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Manchester United Plc: 2014 Third Quarter Results

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 third quarter and nine months ended 31 March 2014.

  • Commercial revenues of £42.8 million
    • Sponsorship revenue increased 43.5%.
  • Two new sponsorship deals announced in the third quarter – Aperol (global) and EuroFood (regional - Cambodia, Laos, Myanmar, Thailand and Vietnam).
  • Broadcasting revenues increased 64.1% for the quarter and 35.7% for the year to date, due to the new FAPL domestic and international TV rights agreements, two additional Premier League home games and five more games were broadcast live during the quarter compared to the same period last year.


Ed Woodward, Executive Vice Chairman commented, “We once again generated record revenues and EBITDA as all of our businesses delivered impressive year over year growth. This puts us in a healthy financial position to continue to invest in the squad. Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.


For fiscal 2014, Manchester United continues to expect:
  • Revenue to be £420m to £430m.
  • Adjusted EBITDA to be £128m to £133m.

Key Financials (unaudited)
£ million (except adjusted earnings per share)   Three months ended

31 March
      Nine months ended

31 March
  2014   2013 Change 2014   2013 Change
Commercial revenue

36.0 18.9% 145.0 114.5 26.6%
Broadcasting revenue 35.6 21.7 64.1% 101.8 75.0 35.7%
Matchday revenue 37.1 34.0 9.1% 90.1 88.6 1.7%
Total revenue 115.5 91.7 26.0% 336.9 278.1 21.1%
Adjusted EBITDA* 40.0 25.0 60.0% 113.2 91.5 23.7%
Profit for the period (i.e. net income) 11.0 3.6 205.6% 29.7 40.3 (26.3%)
Adjusted profit for the period (i.e. adjusted net income)* 13.0 4.1 217.1% 35.0 22.5 55.6%
Adjusted basic and diluted earnings per share (pence)* 7.93 2.52 214.7% 21.37 13.84 54.4%
Gross debt 351.7 367.6 (4.3%) 351.7 367.6 (4.3%)
Cash and cash equivalents 34.3 36.2 (5.2%) 34.3 36.2 (5.2%)

* Adjusted EBITDA, adjusted profit for the period and adjusted basic and diluted earnings 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.

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