/earnings per share (pence)1 (22.70) 23.88 (9.89) 14.79
Weighted average number of ordinary shares outstanding (thousands) 164,195 164,025 164,195 164,025
Diluted (loss)/earnings per share:
Diluted (loss)/earnings per share (pence)1/2 (22.70) 23.82 (9.89) 14.74
Weighted average number of ordinary shares outstanding (thousands) 164,610 164,493 164,610 164,493

1 The US federal corporate income tax rate reduced from 35% to 21% following the substantive enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the tax expense for the year ended 30 June 2018 includes a non-cash tax accounting write off of £48.8 million. Accordingly, this has resulted in a loss for the twelve months ended 30 June 2018 and also a basic and diluted loss per share.

2 For the twelve and three months ended 30 June 2018, 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

2018

As of

30 June

2017

ASSETS
Non-current assets
Property, plant and equipment 245,401 244,738
Investment property 13,836 13,966
Intangible assets 799,640 717,544
Derivative financial instruments 4,807 1,666
Trade and other receivables 4,724 15,399
Tax receivable 547 -
Deferred tax asset 63,974 142,107
  1,132,929 1,135,420
Current assets
Inventories 1,416 1,637
Derivative financial instruments 1,159 3,218
Trade and other receivables 168,060 103,732
Tax receivable 800 -
Cash and cash equivalents 242,022 290,267
  413,457 398,854
Total assets 1,546,386 1,534,274


CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)

   
  As of

30 June

2018

As of

30 June

2017

EQUITY AND LIABILITIES
Equity
Share capital 53 53
Share premium 68,822 68,822
Merger reserve 249,030 249,030
Hedging reserve (27,738) (31,724)
Retained earnings 135,099 191,436
  425,266 477,617
Non-current liabilities
Derivative financial instruments - 655
Trade and other payables 104,271 83,587
Borrowings 486,694 497,630
Deferred revenue 37,085 39,648
Deferred tax liabilities 28,559 20,828
  656,609 642,348
Current liabilities
Derivative financial instruments - 1,253
Tax liabilities 3,874 9,772
Trade and other payables 267,996 190,315
Borrowings 9,074 5,724
Deferred revenue 183,567 207,245
  464,511 414,309
Total equity and liabilities 1,546,386 1,534,274


CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)

   

Twelve months ended
30 June

Three months ended

30 June

  2018   2017 2018   2017
Cash flows from operating activities
Cash generated from operations (see supplemental note 4) 119,604 251,759 102,350 180,539

Interest paid

(18,904) (19,523) (2,055) (1,760)
Interest received 1,187 736 533 312
Tax paid (6,637) (5,312) (249) (1,359)
Net cash generated from operating activities 95,250 227,660 100,579 177,732
Cash flows from investing activities
Payments for property, plant and equipment (13,260) (8,373) (3,675) (2,021)
Proceeds from sale of property, plant and equipment 81 - 6 -
(Payments)/refund for investment property - (641) - 18
Payments for intangible assets (154,955) (193,825) (19,022) (23,543)
Proceeds from sale of intangible assets 46,865 51,871 6,220 1,266
Net cash used in investing activities (121,269) (150,968) (16,471) (24,280)
Cash flows from financing activities
Repayment of borrowings (419) (395) (107) (100)
Dividends paid (21,982) (23,295) (11,053) (11,471)
Net cash used in financing activities (22,401) (23,690) (11,160) (11,571)
Net (decrease)/increase in cash and cash equivalents (48,420) 53,002 72,948 141,881
Cash and cash equivalents at beginning of period 290,267 229,194 161,717 152,653
Effects of exchange rate changes on cash and cash equivalents 175 8,071 7,357 (4,267)
Cash and cash equivalents at end of period 242,022 290,267 242,022 290,267

SUPPLEMENTAL NOTES

1 General information
Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

2 Reconciliation of (loss)/profit for the period to Adjusted EBITDA

  Twelve months ended

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  Three months ended

30 June

  2018

£’000

  2017

£’000

2018

£’000

  2017

£’000

(Loss)/profit for the period (37,270) 39,177 (16,239) 24,252
Adjustments:
Tax expense 63,367 17,361 4,832 13,797
Net finance costs 18,038 24,277 13,984 3,096
Profit on disposal of intangible assets (18,119) (10,926) (3,273) (3,327)
Exceptional items 1,917 (4,753) 1,917 -
Amortization 138,380 124,434 32,591 29,275
Depreciation 10,755 10,228 2,804 2,507
Adjusted EBITDA 177,068 199,798 36,616 69,600


3 Reconciliation of (loss)/profit for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

  Twelve months ended

30 June

  Three months ended

30 June

 

2018

£’000

  2017

£’000

2018

£’000

  2017

£’000

(Loss)/profit for the period (37,270) 39,177 (16,239) 24,252
Exceptional items 1,917 (4,753) 1,917 -
Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings (4,952) (1,816) 8,633 (5,967)
Fair value movement on derivative financial instruments 1,089 3,534 (295) 3,190
Tax expense 63,367 17,361 4,832 13,797
Adjusted profit/(loss) before tax 24,151 53,503 (1,152) 35,272
Adjusted tax (expense)/credit (using a normalized tax rate of 28% (2017: 35%)) (6,762) (18,726) 323 (12,345)
Adjusted profit/(loss) for the period (i.e. adjusted net income/(loss)) 17,389 34,777 (829) 22,927
 
Adjusted basic earnings/(loss) per share:
Adjusted basic earnings/(loss) per share (pence) 10.59 21.20 (0.51) 13.98
Weighted average number of ordinary shares outstanding (thousands) 164,195 164,025 164,195 164,025
Adjusted diluted earnings/(loss) per share:
Adjusted diluted earnings/(loss) per share (pence)1 10.56 21.14 (0.51) 13.94
Weighted average number of ordinary shares outstanding (thousands) 164,610 164,493 164,610 164,493

1 For the three months ended 30 June 2018 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

  2018

£’000

  2017

£’000

2018

£’000

  2017

£’000

(Loss)/profit for the period (37,270) 39,177 (16,239) 24,252
Tax expense 63,367 17,361 4,832 13,797
Profit/(loss) before tax 26,097 56,538 (11,407) 38,049
Adjustments for:
Depreciation 10,755 10,228 2,804 2,507
Reversal of impairment - (4,753) - -
Amortization 138,380 124,434 32,591 29,275
Profit on disposal of intangible assets (18,119) (10,926) (3,273) (3,327)
Net finance costs 18,038 24,277 13,984 3,096
(Profit)/loss on disposal of property, plant and equipment (81) 43 (6) 43
Equity-settled share-based payments 2,915 2,187 1,095 751
Foreign exchange losses/(gains) on operating activities 994 2,646 (206) 242
Reclassified from hedging reserve 14,395 4,765 2,915 2,358
Changes in working capital:
Inventories 221 (711) (18) (289)
Trade and other receivables (72,027) 17,525 (79,295) (15,745)
Trade and other payables and deferred revenue (1,964) 25,506 143,166 123,579
Cash generated from operations 119,604 251,759 102,350 180,539


5 Retrospective impact of adoption of IFRS 15

The Group will adopt IFRS 15, “Revenue from contracts with customers”, from 1 July 2018 and will apply the standard retrospectively to each prior reporting period presented. The standard replaces IAS 18, “Revenue” and IAS 11, “Construction Contracts” and related interpretations. The table below shows the retrospective impact on revenue for the four quarters ended 30 June 2018.

Commercial revenue
IFRS 15 focuses on the identification and satisfaction of performance obligations and includes specific guidance on the methods for measuring progress towards complete satisfaction of a performance obligation. Such guidance was not present in IAS 18 and therefore treatment was open to interpretation. As a result of the specific guidance in IFRS 15, revenue on certain commercial contracts will be recognized earlier under the new standard. The effect of the retrospective application will be an increase in cumulative revenue recognised over the financial years up to and including the year ended 30 June 2018 including a reduction to the amount of revenue recognized during the financial year ended 30 June 2018 only.

Broadcasting revenue
Broadcasting merit awards are currently recognized one share in the first quarter with the remainder being recognized when they are known at the end of each football season. Merit awards represent variable consideration and therefore, following adoption of IFRS 15, will be recognized evenly as each Premier League match (home and away) is played, based on management’s estimate of where the Club’s finishing position will be at the end of each season. Broadcasting equal share payments are currently recognized evenly as each Premier League home match is played. Following adoption of IFRS 15, equal share payments will be recognized as each Premier League match (home and away) is played. Note, these changes only affect the amount of broadcasting revenue recognized in each quarter, they do not affect the amount of broadcasting revenue recognized for the financial year as a whole.

Matchday revenue
Adoption of IFRS 15 has no impact on the recognition of matchday revenue.

£’000   Three months ended

30 September

2017

  Three months ended

31 December

2017

  Three months ended

31 March

2018

  Three months ended

30 June

2018

  Twelve months ended

30 June

2018

Commercial revenue
Reported 80,544 65,366 66,673 63,516 276,099
Adjustment (66) (66) (66) (66) (264)
Restated 80,478 65,300 66,607 63,450 275,835
 
Broadcasting revenue
Reported 38,082 61,628 39,674 64,753 204,137
Adjustment 2,751 13,519 9,656 (25,926) -
Restated 40,833 75,147 49,330 38,827 204,137
 
Matchday revenue
Reported 22,354 36,968 31,122 19,342 109,786
Adjustment - - - - -
Restated 22,354 36,968 31,122 19,342 109,786
 
Total revenue
Reported 140,980 163,962 137,469 147,611 590,022
Adjustment 2,685 13,453 9,590 (25,992) (264)
Restated 143,665 177,415 147,059 121,619 589,758

Contacts

Manchester United plc
Investor Relations
Cliff Baty
Chief Financial Officer
+44 161 868 8650
ir@manutd.co.uk
or
Sard Verbinnen & Co
Jim Barron
JBarron@SARDVERB.com
or
Devin Broda
dbroda@SARDVERB.com
+ 1 212 687 8080

Contacts

Manchester United plc
Investor Relations
Cliff Baty
Chief Financial Officer
+44 161 868 8650
ir@manutd.co.uk
or
Sard Verbinnen & Co
Jim Barron
JBarron@SARDVERB.com
or
Devin Broda
dbroda@SARDVERB.com
+ 1 212 687 8080