Manchester United Plc Reports Second Quarter Fiscal 2024 Results

Key Points

  • Club announced the completion of the minority investment by Sir Jim Ratcliffe which includes an additional $300 million of primary investment, $200 million of which was received upon completion
  • Club announced the appointment of Omar Berrada as CEO
  • Club achieved record 2Q revenues of £225.8 million driven primarily by UEFA Champions League participation benefit and continued strong Matchday momentum with record attendance for all teams
  • Both the Men and Women’s first teams advanced to the quarterfinals of the Men and Women’s FA Cup competitions with matches scheduled for mid-March
  • The Men’s first team loaned out a total of 11 players in the January transfer window, while the Women’s team loaned out two players
  • Club announced a new partnership with SCAYLE to provide a best-in-class e-commerce experience beginning Fiscal 2025
  • On 8 March, the Club announced the creation of a task force to explore options for stadium development at Old Trafford and regeneration of the surrounding area
  • Club announced a return to the USA for Summer Tour 2024 with matches scheduled for Los Angeles, California on 27 July and Columbia, South Carolina on 3 August with an additional US match to be announced

MANCHESTER, England--()--Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) – one of the most popular and successful sports teams in the world – today announced financial results for the 2024 fiscal second quarter ended 31 December 2023.

Cliff Baty, Chief Financial Officer, said: “We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year. This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch.”

Outlook

For fiscal 2024, the Company reiterates its previous revenue guidance of £635 million to £665 million and its previous adjusted EBITDA guidance of £125 million to £150 million.

Phasing of Premier League games

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total

2023/24 season

7

13

9

9

38

2022/23 season

6

10

10

12

38

2021/22 season

6

12

11

9

38

Key Financials (unaudited)

£ million (except earnings/(loss) per share)

Three months ended

31 December

 

Six months ended

31 December

 

 

2023

2022

Change

2023

2022

Change

Commercial revenue

71.8

78.7

(8.8%)

162.2

166.1

(2.3%)

Broadcasting revenue

106.4

58.7

81.0%

145.7

93.7

55.5%

Matchday revenue

47.6

29.9

59.2%

75.0

51.2

46.5%

Total revenue

225.8

167.3

34.9%

382.9

311.0

23.1%

Adjusted EBITDA(1)

91.4

48.3

88.8%

114.7

71.9

59.5%

Operating profit/(loss)

27.5

(2.9)

1,048.3%

29.4

(6.3)

566.7%

 

Profit/(loss) for the period (i.e. net income/(loss))

20.4

6.3

223.8%

(5.3)

(20.2)

73.8%

Basic earnings/(loss) per share (pence)

12.49

3.87

222.7%

(4.14)

(12.39)

66.6%

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

19.3

(10.1)

291.1%

10.7

(20.0)

153.5%

Adjusted basic earnings/(loss) per share (pence)(1)

11.83

(6.18)

291.4%

6.56

(12.26)

153.5%

 

Non-current borrowings in USD (contractual currency)(2)

$650.0

$650.0

0.0%

$650.0

$650.0

0.0%

(1) Adjusted EBITDA, adjusted profit/(loss) for the period and adjusted basic earnings/(loss) per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.

(2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 December 2023 was £260.0 million and total current borrowings including accrued interest payable was £266.8 million.

Revenue Analysis

Commercial

Commercial revenue for the quarter was £71.8 million, a decrease of £6.9 million, or 8.8%, over the prior year quarter.

  • Sponsorship revenue was £39.2 million, a decrease of £11.2 million, or 22.2%, over the prior year quarter, primarily due to a one off sponsorship credit in the prior year quarter.
  • Retail, Merchandising, Apparel & Product Licensing revenue was £32.6 million, an increase of £4.3 million, or 15.2%, over the prior year quarter, due to the extension of our contract with Adidas and strong megastore performance.

Broadcasting

Broadcasting revenue for the quarter was £106.4 million, an increase of £47.6 million, or 81.0%, over the prior year quarter, primarily due to the men’s first team participating in the UEFA Champions League compared to the UEFA Europa League in the prior year.

Matchday

Matchday revenue for the quarter was £47.6 million, an increase of £17.7 million, or 59.2%, over the prior year quarter, primarily due to playing two more home games in the current year quarter compared to the prior year quarter and the men’s first team participating in the UEFA Champions League rather than the UEFA Europa League.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £198.7 million, an increase of £31.1 million, or 18.6%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £95.1 million, an increase of £17.8 million, or 23.0%, over the prior year quarter, 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 expenses

Other operating expenses for the quarter were £39.3 million, a decrease of £2.4 million, or 5.8%, over the prior year quarter.

Depreciation and amortization

Depreciation for the quarter was £4.2 million, compared to £3.6 million in the prior year quarter. Amortization for the quarter was £50.5 million, an increase of £5.5 million, or 12.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations at 31 December 2023 was £494.2 million.

Exceptional items

Exceptional items for the quarter were a cost of £9.6 million. This comprises of costs incurred in relation to the Group’s strategic review and agreed sale of 25% of Class B shares and up to 25% of Class A shares to Sir Jim Ratcliffe. Exceptional items in the prior year quarter were £nil. Further exceptional items have been recognized in the third quarter of fiscal 2024, after Premier League and Football Association approval of the deal was received.

Profit on disposal of intangible assets

Profit on disposal of intangible assets for the quarter was £0.4 million, compared to a loss of £2.6 million for the prior year quarter.

Net finance (costs)/income

Net finance costs for the quarter were £0.3 million, compared to net finance income of £12.1 million in the prior year quarter, primarily due to a lower gain on re-translation of unhedged USD borrowings.

Income tax

The income tax expense for the quarter was £6.8 million, compared to an income tax expense of £2.9 million in the prior year quarter.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £18.0 million in the quarter to 31 December 2023, compared to an increase of £6.7 million in the prior year quarter.

Net cash outflow from operating activities for the quarter was £46.6 million, compared to £61.5 million in the prior year quarter.

Net capital expenditure on property, plant and equipment for the quarter was £2.8 million, an increase of £0.1 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £35.7 million, an increase of £5.8 million over the prior year quarter.

Net cash inflow from financing activities for the quarter was £59.7 million, compared to £99.4 million in the prior year quarter. This is due to a £60.0 million drawdown on the revolving credit facilities in the current quarter compared to a £100.0 million drawdown on the revolving credit facilities in the prior year quarter.

Balance sheet

Our USD non-current borrowings as of 31 December 2023 were $650 million, which was unchanged from 31 December 2022. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2040 at 31 December 2022 to 1.2746 at 31 December 2023, our non-current borrowings when converted to GBP were £506.5 million, compared to £535.7 million at the prior year quarter.

In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 December 2023 were £266.8 million compared to £206.2 million at 31 December 2022.

As of 31 December 2023, cash and cash equivalents were £62.8 million compared to £31.0 million at the prior year quarter, primarily due to the drawdowns on our revolving facilities, offset by 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 146-year football heritage we have won 67 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

Cautionary Statements

This press release contains forward‑looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, profit/(loss) on disposal of intangible assets, exceptional items, net finance (costs)/income, and tax.

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit/(loss) on disposal of intangible assets and exceptional items), capital structure (primarily finance (costs)/income), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit/(loss) for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted loss for the period (i.e. adjusted net loss)

Adjusted loss for the period is calculated, where appropriate, by adjusting for charges related to exceptional items, foreign exchange gains/(losses) on unhedged US dollar denominated borrowings and fair value movements on embedded foreign exchange derivatives, adding/subtracting the actual tax expense/credit for the period, and adding/subtracting the adjusted tax credit/expense for the period (based on an normalized tax rate of 21%; 2022: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.

In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2022: 21%) applicable during the financial year. A reconciliation of profit/(loss) for the period to adjusted 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 loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3.

Key Performance Indicators

 

Three months ended

Six months ended

 

31 December

31 December

 

2023

2022

2023

2022

 

 

 

 

 

Revenue

 

 

 

 

Commercial % of total revenue

31.8%

47.0%

42.4%

53.4%

Broadcasting % of total revenue

47.1%

35.1%

38.0%

30.1%

Matchday % of total revenue

21.1%

17.9%

19.6%

16.5%

 

 

 

 

 

2023/24 Season

2022/23 Season

2023/24 Season

2022/23 Season

Home Matches Played

 

 

 

 

PL

6

4

10

7

UEFA competitions

3

2

3

3

Domestic Cups

1

2

2

2

Away Matches Played

 

 

 

 

PL

7

6

10

9

UEFA competitions

2

2

3

3

Domestic Cups

-

-

-

-

Other

 

 

 

 

Employees at period end

1,146

1,233

1,146

1,233

Employee benefit expenses % of revenue

42.1%

46.2%

48.4%

51.3%

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

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

 

Three months ended

31 December

Six months ended

31 December

 

2023

 

2022

 

2023

 

2022

 

Revenue from contracts with customers

225,756

 

167,368

 

382,852

 

311,022

 

Operating expenses

(198,661

)

(167,640

)

(383,423

)

(331,284

)

Profit/(loss) on disposal of intangible assets

399

 

(2,588

)

29,880

 

14,020

 

Operating profit/(loss)

27,494

 

(2,860

)

29,309

 

(6,242

)

Finance costs

(16,593

)

(26,277

)

(37,842

)

(21,956

)

Finance income (1)

16,318

 

38,392

 

2,948

 

3,083

 

Net finance (costs)/income

(275

)

12,115

 

(34,894

)

(18,873

)

Profit/(loss) before income tax

27,219

 

9,255

 

(5,585

)

(25,115

)

Income tax (expense)/credit

(6,845

)

(2,949

)

202

 

4,905

 

Profit/(loss) for the period

20,374

 

6,306

 

(5,383

)

(20,210

)

 

 

 

 

 

Basic earnings/(loss) per share:

 

 

 

 

Basic earnings/(loss) per share (pence)

12.49

 

3.87

 

(3.30

)

(12.39

)

Weighted average number of ordinary shares used as the denominator in calculating basic earnings/(loss) per share (thousands)

163,159

 

163,062

 

163,159

 

163,062

 

Diluted earnings/(loss) per share:

 

 

 

 

Diluted earnings/(loss) per share (pence) (2)

12.44

 

3.85

 

(3.30

)

(12.39

)

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings/(loss) per share (thousands) (2)

163,723

 

163,605

 

163,159

 

163,062

 

(1) Each element of finance income is split based on its position in both the 3 months ended 31 December 2023 and the 6 months ended 31 December 2023. In the current year, exchange rate fluctuations have resulted in income for the 3 months ended 31 December 2023 that is greater than the total net position across the 6 months ended 31 December 2023.

(2) For the six months ended 31 December 2023 and 31 December 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

 

31 December

2023

30 June

2023

31 December

2022

ASSETS

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

255,246

253,282

243,434

Right-of-use assets

8,199

8,760

3,353

Investment properties

19,853

19,993

20,133

Intangible assets

922,527

812,382

871,529

Trade receivables

24,498

22,303

21,224

Derivative financial instruments

200

7,492

22,189

 

1,230,523

1,124,212

1,181,862

Current assets

 

 

 

Inventories

4,024

3,165

3,272

Prepayments

26,945

16,487

26,087

Contract assets – accrued revenue

61,819

43,332

53,505

Trade receivables

81,388

31,167

116,409

Other receivables

2,065

9,928

2,426

Income tax receivable

-

5,317

4,479

Derivative financial instruments

2,439

8,317

7,876

Cash and cash equivalents

62,809

76,019

31,045

 

241,489

193,732

245,099

Total assets

1,472,012

1,317,944

1,426,961

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

As of

 

31 December

2023

30 June

2023

31 December

2022

EQUITY AND LIABILITIES

 

 

 

Equity

 

 

 

Share capital

53

 

53

 

53

 

Share premium

68,822

 

68,822

 

68,822

 

Treasury shares

(21,305

)

(21,305

)

(21,305

)

Merger reserve

249,030

 

249,030

 

249,030

 

Hedging reserve

(25

)

4,002

 

2,249

 

Retained deficit

(200,558

)

(196,652

)

(189,097

)

 

96,017

 

103,950

 

109,752

 

Non-current liabilities

 

 

 

Deferred tax liabilities

924

 

3,304

 

2,413

 

Contract liabilities - deferred revenue

8,059

 

6,659

 

7,274

 

Trade and other payables

189,891

 

161,141

 

160,495

 

Borrowings

506,509

 

507,335

 

535,654

 

Lease liabilities

7,704

 

7,844

 

2,475

 

Derivative financial instruments

1,482

 

748

 

519

 

Provisions

-

 

93

 

89

 

 

714,569

 

687,124

 

708,919

 

Current liabilities

 

 

 

Contract liabilities - deferred revenue

149,643

 

169,624

 

160,554

 

Trade and other payables

231,701

 

236,472

 

227,772

 

Income tax liabilities

775

 

-

 

-

 

Borrowings

266,792

 

105,961

 

206,246

 

Lease liabilities

861

 

1,036

 

804

 

Derivative financial instruments

591

 

931

 

-

 

Provisions

11,063

 

12,846

 

12,914

 

 

661,426

 

526,870

 

608,290

 

Total equity and liabilities

1,472,012

 

1,317,944

 

1,426,961

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

Three months ended
31 December

Six months ended
31 December

 

2023

 

2022

 

2023

 

2022

 

Cash flows from operating activities

 

 

 

 

Cash used in operations (see supplemental note 4)

(38,012

)

(56,633

)

(12,141

)

(53,014

)

Interest paid

(8,182

)

(4,595

)

(18,756

)

(14,223

)

Interest received

223

 

59

 

572

 

77

 

Tax (paid)/refunded

 

 

 

 

 

 

(561

)

(340

)

5,256

 

(392

)

Net cash outflow from operating activities

(46,532

)

(61,509

)

(25,069

)

(67,552

)

Cash flows from investing activities

 

 

 

 

Payments for property, plant and equipment

(2,811

)

(2,706

)

(11,840

)

(7,099

)

Payments for intangible assets

(35,729

)

(29,868

)

(167,942

)

(129,892

)

Proceeds from sale of intangible assets

7,913

 

2,071

 

33,582

 

13,733

 

Net cash outflow from investing activities

(30,627

)

(30,503

)

(146,200

)

(123,258

)

Cash flows from financing activities

 

 

 

 

Proceeds from borrowings

60,000

 

100,000

 

160,000

 

100,000

 

Principal elements of lease payments

(300

)

(571

)

(500

)

(1,449

)

Net cash inflow from financing activities

59,700

 

99,429

 

159,500

 

98,551

 

Effects of exchange rate changes on cash and cash equivalents

(561

)

(649

)

(1,441

)

2,081

 

Net (decrease)/increase in cash and cash equivalents

(18,020

)

6,768

 

(13,210

)

(90,178

)

Cash and cash equivalents at beginning of period

80,829

 

24,277

 

76,019

 

121,223

 

Cash and cash equivalents at end of period

62,809

 

31,045

 

62,809

 

31,045

 

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 profit/(loss) for the period to adjusted EBITDA

 

Three months ended

31 December

Six months ended

31 December

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Profit/(loss) for the period

20,374

 

6,306

 

(5,383

)

(20,210

)

Adjustments:

 

 

 

 

Income tax expense/(credit)

6,845

 

2,949

 

(202

)

(4,905

)

Net finance costs/(income)

275

 

(12,115

)

34,894

 

18,873

 

(Profit)/loss on disposal of intangible assets

(399

)

2,588

 

(29,880

)

(14,020

)

Exceptional items

9,595

 

-

 

9,595

 

-

 

Amortization

50,495

 

44,971

 

97,340

 

85,110

 

Depreciation

4,153

 

3,609

 

8,255

 

7,087

 

Adjusted EBITDA

91,338

 

48,308

 

114,619

 

71,935

 

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

 

 

Three months ended

31 December

Six months ended

31 December

 

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Profit/(loss) for the period

20,374

 

6,306

 

(5,383

)

(20,210

)

Exceptional items

9,595

 

-

 

9,595

 

-

 

Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings

(13,332

)

(37,737

)

421

 

2,703

 

Fair value loss/(gain) on embedded foreign exchange derivatives

946

 

15,720

 

9,109

 

(2,892

)

Income tax expense/(credit)

6,845

 

2,949

 

(202

)

(4,905

)

Adjusted profit/loss before income tax

24,428

 

(12,762

)

13,540

 

(25,304

)

 

Adjusted income tax (expense)/credit (using a normalized tax rate of 21% (2021: 21%))

(5,130

)

2,680

 

(2,843

)

5,314

 

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

19,298

 

(10,082

)

10,697

 

(19,990

)

 

 

 

 

 

Adjusted basic earnings/(loss) per share:

 

 

 

 

Adjusted basic earnings/(loss) per share (pence)

11.83

 

(6.18

)

6.56

 

(12.26

)

Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)

163,159

 

163,062

 

163,159

 

163,062

 

Adjusted diluted earnings/(loss per share:

 

 

 

 

Adjusted diluted earnings/(loss) per share (pence)(1)

11.79

 

(6.18

)

6.53

 

(12.26

)

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted earnings/(loss) per share (thousands) (1)

163,723

 

163,062

 

163,723

 

163,062

 

(1) For the three and six months ended 31 December 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 used in operations

 

Three months ended
31 December

Six months ended
31 December

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Profit/(loss) for the period

20,374

 

6,306

 

(5,383

)

(20,210

)

Income tax expense/(credit)

6,845

 

2,949

 

(202

)

(4,905

)

Profit/(loss) before income tax

27,219

 

9,255

 

(5,585

)

(25,115

)

Adjustments for:

 

 

 

 

Depreciation

4,153

 

3,609

 

8,255

 

7,087

 

Amortization

50,495

 

44,971

 

97,340

 

85,110

 

(Profit)/loss on disposal of intangible assets

(399

)

2,588

 

(29,880

)

(14,020

)

Net finance costs/(income)

275

 

(12,115

)

34,894

 

18,873

 

Non-cash employee benefit expense – equity-settled share-based payments

736

 

626

 

1,476

 

1,155

 

Foreign exchange losses/(gains) on operating activities

619

 

5,140

 

477

 

3,967

 

Reclassified from hedging reserve

250

 

(367

)

(2

)

(530

)

Changes in working capital:

 

 

 

 

Inventories

1,022

 

480

 

(859

)

(1,072

)

Prepayments

9,286

 

4,638

 

(10,833

)

(10,928

)

Contract assets – accrued revenue

(14,476

)

(7,366

)

(18,487

)

(17,266

)

Trade receivables

(39,110

)

(64,070

)

(44,355

)

(48,087

)

Other receivables

9,612

 

(497

)

7,863

 

(857

)

Contract liabilities – deferred revenue

(64,780

)

(23,898

)

(18,581

)

(14,716

)

Trade and other payables

(23,602

)

(19,821

)

(31,839

)

(36,974

)

Provisions

688

 

194

 

(2,025

)

359

 

Cash used in operations

(38,012

)

(56,633

)

(12,141

)

(53,014

)

 

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

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