- \n
- For fiscal 2023, the Company raises its previous revenue guidance to a record \u00a3630 million to \u00a3640 million and raises its adjusted EBITDA guidance to \u00a3140 million to \u00a3150 million<\/b><\/li>\n
- The men\u2019s first team ended the 2022\/23 domestic season in 3rd<\/sup> place and secured a return to the UEFA Champions League for the 2023\/24 season<\/b><\/li>\n
- Signed new men\u2019s contracts with Luke Shaw, Alejandro Garnacho and Diogo Dalot<\/b><\/li>\n
- For the 2022\/23 Women\u2019s Super League season, the women\u2019s team earned second place and qualified for the UEFA Women\u2019s Champions League for the upcoming 2023\/24 season<\/b><\/li>\n
- Club continues to achieve record-breaking attendance and Matchday hospitality revenues, as well as record global memberships and record Museum & Tour visits<\/b><\/li>\n
- Club returns to the US for its Summer Tour 2023 with matches in New York, San Diego, Houston and Las Vegas; matches will take place from 22-30 July<\/b><\/li>\n<\/ul>\n
MANCHESTER, England–(BUSINESS WIRE<\/a>)–
\nManchester United (NYSE: MANU; the \u201cCompany,\u201d the \u201cGroup\u201d and the \u201cClub\u201d) \u2013 one of the most popular and successful sports teams in the world \u2013 today announced financial results for the 2023 fiscal third quarter ended 31 March 2023.<\/p>\nOutlook<\/span><\/b><\/p>\n
\nFor fiscal 2023, the Company raises its previous revenue guidance from \u00a3590 million to \u00a3610 million to a record \u00a3630 million to \u00a3640 million and raises its previous adjusted EBITDA guidance of \u00a3125 million to \u00a3140 million to \u00a3140 million to \u00a3150 million.<\/p>\n
\n
\n \n Phasing of Premier League games<\/b><\/p>\n<\/td>\n
\n Quarter 1<\/b><\/p>\n<\/td>\n
\n Quarter 2<\/b><\/p>\n<\/td>\n
\n Quarter 3<\/b><\/p>\n<\/td>\n
\n Quarter 4<\/b><\/p>\n<\/td>\n
\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n 2022\/23 season<\/b><\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n
\n 10<\/b><\/p>\n<\/td>\n
\n 10<\/b><\/p>\n<\/td>\n
\n 12<\/b><\/p>\n<\/td>\n
\n 38<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n 2021\/22 season<\/b><\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n
\n 12<\/b><\/p>\n<\/td>\n
\n 11<\/b><\/p>\n<\/td>\n
\n 9<\/b><\/p>\n<\/td>\n
\n 38<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Key Financials (unaudited)<\/span><\/b><\/p>\n
\n
\n \n \n\u00a3 million (except loss per share)<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n
\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n
\n \nChange<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n
\n \nChange<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommercial revenue<\/p>\n<\/td>\n
\n 69.4<\/b><\/p>\n<\/td>\n
\n \n65.6<\/p>\n<\/td>\n
\n \n5.8%<\/p>\n<\/td>\n
\n 235.5<\/b><\/p>\n<\/td>\n
\n \n194.4<\/p>\n<\/td>\n
\n \n21.1%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBroadcasting revenue<\/p>\n<\/td>\n
\n 50.7<\/b><\/p>\n<\/td>\n
\n \n51.5<\/p>\n<\/td>\n
\n \n(1.6%)<\/p>\n<\/td>\n
\n 144.5<\/b><\/p>\n<\/td>\n
\n \n181.2<\/p>\n<\/td>\n
\n \n(20.3%)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMatchday revenue<\/p>\n<\/td>\n
\n 49.9<\/b><\/p>\n<\/td>\n
\n \n35.7<\/p>\n<\/td>\n
\n \n39.8%<\/p>\n<\/td>\n
\n 101.1<\/b><\/p>\n<\/td>\n
\n \n89.1<\/p>\n<\/td>\n
\n \n13.5%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue<\/p>\n<\/td>\n
\n 170.0<\/b><\/p>\n<\/td>\n
\n \n152.8<\/p>\n<\/td>\n
\n \n11.3%<\/p>\n<\/td>\n
\n 481.1<\/b><\/p>\n<\/td>\n
\n \n464.7<\/p>\n<\/td>\n
\n \n3.5%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted EBITDA(1)<\/sup><\/p>\n<\/td>\n
\n 39.7<\/b><\/p>\n<\/td>\n
\n \n20.4<\/p>\n<\/td>\n
\n \n94.6%<\/p>\n<\/td>\n
\n 111.7<\/b><\/p>\n<\/td>\n
\n \n89.6<\/p>\n<\/td>\n
\n \n24.7%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating loss<\/p>\n<\/td>\n
\n (4.7)<\/b><\/p>\n<\/td>\n
\n \n(21.8)<\/p>\n<\/td>\n
\n \n(78.4%)<\/p>\n<\/td>\n
\n (10.9)<\/b><\/p>\n<\/td>\n
\n \n(26.6)<\/p>\n<\/td>\n
\n \n(59.0%)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss for the period (i.e. net loss)<\/p>\n<\/td>\n
\n (5.6)<\/b><\/p>\n<\/td>\n
\n \n(27.7)<\/p>\n<\/td>\n
\n \n(79.8%)<\/p>\n<\/td>\n
\n (25.8)<\/b><\/p>\n<\/td>\n
\n \n(44.7)<\/p>\n<\/td>\n
\n \n(42.3%)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic loss per share (pence)<\/p>\n<\/td>\n
\n (3.40)<\/b><\/p>\n<\/td>\n
\n \n(17.01)<\/p>\n<\/td>\n
\n \n(80.0%)<\/p>\n<\/td>\n
\n (15.80)<\/b><\/p>\n<\/td>\n
\n \n(27.40)<\/p>\n<\/td>\n
\n \n(42.3%)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted loss for the period (i.e. adjusted net loss)(1)<\/sup><\/p>\n<\/td>\n
\n (12.1)<\/b><\/p>\n<\/td>\n
\n \n(22.4)<\/p>\n<\/td>\n
\n \n(46.0%)<\/p>\n<\/td>\n
\n (32.1)<\/b><\/p>\n<\/td>\n
\n \n(27.5)<\/p>\n<\/td>\n
\n \n16.7%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted basic loss per share (pence)(1)<\/sup><\/p>\n<\/td>\n
\n (7.41)<\/b><\/p>\n<\/td>\n
\n \n(13.75)<\/p>\n<\/td>\n
\n \n(46.1%)<\/p>\n<\/td>\n
\n (19.66)<\/b><\/p>\n<\/td>\n
\n \n(16.89)<\/p>\n<\/td>\n
\n \n16.4%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-current borrowings in USD (contractual currency)(2)<\/sup><\/p>\n<\/td>\n
\n $650.0<\/b><\/p>\n<\/td>\n
\n \n$650.0<\/p>\n<\/td>\n
\n \n0.0%<\/p>\n<\/td>\n
\n $650.0<\/b><\/p>\n<\/td>\n
\n \n$650.0<\/p>\n<\/td>\n
\n \n0.0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1)<\/sup> Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See \u201cNon-IFRS Measures: Definitions and Use\u201d on page 7 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\u2019s financial condition and results of operations.<\/p>\n
(2)<\/sup> 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 March 2023 was \u00a3200.0 million and total current borrowings including accrued interest payable was \u00a3203.7 million. Based on the club\u2019s expected seasonal working capital cycle, it is anticipated that the club would have the ability to reduce the balance on the club\u2019s facilities to approximately \u00a340 million at 30 June 2023.<\/p>\n
Football<\/span><\/b><\/p>\n
- \n
- \nFor the 2022\/23 season, the men\u2019s first team ended in third place in the Premier League and has qualified for the UEFA Champions League for the upcoming 2023\/24 season<\/p>\n<\/li>\n
- \nThe men\u2019s first team reached the Men\u2019s FA Cup Final for the 21st time on 3 June and finished runners-up<\/p>\n<\/li>\n
- \nNew contracts were signed with Luke Shaw, Alejandro Garnacho and Diogo Dalot<\/p>\n<\/li>\n
- \nFor the 2022\/23 Women\u2019s Super League season, the women\u2019s team earned second place and has qualified for the UEFA Champions League for the upcoming 2023\/24 season<\/p>\n<\/li>\n
- \nThe women\u2019s team reached the Women\u2019s FA Cup Final for the first time on 14 May and finished runners-up<\/p>\n<\/li>\n
- \nEngland U19 international Evie Rabjohn has agreed to join the women\u2019s team at the end of the season<\/p>\n<\/li>\n<\/ul>\n
Fan Engagement and Partnerships<\/span><\/b><\/p>\n
- \n
- \nOn 30 April the Club held an #ILoveUnited event in Singapore, with record-breaking fan attendance and activations from 16 global partners<\/p>\n<\/li>\n
- \nOn 3 May, the club unveiled a new Jimmy Murphy statue at the Stretford End of Old Trafford, developed in partnership with fan groups<\/p>\n<\/li>\n
- \nClub gifts were provided to supporters at both the Men\u2019s and Women\u2019s FA Cup Finals and Club worked with fan groups on stadium branding<\/p>\n<\/li>\n
- \nDuring the quarter, there were a record 275 Manchester United Supporters\u2019 Clubs in 94 countries<\/p>\n<\/li>\n
- \nClub launched its new \u201cWarm-Up\u201d social event for Supporters\u2019 Clubs before matches at Old Trafford<\/p>\n<\/li>\n
- \nClub held quarterly meetings of the Fans\u2019 Advisory Board and the Fans\u2019 Forum<\/p>\n<\/li>\n<\/ul>\n
Facilities \u2013 Venue and Operations<\/span><\/b><\/p>\n
- \n
- \nRecord match attendance and match-by-match hospitality revenues continued to be driven by strong pitch performance across all competitions; ticket sales for the current 2022\/23 season have surpassed the record set in 2016\/17 totalling a cumulative 2.4 million tickets sold<\/p>\n<\/li>\n
- \nRecord sales of global memberships, with the 2022\/23 program having closed at 360,000 members, the largest paid membership program in world sport<\/p>\n<\/li>\n
- \nContinued exceptional demand for tickets, with over 146,000 individuals currently on the Season Ticket waiting list; 2023\/24 renewals for Season Tickets and Executive Club, which launched in February, sold out in record time with the lowest ever churn<\/p>\n<\/li>\n
- \nContinued momentum in demand for women\u2019s football with Leigh Sport Village ticket sales for the 2022\/23 season 200% higher than the 2021\/22 season<\/p>\n<\/li>\n
- \nDuring the third quarter, Old Trafford hosted its second Women\u2019s Super League fixture of the season, against West Ham United, with approximately 28,000 fans in attendance<\/p>\n<\/li>\n
- \nState of the art WiFi was recently rolled out across the stadium and surrounding footprint with further upgrades planned for the summer across Old Trafford\u2019s general admission, hospitality and football facilities; ongoing upgrades remain in progress at the Carrington Training Centre, including a new \u00a37 million facility for the Women\u2019s and Academy teams<\/p>\n<\/li>\n
- \nOld Trafford hosted Soccer Aid for Unicef on 11 June and the England International on 19 June<\/p>\n<\/li>\n
- \nClub returns to the US for its Summer Tour 2023 with an exciting schedule of matches in New York, San Diego, Las Vegas, and Houston<\/p>\n<\/li>\n<\/ul>\n
Digital Products & Experiences<\/span><\/b><\/p>\n
- \n
- \nClub gained 5.3 million followers and generated more than 601 million digital interactions and 2.33 billion video views across all global social platforms in the third quarter<\/p>\n<\/li>\n
- \nSuccessful new product launches included the adidas Originals line & 23\/24 training kits<\/p>\n<\/li>\n
- \nClub rolled out e-commerce single sign-on functionality across its mobile app and e-commerce platforms<\/p>\n<\/li>\n
- \nSuccessful soft launch of the 23\/24 Official Membership program with more sales than usual in the early months of the calendar year<\/p>\n<\/li>\n
- \nClub plans to launch its next digital collectibles focusing on the 92\/93 season in early July; Club continues delivery of its \u2018Collect United\u2019 rewards programme for Devil-holders from our 1st paid digital collectibles drop<\/p>\n<\/li>\n
- \nMUTV Linear renewals signed with Vodafone (Iceland) and Canal+ (Myanmar) to further increase the availability of MUTV around the world<\/p>\n<\/li>\n<\/ul>\n
Revenue Analysis<\/span><\/b><\/p>\n
Commercial<\/i><\/b><\/p>\n
\nCommercial revenue for the quarter was \u00a369.4 million, an increase of \u00a33.8 million, or 5.8%, over the prior year quarter.<\/p>\n
- \n
- Sponsorship<\/i> revenue was \u00a341.0 million, an increase of \u00a31.8 million, or 4.6%, over the prior year quarter, primarily due to new sponsorship agreements.\n<\/li>\n
- Retail, Merchandising, Apparel & Product Licensing <\/i>revenue was \u00a328.4 million, an increase of \u00a32.0 million, or 7.6%, over the prior year quarter, primarily due to an increased number of matches played at Old Trafford.\n<\/li>\n<\/ul>\n
Broadcasting<\/i><\/b><\/p>\n
\nBroadcasting revenue for the quarter was \u00a350.7 million, a decrease of \u00a30.8 million, or 1.6%, over the prior year quarter, as a result of the men\u2019s first team participating in the UEFA Europa League compared to the UEFA Champions League in the prior year, partially offset by progression in domestic cup competitions.<\/p>\n
Matchday<\/i><\/b><\/p>\n
\nMatchday revenue for the quarter was \u00a349.9 million, an increase of \u00a314.2 million, or 39.8%, over the prior year quarter, due to playing 5 additional home matches in the current year quarter, compared to the prior year quarter.<\/p>\n
Other Financial Information<\/span><\/b><\/p>\n
Operating expenses<\/i><\/b><\/p>\n
\nTotal operating expenses for the quarter were \u00a3176.7 million, an increase of \u00a31.4 million, or 0.8%, over the prior year quarter.<\/p>\n
Employee benefit expenses<\/i><\/b><\/p>\n
\nEmployee benefit expenses for the quarter were \u00a385.0 million, a decrease of \u00a316.8 million, or 16.5%, over the prior year quarter as a result of squad turnover and the men\u2019s first team not participating in Champions League in the current year.<\/p>\n
Other operating expenses<\/i><\/b><\/p>\n
\nOther operating expenses for the quarter were \u00a345.3 million, an increase of \u00a314.7 million, or 48.0%, over the prior year quarter. This is primarily due to increased matchday costs associated with progression in domestic cup competitions.<\/p>\n
Depreciation and amortization<\/i><\/b><\/p>\n
\nDepreciation for the quarter was \u00a33.5 million, consistent with the prior year quarter. Amortization for the quarter was \u00a342.9 million, an increase of \u00a33.5 million, or 8.9%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2023 was \u00a3416.7 million.<\/p>\n
Profit on disposal of intangible assets<\/i><\/b><\/p>\n
\nProfit on disposal of intangible assets for the quarter was \u00a32.0 million, compared to a profit of \u00a30.7 million for the prior year quarter.<\/p>\n
Net finance costs<\/i><\/b><\/p>\n
\nNet finance costs for the quarter were \u00a31.0 million, compared to \u00a314.1 million in the prior year quarter. The movement was driven by a favorable swing in foreign exchange rates in the current quarter, largely offsetting interest costs payable on borrowings. This compares to an unfavorable swing in foreign exchange rates in the prior year quarter.<\/p>\n
Income tax<\/i><\/b><\/p>\n
\nThe income tax credit for the quarter was \u00a30.1 million, compared to a credit of \u00a38.2 million in the prior year quarter.<\/p>\n
Cash flows<\/i><\/b><\/p>\n
\nOverall cash and cash equivalents (including the effects of exchange rate movements) increased by \u00a342.7 million in the quarter to 31 March 2023, compared to an increase of \u00a38.4 million in the prior year quarter.<\/p>\n
\nNet cash inflow from operating activities for the quarter was \u00a354.1 million, an increase of \u00a330.9 million compared to a net cash inflow in the prior year quarter of \u00a323.2 million.<\/p>\n
\nNet capital expenditure on property, plant and equipment for the quarter was \u00a32.7 million, an increase of \u00a32.0 million over the prior year quarter.<\/p>\n
\nNet capital expenditure on intangible assets for the quarter was \u00a38.7 million, an increase of \u00a35.5 million over the prior year quarter.<\/p>\n
\nNet cash outflow from financing activities for the quarter was \u00a30.2 million, compared to \u00a311.3 million in the prior year quarter.<\/p>\n
Balance sheet<\/i><\/b><\/p>\n
\nOur USD non-current borrowings as of 31 March 2023 were $650 million, which was unchanged from 31 March 2022. As a result of the year-on-year change in the USD\/GBP exchange rate from 1.3158 at 31 March 2022 to 1.2369 at 31 March 2023, our non-current borrowings when converted to GBP were \u00a3521.5 million, compared to \u00a3489.2 million at the prior year quarter.<\/p>\n
\nIn addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2023 were \u00a3203.7 million compared to \u00a3102.3 million at 31 March 2022.<\/p>\n
\nAs of 31 March 2023, cash and cash equivalents were \u00a373.7 million compared to \u00a395.8 million at the prior year quarter, primarily due to investment in the first team playing squad.<\/p>\n
About Manchester United<\/span><\/b><\/p>\n
\nManchester 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 145-year football heritage we have won 67 trophies, enabling us to develop what we believe is one of the world\u2019s 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.<\/p>\n
Cautionary Statements<\/span><\/b><\/p>\n
\nThis press release contains forward\u2011looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company\u2019s operations and business environment, all of which are difficult to predict and many are beyond the Company\u2019s control. Forward-looking statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic and the Company\u2019s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201ccontemplate,\u201d \u201cpossible\u201d 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 \u201cRisk Factors\u201d section and elsewhere in the Company\u2019s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company\u2019s Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company\u2019s other filings with the Securities and Exchange Commission.<\/p>\n
Non-IFRS Measures: Definitions and Use<\/span><\/b><\/p>\n
1. Adjusted EBITDA<\/span><\/b><\/p>\n
\nAdjusted EBITDA is defined as loss for the period before depreciation, amortization, profit on disposal of intangible assets, net finance costs, exceptional items and tax.<\/p>\n
\nAdjusted 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 on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), 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 loss for the period to adjusted EBITDA is presented in supplemental note 2.<\/p>\n
2. Adjusted loss for the period (i.e. adjusted net loss)<\/span><\/b><\/p>\n
\nAdjusted loss for the period is calculated, where appropriate, by adjusting for charges\/credits related to exceptional items, foreign exchange gains\/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding\/subtracting the actual tax expense\/credit for the period, and subtracting\/adding the adjusted tax expense\/credit for the period (based on a normalized tax rate of 21%; 2022: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.<\/p>\n
\nIn 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 \u2018normalized\u2019 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 loss for the period to adjusted loss for the period is presented in supplemental note 3.<\/p>\n
3. Adjusted basic and diluted loss per share<\/span><\/b><\/p>\n
\nAdjusted basic and diluted 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 \u201cEquity Plan\u201d). 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.<\/p>\n
Key Performance Indicators<\/span><\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended<\/b><\/p>\n<\/td>\n
\n Nine months ended<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 31 March<\/b><\/p>\n<\/td>\n
\n 31 March<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Revenue<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Commercial<\/b> % of total revenue<\/p>\n<\/td>\n
\n 40.8%<\/b><\/p>\n<\/td>\n
\n \n42.9%<\/p>\n<\/td>\n
\n 49.0%<\/b><\/p>\n<\/td>\n
\n \n41.8%<\/p>\n<\/td>\n<\/tr>\n
\n \n Broadcasting<\/b> % of total revenue<\/p>\n<\/td>\n
\n 29.8%<\/b><\/p>\n<\/td>\n
\n \n33.7%<\/p>\n<\/td>\n
\n 30.0%<\/b><\/p>\n<\/td>\n
\n \n39.0%<\/p>\n<\/td>\n<\/tr>\n
\n \n Matchday<\/b> % of total revenue<\/p>\n<\/td>\n
\n 29.4%<\/b><\/p>\n<\/td>\n
\n \n23.4%<\/p>\n<\/td>\n
\n 21.0%<\/b><\/p>\n<\/td>\n
\n \n19.2%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n 2022\/23
\n
Season<\/b><\/p>\n<\/td>\n\n \n2021\/22
\n
Season<\/p>\n<\/td>\n\n 2022\/23
\n
Season<\/b><\/p>\n<\/td>\n\n \n2021\/22
\n
Season<\/p>\n<\/td>\n<\/tr>\n\n \n Home Matches Played<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPL<\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n
\n \n6<\/p>\n<\/td>\n
\n 13<\/b><\/p>\n<\/td>\n
\n \n15<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUEFA competitions<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n1<\/p>\n<\/td>\n
\n 5<\/b><\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDomestic Cups<\/p>\n<\/td>\n
\n 6<\/b><\/p>\n<\/td>\n
\n \n2<\/p>\n<\/td>\n
\n 8<\/b><\/p>\n<\/td>\n
\n \n3<\/p>\n<\/td>\n<\/tr>\n
\n \n Away Matches Played<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPL<\/p>\n<\/td>\n
\n 4<\/b><\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n 13<\/b><\/p>\n<\/td>\n
\n \n14<\/p>\n<\/td>\n<\/tr>\n
\n \n \nUEFA competitions<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n1<\/p>\n<\/td>\n
\n 5<\/b><\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDomestic Cups<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n<\/tr>\n
\n \n Other<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployees at period end<\/p>\n<\/td>\n
\n 1,243<\/b><\/p>\n<\/td>\n
\n \n1,214<\/p>\n<\/td>\n
\n 1,243<\/b><\/p>\n<\/td>\n
\n \n1,214<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmployee benefit expenses % of revenue<\/p>\n<\/td>\n
\n 50%<\/b><\/p>\n<\/td>\n
\n \n66.8%<\/p>\n<\/td>\n
\n 50.8%<\/b><\/p>\n<\/td>\n
\n \n62.0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n CONSOLIDATED STATEMENT OF PROFIT OR LOSS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (unaudited; in \u00a3 thousands, except per share and shares outstanding data)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2023<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Revenue from contracts with customers<\/b><\/p>\n<\/td>\n
\n 170,048<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n152,848<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 481,070<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n464,749<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses<\/p>\n<\/td>\n
\n (176,675<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(175,370<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (507,959<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(509,190<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProfit on disposal of intangible assets<\/p>\n<\/td>\n
\n 1,949<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n721<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 15,969<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,879<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Operating loss<\/b><\/p>\n<\/td>\n
\n (4,678<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(21,801<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (10,920<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(26,562<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance costs<\/p>\n<\/td>\n
\n (14,657<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(17,676<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (30,777<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(40,267<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFinance income<\/p>\n<\/td>\n
\n 13,656<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,568<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 10,903<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,033<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance costs<\/p>\n<\/td>\n
\n (1,001<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(14,108<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (19,874<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(31,234<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Loss before income tax<\/b><\/p>\n<\/td>\n
\n (5,679<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(35,909<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (30,794<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(57,796<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax credit<\/p>\n<\/td>\n
\n 132<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8,182<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 5,037<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13,128<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Loss for the period<\/b><\/p>\n<\/td>\n
\n (5,547<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27,727<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (25,757<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(44,668<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Basic earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBasic loss per share (pence)<\/p>\n<\/td>\n
\n (3.40<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(17.01<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (15.80<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27.40<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares used as the denominator in calculating basic loss per share (thousands)<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,003<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Diluted earnings per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted loss per share (pence) (1)<\/sup><\/p>\n<\/td>\n
\n (3.40<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(17.01<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (15.80<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27.40<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (thousands) (1)<\/sup><\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,003<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1)<\/sup> For the three and nine months ended 31 March 2023 and the three months and nine months ended 31 March 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.<\/p>\n
\n
\n \n CONSOLIDATED BALANCE SHEET<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (unaudited; in \u00a3 thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n As of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 31 March
\n
<\/b>2023<\/b><\/p>\n<\/td>\n\n \n30 June
\n
2022<\/p>\n<\/td>\n\n \n31 March
\n
2022<\/p>\n<\/td>\n<\/tr>\n\n \n ASSETS<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-current assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty, plant and equipment<\/p>\n<\/td>\n
\n 242,730<\/b><\/p>\n<\/td>\n
\n \n242,661<\/p>\n<\/td>\n
\n \n243,752<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRight-of-use assets<\/p>\n<\/td>\n
\n 2,952<\/b><\/p>\n<\/td>\n
\n \n4,072<\/p>\n<\/td>\n
\n \n4,510<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInvestment properties<\/p>\n<\/td>\n
\n 20,063<\/b><\/p>\n<\/td>\n
\n \n20,273<\/p>\n<\/td>\n
\n \n20,343<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIntangible assets<\/p>\n<\/td>\n
\n 843,307<\/b><\/p>\n<\/td>\n
\n \n743,278<\/p>\n<\/td>\n
\n \n776,525<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables<\/p>\n<\/td>\n
\n 21,485<\/b><\/p>\n<\/td>\n
\n \n29,757<\/p>\n<\/td>\n
\n \n35,423<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments<\/p>\n<\/td>\n
\n 15,102<\/b><\/p>\n<\/td>\n
\n \n16,462<\/p>\n<\/td>\n
\n \n6,977<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 1,145,639<\/b><\/p>\n<\/td>\n
\n \n1,056,503<\/p>\n<\/td>\n
\n \n1,087,530<\/p>\n<\/td>\n<\/tr>\n
\n \n Current assets<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\n 2,645<\/b><\/p>\n<\/td>\n
\n \n2,200<\/p>\n<\/td>\n
\n \n2,692<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments<\/p>\n<\/td>\n
\n 16,595<\/b><\/p>\n<\/td>\n
\n \n15,534<\/p>\n<\/td>\n
\n \n19,388<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract assets \u2013 accrued revenue<\/p>\n<\/td>\n
\n 62,873<\/b><\/p>\n<\/td>\n
\n \n36,239<\/p>\n<\/td>\n
\n \n45,524<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables<\/p>\n<\/td>\n
\n 60,321<\/b><\/p>\n<\/td>\n
\n \n49,210<\/p>\n<\/td>\n
\n \n56,763<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables<\/p>\n<\/td>\n
\n 2,031<\/b><\/p>\n<\/td>\n
\n \n1,569<\/p>\n<\/td>\n
\n \n1,032<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax receivable<\/p>\n<\/td>\n
\n 4,410<\/b><\/p>\n<\/td>\n
\n \n4,590<\/p>\n<\/td>\n
\n \n834<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments<\/p>\n<\/td>\n
\n 5,894<\/b><\/p>\n<\/td>\n
\n \n6,597<\/p>\n<\/td>\n
\n \n2,362<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n 73,733<\/b><\/p>\n<\/td>\n
\n \n121,223<\/p>\n<\/td>\n
\n \n95,791<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 228,502<\/b><\/p>\n<\/td>\n
\n \n237,162<\/p>\n<\/td>\n
\n \n224,386<\/p>\n<\/td>\n<\/tr>\n
\n \n Total assets<\/b><\/p>\n<\/td>\n
\n 1,374,141<\/b><\/p>\n<\/td>\n
\n \n1,293,665<\/p>\n<\/td>\n
\n \n1,311,916<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n CONSOLIDATED BALANCE SHEET (continued)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (unaudited; in \u00a3 thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n As of<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 31 March
\n
<\/b>2023<\/b><\/p>\n<\/td>\n\n \n30 June
\n
2022<\/p>\n<\/td>\n\n \n31 March
\n
2022<\/p>\n<\/td>\n<\/tr>\n\n \n EQUITY AND LIABILITIES<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Equity<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare capital<\/p>\n<\/td>\n
\n 53<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n53<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n53<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nShare premium<\/p>\n<\/td>\n
\n 68,822<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n68,822<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n68,822<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury shares<\/p>\n<\/td>\n
\n (21,305<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(21,305<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(21,305<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMerger reserve<\/p>\n<\/td>\n
\n 249,030<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n249,030<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n249,030<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nHedging reserve<\/p>\n<\/td>\n
\n 1,993<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n950<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n804<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccumulated losses<\/p>\n<\/td>\n
\n (194,085<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(170,042<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n(85,917<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 104,508<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n127,508<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n211,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-current liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred tax liabilities<\/p>\n<\/td>\n
\n 1,939<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,402<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,882<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities – deferred revenue<\/p>\n<\/td>\n
\n 3,842<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n16,697<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n19,057<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables<\/p>\n<\/td>\n
\n 155,903<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n102,347<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n97,043<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings<\/p>\n<\/td>\n
\n 521,482<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n530,365<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n489,240<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liabilities<\/p>\n<\/td>\n
\n 2,367<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,869<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,909<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments<\/p>\n<\/td>\n
\n 1,303<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n49<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n456<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvisions<\/p>\n<\/td>\n
\n 91<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11,586<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,805<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 686,927<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n671,315<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n636,392<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Current liabilities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities – deferred revenue<\/p>\n<\/td>\n
\n 130,081<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n165,847<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n140,047<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables<\/p>\n<\/td>\n
\n 235,508<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n220,587<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n216,190<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax liabilities<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,189<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nBorrowings<\/p>\n<\/td>\n
\n 203,665<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n105,757<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n102,295<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLease liabilities<\/p>\n<\/td>\n
\n 792<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,561<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,636<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDerivative financial instruments<\/p>\n<\/td>\n
\n 48<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n32<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n673<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvisions<\/p>\n<\/td>\n
\n 12,612<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,058<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,007<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n 582,706<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n494,842<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n464,037<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Total equity and liabilities<\/b><\/p>\n<\/td>\n
\n 1,374,141<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,293,665<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,311,916<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n \n CONSOLIDATED STATEMENT OF CASH FLOWS<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (unaudited; in \u00a3 thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n<\/tr>\n\n \n Cash flows from operating activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash generated from operations (see supplemental Note 4)<\/p>\n<\/td>\n
\n 65,208<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,708<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 12,194<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n77,828<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest paid<\/p>\n<\/td>\n
\n (11,054<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(8,284<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (25,277<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(18,237<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest received<\/p>\n<\/td>\n
\n 130<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 207<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax paid<\/p>\n<\/td>\n
\n (220<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(246<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (612<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(4,347<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash inflow\/(outflow) from operating activities<\/b><\/p>\n<\/td>\n
\n 54,064<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,180<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (13,488<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n55,249<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flows from investing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayments for property, plant and equipment<\/p>\n<\/td>\n
\n (2,717<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(721<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (9,816<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(6,223<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPayments for intangible assets<\/p>\n<\/td>\n
\n (14,824<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(10,419<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (144,716<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(101,334<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from sale of intangible assets<\/p>\n<\/td>\n
\n 6,098<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,226<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 19,831<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n20,241<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash outflow from investing activities<\/b><\/p>\n<\/td>\n
\n (11,443<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(3,914<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (134,701<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(87,316<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash flows from financing activities<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProceeds from borrowings<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 100,000<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrincipal elements of lease payments<\/p>\n<\/td>\n
\n (153<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(436<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (1,602<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(1,284<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDividends paid<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(10,892<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(21,561<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Net cash (outflow)\/inflow from financing activities<\/b><\/p>\n<\/td>\n
\n (153<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(11,328<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n 98,398<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n17,155<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEffects of exchange rate movements on cash and cash equivalents<\/p>\n<\/td>\n
\n 220<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n419<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2,301<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Net increase\/(decrease) in cash and cash equivalents<\/b><\/p>\n<\/td>\n
\n 42,688<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8,357<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (47,490<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(14,867<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents at beginning of period<\/p>\n<\/td>\n
\n 31,045<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n87,434<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 121,223<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n110,658<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash and cash equivalents at end of period<\/b><\/p>\n<\/td>\n
\n 73,733<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n95,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 73,733<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n95,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
SUPPLEMENTAL NOTES<\/b><\/p>\n
1 General information<\/b><\/p>\n
\nManchester United plc (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) is a men\u2019s and women\u2019s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.<\/p>\n
2 Reconciliation of loss for the period to adjusted EBITDA<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n<\/tr>\n\n \n Loss for the period<\/b><\/p>\n<\/td>\n
\n (5,547<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27,727<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (25,757<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(44,668<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax credit<\/p>\n<\/td>\n
\n (132<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(8,182<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (5,037<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(13,128<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance costs<\/p>\n<\/td>\n
\n 1,001<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,108<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 19,874<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,234<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProfit on disposal of intangible assets<\/p>\n<\/td>\n
\n (1,949<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(721<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (15,969<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(17,879<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExceptional items<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,992<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization<\/p>\n<\/td>\n
\n 42,922<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,444<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 128,032<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n113,231<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation<\/p>\n<\/td>\n
\n 3,467<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 10,554<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n
\n 39,762<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n20,443<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 111,697<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n89,573<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n 3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n
\n\u00a0<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n
\n\u00a0<\/p>\n<\/td>\n
\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n<\/tr>\n\n \n Loss for the period<\/b><\/p>\n<\/td>\n
\n (5,547<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27,727<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (25,757<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(44,668<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExceptional items<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,992<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange (gains)\/losses on unhedged US dollar denominated borrowings<\/p>\n<\/td>\n
\n (12,997<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n11,102<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (10,294<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n21,662<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFair value movement on embedded foreign exchange derivatives<\/p>\n<\/td>\n
\n 3,390<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,566<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n 498<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,702<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax credit<\/p>\n<\/td>\n
\n (132<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(8,182<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (5,037<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(13,128<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted loss before income tax<\/p>\n<\/td>\n
\n (15,286<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(28,373<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (40,590<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(34,844<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n
\nAdjusted income tax credit (using a normalized tax rate of 21% (2022: 21%))<\/p>\n<\/td>\n
\n 3,210<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,958<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 8,524<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,317<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted loss for the period (i.e. adjusted net loss)<\/b><\/p>\n<\/td>\n
\n (12,076<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(22,415<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (32,066<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27,527<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted basic loss per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted loss per share (pence)<\/p>\n<\/td>\n
\n (7.41<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(13.75<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (19.66<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(16.89<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares used as the denominator in calculating adjusted basic loss per share (thousands)<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,003<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Adjusted diluted loss per share:<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted diluted loss per share<\/p>\n
\n(pence) (1)<\/sup><\/p>\n<\/td>\n
\n (7.41<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(13.75<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (19.66<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(16.89<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWeighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted loss per share (thousands) (1)<\/sup><\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,003<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 163,062<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n163,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
(1)<\/sup> For the three and nine months ended 31 March 2023 and the three and nine months ended 31 March 2022, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.<\/p>\n
4 Cash generated from operations<\/b><\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n\n Nine months ended
\n
<\/b>31 March<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n\n 2023
\n
<\/b>\u00a3\u2019000<\/b><\/p>\n<\/td>\n\n \n2022
\n
\u00a3\u2019000<\/p>\n<\/td>\n<\/tr>\n\n \n \nLoss for the period<\/p>\n<\/td>\n
\n (5,547<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(27,727<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (25,757<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(44,668<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax credit<\/p>\n<\/td>\n
\n (132<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(8,182<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (5,037<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(13,128<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLoss before income tax<\/p>\n<\/td>\n
\n (5,679<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(35,909<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (30,794<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(57,796<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjustments for:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation<\/p>\n<\/td>\n
\n 3,467<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 10,554<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n10,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAmortization<\/p>\n<\/td>\n
\n 42,922<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,444<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 128,032<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n113,231<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProfit on disposal of intangible assets<\/p>\n<\/td>\n
\n (1,949<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(721<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (15,969<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(17,879<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet finance costs<\/p>\n<\/td>\n
\n 1,001<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,108<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 19,874<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,234<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-cash employee benefit expense \u2013 equity-settled share-based payments<\/p>\n<\/td>\n
\n 559<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n521<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1,714<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,489<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nForeign exchange losses\/(gains) on operating activities<\/p>\n<\/td>\n
\n 980<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n 4,947<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(306<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReclassified from hedging reserve<\/p>\n<\/td>\n
\n 284<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(221<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (246<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(191<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nChanges in working capital:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\n 627<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n184<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (445<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(612<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepayments<\/p>\n<\/td>\n
\n 9,304<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n8,909<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (1,624<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(4,842<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract assets \u2013 accrued revenue<\/p>\n<\/td>\n
\n (9,368<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n16,707<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (26,634<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(12,577<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade receivables<\/p>\n<\/td>\n
\n 51,766<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,099<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n 3,679<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,640<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables<\/p>\n<\/td>\n
\n 395<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n78<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (462<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(572<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nContract liabilities \u2013 deferred revenue<\/p>\n<\/td>\n
\n (33,905<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n(21,437<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n (48,621<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n18,178<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade and other payables<\/p>\n<\/td>\n
\n 5,104<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9,174<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (31,870<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n5,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProvisions<\/p>\n<\/td>\n
\n (300<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n453<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 59<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,010<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Cash generated from operations<\/b><\/p>\n<\/td>\n
\n 65,208<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,708<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 12,194<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n77,828<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230623225174\/en\/<\/a><\/span><\/p>\n
Investor Relations<\/i><\/b>:
\n<\/i>
Corinna Freedman
\n
Head of Investor Relations
\n
+44 738 491 0828
\n
Corinna.Freedman@manutd.co.uk<\/a><\/p>\n - Retail, Merchandising, Apparel & Product Licensing <\/i>revenue was \u00a328.4 million, an increase of \u00a32.0 million, or 7.6%, over the prior year quarter, primarily due to an increased number of matches played at Old Trafford.\n<\/li>\n<\/ul>\n
- Sponsorship<\/i> revenue was \u00a341.0 million, an increase of \u00a31.8 million, or 4.6%, over the prior year quarter, primarily due to new sponsorship agreements.\n<\/li>\n
- The men\u2019s first team ended the 2022\/23 domestic season in 3rd<\/sup> place and secured a return to the UEFA Champions League for the 2023\/24 season<\/b><\/li>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230623225174\/en\/390921\/3\/Manchester_United_Tonal_Crest-nov.jpg\")
<\/td>\n<\/tr>\n