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Manchester United Plc 2013 First Quarter Results

Stocks in this article: MANU

Manchester United (NYSE: MANU; the “Company” and “Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the 2013 fiscal first quarter ended 30 September 2012.


  • Commercial revenues grew 24%
    • Sponsorship revenue increased 32.4%
    • Retail, merchandising apparel & product licensing revenue increased 11.9%
    • New media & mobile increased 11.5%
  • Ten new Sponsorship deals were entered into in the first quarter – General Motors, Bwin, Toshiba Medical Systems, Yanmar (global); Kagome (regional); Santander, Shinsei Bank and MBNA (financial services); Bakcell (mobile); and Fuji TV (MUTV)
  • Our new Hong Kong office opened in August 2012 and has already made a positive impact on sponsorship
  • 1 st place in Premier League & Champions League Group H


Ed Woodward, Executive Vice Chairman commented, ‘Manchester United had a record first quarter driven by our commercial operation, which continues to experience extremely strong global revenue growth in new media & mobile, retail merchandising & sponsorship. The team has also made a strong start to the 12/13 season – currently 1st place in the Premier League and 1st place (and undefeated) in our Champions League Group’.


For fiscal 2013, Manchester United continues to expect:

  • Revenue to be £350m to £360m.
  • Adjusted EBITDA to be £107m to £110m.

Key Financials (unaudited)

£ million       Three months ended

30 September

        2012   2011   Change
Commercial revenue       43.0   34.6   24.3%
Broadcasting revenue       13.7   21.9   (37.4%)
Matchday revenue       19.6   17.3   13.3%
Total revenue       76.3   73.8   3.4%
Adjusted EBITDA*       16.3   19.3   (15.5%)
Profit/(loss) for the period from continuing operations (i.e. Net Income)       20.5   (5.0)   N/A
Basic and diluted earnings/(loss) per share**       0.13   (0.03)   N/A
Gross debt***       359.7   433.2   (17.0%)
Cash and cash equivalents       52.5   65.0   (19.2%)

*Adjusted EBITDA is a non-IFRS measure. We define Adjusted EBITDA as profit/(loss) for the period from continuing operations before net finance costs, tax credit, depreciation, amortisation of, and profit on disposal of, players’ registrations and exceptional items. 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 capital structure (primarily interest expense), asset base (primarily depreciation and amortisation) and items outside the control of our management (primarily income taxes and interest income and expense). 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 IASB. A reconciliation of Adjusted EBITDA to profit/(loss) for the period from continuing operations is presented in supplemental note 3.

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