Manchester United Plc: 2014 Second 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 second quarter and six months ended 31 December 2013.

  • Commercial revenues of £42.3 million up 18.8% for the quarter and 30.0% for the year to date.
  • Six new sponsorship deals activated in the second quarter – Unilever and Hong Kong Jockey Club (regional); Banif Bank (financial services); Fuji TV and SPOTV Korea (MUTV) and STC (mobile).
  • Broadcasting revenues increased 18.7% for the quarter primarily due to the new FAPL domestic and international TV rights agreements.


Ed Woodward, Executive Vice Chairman commented, “We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the Team Manager down has acknowledged is disappointing. We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued broadcasting revenue growth – all of which bodes well for the long-term stability and financial strength of our business. We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact."


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/(loss) per share)   Three months ended

31 December
      Six months ended

31 December
  2013   2012 Change 2013   2012 Change
Commercial revenue 42.3 35.6 18.8% 102.2 78.6 30.0%
Broadcasting revenue 46.9 39.5 18.7% 66.2 53.2 24.4%
Matchday revenue 33.7 35.0 (3.7%) 53.0 54.6 (2.9%)
Total revenue 122.9 110.1 11.6% 221.4 186.4 18.8%
Adjusted EBITDA* 51.0 50.2 1.6% 73.2 66.5 10.1%
Profit for the period (i.e. net income) 19.0 16.2 17.3% 18.7 36.7 (49.0%)
Adjusted profit for the period (i.e. adjusted net income)* 19.8 19.0 4.2% 22.0 18.4 19.6%
Adjusted basic and diluted earnings per share (pence)* 12.08 11.60 4.1% 13.45 11.34 18.6%
Gross debt 356.6 366.6 (2.7%) 356.6 366.6 (2.7%)
Cash and cash equivalents 72.1 66.6 8.3% 72.1 66.6 8.3%

* 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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