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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 2014 fiscal first quarter ended 30 September 2013.
Commercial revenues of £59.9 million
Sponsorship revenue increased 62.6%.
Retail, merchandising apparel & product licensing revenue up 13.8%.
Twelve new sponsorship deals activated in the first quarter – Aeroflot and Bulova (global); Pepsi, Apollo Tyres, Federal Tyres and Manda Fermentation (regional); Commercial Bank Qatar, Emirates Bank, MBNA and afb (financial services); Sky NZ (MUTV) and True Corporation (mobile and MUTV).
Broadcasting revenues increased 40.9% due to the new FAPL domestic and international TV rights agreements.
Ed Woodward, Executive Vice Chairman commented, “We are pleased to have achieved another record first quarter, driven by the strength of our commercial business and increased broadcasting revenues. Our unique approach to the commercial business will continue to drive future growth. We are also excited by the continuing rise in the value of sports content, evidenced, amongst other things, by the recently announced BT deal for the UK rights to broadcast the Champions League and Europa League matches for three seasons from 2015/16. This deal represents a meaningful increase over the current arrangement, which should translate into higher broadcasting revenues for the participating clubs.”
For fiscal 2014, Manchester United continues to expect:
Revenue to be £420m to £430m.
Adjusted EBITDA to be £128m to £133m.
This assumes the team finishes third in the FA Premier League and reaches the quarter-finals of the UEFA Champions League and the domestic cups.
Key Financials (unaudited)
£ million (except adjusted earnings per share)
Three months ended30 September
(Loss)/profit for the period (i.e. Net Income)
Adjusted profit/(loss) for the period (i.e. Adjusted Net Income/(Loss))*
Adjusted basic and diluted earnings/(loss) per share (pence)*
Cash and cash equivalents
* Adjusted EBITDA, adjusted profit for the period and adjusted basic and diluted earnings/(loss) per share 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.