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 2018 fiscal third quarter and nine months ended 31 March 2018.
Highlights
- Progressed to the FA Cup Final for a record-equalling 20th time
- Became the fastest growing sports club channel to launch on Youtube
- Revenue for the quarter £137.5m – up 8% from third quarter 2017
- Four sponsorship deals announced in the quarter
- PingAn (Financial Services)
- Science in Sport (Regional)
- Renewal of Cho-A-Pharm (Regional)
- Extension of Mlily (Global)
Commentary
Ed Woodward, Executive Vice Chairman, commented, “As another season nears its close, we have achieved our highest number of points and finish since 2012/13 and we look forward to another trip to Wembley. We anticipate another successful summer tour in the United States in preparation for the 2018/19 season.”
Outlook
For fiscal 2018, Manchester United continues to expect:
- Revenue to be £575m to £585m.
- Adjusted EBITDA to be £175m to £185m.
Key Financials (unaudited)
£ million (except (loss)/earnings per share) | Three months ended 31 March | Nine months ended 31 March | ||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | |||||||||||||||
Commercial revenue | 66.7 | 66.5 | 0.3% | 212.6 | 207.6 | 2.4% | ||||||||||||||
Broadcasting revenue | 39.7 | 31.4 | 26.4% | 139.4 | 113.0 | 23.4% | ||||||||||||||
Matchday revenue | 31.1 | 29.3 | 6.1% | 90.4 | 84.7 | 6.7% | ||||||||||||||
Total revenue | 137.5 | 127.2 | 8.1% | 442.4 | 405.3 | 9.2% | ||||||||||||||
Adjusted EBITDA1 | 36.1 | 30.0 | 20.3% | 140.5 | 130.2 | 7.9% | ||||||||||||||
Operating (loss)/profit | (2.3) | (4.1) | (43.9%) | 41.6 | 39.7 | 4.8% | ||||||||||||||
Profit/(loss) for the period (i.e. net income/(loss))2 | 0.1 | (3.8) | - | (21.0) | 14.9 | - | ||||||||||||||
Basic earnings/(loss) per share | 0.07 | (2.30) | - | (12.81) | 9.10 | - | ||||||||||||||
Adjusted (loss)/profit for the period (i.e. adjusted net (loss)/income)1 | (5.4) | (6.3) | (14.3%) | 18.2 | 11.8 | 54.2% | ||||||||||||||
Adjusted basic (loss)/ earnings per share (pence)1 | (3.30) | (3.84) | (14.1%) | 11.10 | 7.22 | 53.7% | ||||||||||||||
Net debt1/3 | 301.3 | 366.3 | (17.7%) | 301.3 | 366.3 | (17.7%) |
1 Adjusted EBITDA, adjusted (loss)/profit for the period, adjusted basic (loss)/earnings per share and net debt 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.
2 The US federal corporate income tax rate reduced from 35% to 21% following the substantive enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the loss for the nine months ended 31 March 2018 includes a non-cash tax accounting write off of £48.8 million.
3 The gross USD debt principal remains unchanged.
Revenue Analysis
Commercial
Commercial revenue for the quarter was £66.7
million, an increase of £0.2 million, or 0.3%, over the prior year
quarter.
- Sponsorship revenue for the quarter was £41.7 million, a decrease of £0.1 million, or 0.2%, over the prior year quarter;
- Retail, Merchandising, Apparel & Product Licensing revenue for the quarter was £25.0 million, an increase of £0.3 million, or 1.2%, over the prior year quarter.
Broadcasting
Broadcasting revenue for the quarter was £39.7
million, an increase of £8.3 million, or 26.4%, over the prior year
quarter, primarily due to playing one additional PL home game and two
additional PL games being broadcast live.
Matchday
Matchday revenue for the quarter was £31.1
million, an increase of £1.8 million, or 6.1%, over the prior year
quarter, primarily due to playing an additional PL home game, partially
offset by playing fewer domestic cup games.
Other Financial Information
Operating expenses
Total operating expenses for the quarter
were £136.4 million, an increase of £6.6 million, or 5.1%, over the
prior year quarter.
Employee benefit expenses
Employee benefit expenses for the
quarter were £75.1 million, an increase of £8.6 million, or 12.9%, over
the prior year quarter, primarily due to player salary uplifts related
to participation in the UEFA Champions League.
Other operating expenses
Other operating expenses for the
quarter were £26.3 million, a decrease of £4.4 million, or 14.3%, over
the prior year quarter, reflecting lower home domestic cup gate share
costs, reduced travel costs and a reduction in foreign exchange losses.
Depreciation & amortization
Depreciation for the
quarter was £2.6 million, an increase of £0.1 million, or 4.0%, over the
prior year quarter. Amortization for the quarter was £32.4 million, an
increase of £2.3 million, or 7.6%, over the prior year quarter. The
unamortized balance of registrations at 31 March 2018 was £321.3 million.
Loss on disposal of intangible assets
Loss on disposal of
intangible assets for the quarter was £3.4 million compared to £1.5
million in the prior year quarter.
Net finance income/(costs)
Net finance income for the
quarter was £1.0 million, compared to net finance costs of £3.3 million
in the prior year quarter, primarily due to unrealized foreign exchange
gains on unhedged USD borrowings.
Tax
The tax credit for the quarter was £1.4 million,
compared to £3.6 million in the prior year quarter.
Cash flows
Overall cash and cash equivalents (including the
effects of exchange rate changes) increased by £6.4 million in the
quarter compared to an increase of £29.9 million in the prior year
quarter.
Net cash generated from operating activities for the quarter was £21.2 million, a decrease of £18.6 million over the prior year quarter.
Net capital expenditure on property, plant and equipment for the quarter was £1.0 million, a decrease of £1.6 million over the prior year quarter.
Net capital proceeds on intangible assets for the quarter were £1.3 million, a decrease of £5.3 million over the prior year quarter.
Net debt
Net debt as of 31 March 2018 was £301.3 million, a
decrease of £65.0 million over the year. The gross USD debt principal
remains unchanged.
Dividend
A semi-annual dividend of $0.09 per share was paid
during the quarter. A further semi-annual dividend of $0.09 per share
will be paid on 5 June 2018, to shareholders of record on 27 April 2018.
The stock began trading ex-dividend on 26 April 2018.
Conference Call Information
The Company’s conference call to review third quarter fiscal 2018 results will be broadcast live over the internet today, 17 May 2018 at 8:00 a.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.
About Manchester United
Manchester 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 140-year heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports brands and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday.
Cautionary Statement
This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” 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 “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).
Non-IFRS Measures: Definitions and Use
1. Adjusted EBITDA
Adjusted EBITDA is
defined as profit/(loss) for the period before depreciation,
amortization, profit/(loss) on disposal of intangible assets,
exceptional items, net finance costs, and tax.
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 asset base (primarily depreciation and amortization), 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 profit/(loss) for the period to Adjusted EBITDA is presented in supplemental note 2.
2. Adjusted (loss)/profit for the period (i.e.
adjusted net (loss)/income)
Adjusted (loss)/profit 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, and fair
value movements on derivative financial instruments, 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 28%; 2017: 35%). The normalized tax rate of 28% was the weighted
average US federal corporate income tax rate applicable during the
financial year.
We believe that in 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 ‘normalized’ tax rate (for both the current and prior periods) of the weighted average US federal income tax rate of 28% (2017: 35%) applicable during the financial year. A reconciliation of profit/(loss) for the period to adjusted (loss)/profit for the period is presented in supplemental note 3.
3. Adjusted basic and diluted (loss)/earnings per
share
Adjusted basic and diluted (loss)/earnings per
share are calculated by dividing the adjusted (loss)/profit for the
period by the weighted average number of ordinary shares in issue during
the period. Adjusted diluted (loss)/earnings 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. We have one category of dilutive potential ordinary shares:
share awards pursuant to the 2012 Equity Incentive Plan (the “Equity
Plan”). 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)/earnings per share are presented
in supplemental note 3.
4. Net debt
Net debt is calculated as
non-current and current borrowings minus cash and cash equivalents.
Key Performance Indicators
Three months ended | Nine months ended | |||||||||||||||||||||
31 March | 31 March | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Commercial % of total revenue | 48.5% | 52.3% | 48.1% | 51.2% | ||||||||||||||||||
Broadcasting % of total revenue | 28.9% | 24.7% | 31.5% | 27.9% | ||||||||||||||||||
Matchday % of total revenue | 22.6% | 23.0% | 20.4% | 20.9% | ||||||||||||||||||
Home Matches Played | ||||||||||||||||||||||
PL | 5 | 4 | 16 | 14 | ||||||||||||||||||
UEFA competitions | 1 | 2 | 4 | 5 | ||||||||||||||||||
Domestic Cups | 2 | 3 | 3 | 5 | ||||||||||||||||||
Away Matches Played | ||||||||||||||||||||||
UEFA competitions | 1 | 2 | 5 | 5 | ||||||||||||||||||
Domestic Cups | 2 | 4 | 4 | 5 | ||||||||||||||||||
Other | ||||||||||||||||||||||
Employees at period end | 930 | 888 | 930 | 888 | ||||||||||||||||||
Employee benefit expenses % of revenue | 54.6% | 52.3% | 48.5% | 47.5% | ||||||||||||||||||
Phasing of Premier League home games | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |||||||||||||||||
2017/18 season | 4 | 7 | 5 | 3 | 19 | |||||||||||||||||
2016/17 season | 3 | 7 | 4 | 5 | 19 | |||||||||||||||||
CONSOLIDATED INCOME STATEMENT (unaudited; in £ thousands, except per share and shares outstanding data) | ||||||||||||||
Three months ended 31 March | Nine months ended 31 March | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue | 137,469 | 127,197 | 442,411 | 405,268 | ||||||||||
Operating expenses | (136,411 | ) | (129,799 | ) | (415,699 | ) | (373,197 | ) | ||||||
(Loss)/profit on disposal of intangible assets | (3,446 | ) | (1,521 | ) | 14,846 | 7,599 | ||||||||
Operating (loss)/profit | (2,388 | ) | (4,123 | ) | 41,558 | 39,670 | ||||||||
Finance costs | (5,935 | ) | (6,334 | ) | (18,293 | ) | (21,605 | ) | ||||||
Finance income | 7,027 | 3,056 | 14,239 | 424 | ||||||||||
Net finance income/(costs) | 1,092 | (3,278 | ) | (4,054 | ) | (21,181 | ) | |||||||
(Loss)/profit before tax | (1,296 | ) | (7,401 | ) | 37,504 | 18,489 | ||||||||
Tax credit/(expense) 1 | 1,404 | 3,632 | (58,535 | ) | (3,564 | ) | ||||||||
Profit/(loss) for the period 1 | 108 | (3,769 | ) | (21,031 | ) | 14,925 | ||||||||
Basic earnings/(loss) per share: | ||||||||||||||
Basic earnings/(loss) per share (pence) 1 | 0.07 | (2.30 | ) | (12.81 | ) | 9.10 | ||||||||
Weighted average number of ordinary shares outstanding (thousands) | 164,195 | 164,025 | 164,195 | 164,025 | ||||||||||
Diluted earnings/(loss) per share: | ||||||||||||||
Diluted earnings/(loss) per share (pence)1/2 | 0.07 | (2.30 | ) | (12.81 | ) | 9.08 | ||||||||
Weighted average number of ordinary shares outstanding (thousands) | 164,591 | 164,448 | 164,591 | 164,448 |
1 The US federal corporate income tax rate reduced from 35% to 21% following the substantive enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result the tax expense for the nine months ended 31 March 2018 includes a non-cash tax accounting write off of £48.8 million. Accordingly, this has resulted in a loss for the nine months ended 31 March 2018 and basic and diluted loss per share.
2 For the nine months ended 31 March 2018 and the three months ended 31 March 2017 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.
CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands) | |||||||||||||||||||
As of 31 March 2018 |
As of
30 June 2017 |
As of
31 March 2017 | |||||||||||||||||
ASSETS | |||||||||||||||||||
Non-current assets | |||||||||||||||||||
Property, plant and equipment | 245,186 | 244,738 | 244,137 | ||||||||||||||||
Investment property | 13,869 | 13,966 | 14,017 | ||||||||||||||||
Intangible assets | 752,016 | 717,544 | 707,578 | ||||||||||||||||
Derivative financial instruments | 3,404 | 1,666 | 2,127 | ||||||||||||||||
Trade and other receivables | 5,618 | 15,399 | 14,983 | ||||||||||||||||
Tax receivable | 1,033 | - | - | ||||||||||||||||
Deferred tax asset | 80,409 | 142,107 | 144,329 | ||||||||||||||||
1,101,535 | 1,135,420 | 1,127,171 | |||||||||||||||||
Current assets | |||||||||||||||||||
Inventories | 1,398 | 1,637 | 1,348 | ||||||||||||||||
Derivative financial instruments | 2,799 | 3,218 | 3,977 | ||||||||||||||||
Trade and other receivables | 90,567 | 103,732 | 86,290 | ||||||||||||||||
Tax receivable | 258 | - | 375 | ||||||||||||||||
Cash and cash equivalents | 161,717 | 290,267 | 152,653 | ||||||||||||||||
256,739 | 398,854 | 244,643 | |||||||||||||||||
Total assets | 1,358,274 | 1,534,274 | 1,371,814 | ||||||||||||||||
CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands) | |||||||||||||||||||
As of 31 March 2018 |
As of
30 June 2017 |
As of
31 March 2017 | |||||||||||||||||
EQUITY AND LIABILITIES | |||||||||||||||||||
Equity | |||||||||||||||||||
Share capital | 53 | 53 | 52 | ||||||||||||||||
Share premium | 68,822 | 68,822 | 68,822 | ||||||||||||||||
Merger reserve | 249,030 | 249,030 | 249,030 | ||||||||||||||||
Hedging reserve | (12,682 | ) | (31,724 | ) | (37,997 | ) | |||||||||||||
Retained earnings | 161,296 | 191,436 | 177,904 | ||||||||||||||||
466,519 | 477,617 | 457,811 | |||||||||||||||||
Non-current liabilities | |||||||||||||||||||
Derivative financial instruments | - | 655 | 1,398 | ||||||||||||||||
Trade and other payables | 74,998 | 83,587 | 63,744 | ||||||||||||||||
Borrowings | 457,011 | 497,630 | 516,286 | ||||||||||||||||
Deferred revenue | 32,208 | 39,648 | 34,142 | ||||||||||||||||
Deferred tax liabilities | 33,891 | 20,828 | 12,092 | ||||||||||||||||
598,108 | 642,348 | 627,662 | |||||||||||||||||
Current liabilities | |||||||||||||||||||
Derivative financial instruments | - | 1,253 | 2,418 | ||||||||||||||||
Tax liabilities | 2,166 | 9,772 | 5,296 | ||||||||||||||||
Trade and other payables | 208,840 | 190,315 | 176,427 | ||||||||||||||||
Borrowings | 5,960 | 5,724 | 2,700 | ||||||||||||||||
Deferred revenue | 76,681 | 207,245 | 99,500 | ||||||||||||||||
293,647 | 414,309 | 286,341 | |||||||||||||||||
Total equity and liabilities | 1,358,274 | 1,534,274 | 1,371,814 |
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands) | |||||||||||||||||
Three months ended 31 March | Nine months ended 31 March | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Cash generated from operations (see supplemental note 4) | 28,743 | 48,070 | 17,254 | 71,220 | |||||||||||||
Interest paid | (7,210 | ) | (8,116 | ) | (16,849 | ) | (17,763 | ) | |||||||||
Interest received | 266 | 113 | 654 | 424 | |||||||||||||
Tax paid | (620 | ) | (290 | ) | (6,388 | ) | (3,953 | ) | |||||||||
Net cash generated from/(used in) operating activities | 21,179 | 39,777 | (5,329 | ) | 49,928 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||
Payments for property, plant and equipment | (998 | ) | (2,644 | ) | (9,585 | ) | (6,352 | ) | |||||||||
Proceeds from sale of property, plant and equipment | - | - | 75 | - | |||||||||||||
Payments for investment property | - | - | - | (659 | ) | ||||||||||||
Payments for intangible assets | (6,812 | ) | (4,871 | ) | (135,933 | ) | (170,282 | ) | |||||||||
Proceeds from sale of intangible assets | 8,203 | 11,537 | 40,645 | 50,605 | |||||||||||||
Net cash generated from/(used in) investing activities | 393 | 4,022 | (104,798 | ) | (126,688 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||
Repayment of borrowings | (106 | ) | (101 | ) | (312 | ) | (295 | ) | |||||||||
Dividends paid | (10,929 | ) | (11,824 | ) | (10,929 | ) | (11,824 | ) | |||||||||
Net cash used in financing activities | (11,035 | ) | (11,925 | ) | (11,241 | ) | (12,119 | ) | |||||||||
Net increase/(decrease) in cash and cash equivalents | 10,537 | 31,874 | (121,368 | ) | (88,879 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 155,312 | 122,704 | 290,267 | 229,194 | |||||||||||||
Effects of exchange rate changes on cash and cash equivalents | (4,132 | ) | (1,925 | ) | (7,182 | ) | 12,338 | ||||||||||
Cash and cash equivalents at end of period | 161,717 | 152,653 | 161,717 | 152,653 | |||||||||||||
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.
2 Reconciliation of profit/(loss) for the period to Adjusted EBITDA
Three months ended 31 March | Nine months ended 31 March | |||||||||||||||||
2018 £’000 |
2017
£’000 | 2018 £’000 |
2017
£’000 | |||||||||||||||
Profit/(loss) for the period | 108 | (3,769 | ) | (21,031 | ) | 14,925 | ||||||||||||
Adjustments: | ||||||||||||||||||
Tax (credit)/expense | (1,404 | ) | (3,632 | ) | 58,535 | 3,564 | ||||||||||||
Net finance (income)/costs | (1,092 | ) | 3,278 | 4,054 | 21,181 | |||||||||||||
Loss/(profit) on disposal of intangible assets | 3,446 | 1,521 | (14,846 | ) | (7,599 | ) | ||||||||||||
Exceptional credit | - | - | - | (4,753 | ) | |||||||||||||
Amortization | 32,400 | 30,138 | 105,789 | 95,159 | ||||||||||||||
Depreciation | 2,622 | 2,458 | 7,951 | 7,721 | ||||||||||||||
Adjusted EBITDA | 36,080 | 29,994 | 140,452 | 130,198 | ||||||||||||||
3 Reconciliation of profit/(loss) for the period to adjusted (loss)/profit for the period and adjusted basic and diluted (loss)/earnings per share
Three months ended 31 March | Nine months ended 31 March | |||||||||||||
2018 £’000 |
2017
£’000 | 2018 £’000 |
2017
£’000 | |||||||||||
Profit/(loss) for the period | 108 | (3,769 | ) | (21,031 | ) | 14,925 | ||||||||
Exceptional items | - | - | - | (4,753 | ) | |||||||||
Foreign exchange (gains)/losses on unhedged US dollar borrowings | (6,761 | ) | (2,943 | ) | (13,585 | ) | 4,151 | |||||||
Fair value movement on derivative financial instruments | 539 | 645 | 1,384 | 344 | ||||||||||
Tax (credit)/expense | (1,404 | ) | (3,632 | ) | 58,535 | 3,564 | ||||||||
Adjusted (loss)/profit before tax | (7,518 | ) | (9,699 | ) | 25,303 | 18,231 | ||||||||
Adjusted tax credit/(expense) (using a normalized tax rate of 28% (2017: 35%)) | 2,105 | 3,395 | (7,085 | ) | (6,381 | ) | ||||||||
Adjusted (loss)/profit for the period (i.e. adjusted net (loss)/income) | (5,413 | ) | (6,304 | ) | 18,218 | 11,850 | ||||||||
Adjusted basic (loss)/earnings per share: | ||||||||||||||
Adjusted basic (loss)/earnings per share (pence) | (3.30 | ) | (3.84 | ) | 11.10 | 7.22 | ||||||||
Weighted average number of ordinary shares outstanding (thousands) | 164,195 | 164,025 | 164,195 | 164,025 | ||||||||||
Adjusted diluted (loss)/earnings per share: | ||||||||||||||
Adjusted diluted (loss)/earnings per share (pence)1 | (3.30 | ) | (3.84 | ) | 11.07 | 7.21 | ||||||||
Weighted average number of ordinary shares outstanding (thousands) | 164,591 | 164,448 | 164,591 | 164,448 |
1 For the three months ended 31 March 2018 and 31 March 2017 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.
4 Cash generated from operations
Three months ended 31 March | Nine months ended 31 March | |||||||||||||||||||
2018 £’000 |
2017
£’000 | 2018 £’000 |
2017
£’000 | |||||||||||||||||
Profit/(loss) for the period | 108 | (3,769 | ) | (21,031 | ) | 14,925 | ||||||||||||||
Tax (credit)/expense | (1,404 | ) | (3,632 | ) | 58,535 | 3,564 | ||||||||||||||
(Loss)/profit before tax | (1,296 | ) | (7,401 | ) | 37,504 | 18,489 | ||||||||||||||
Depreciation | 2,622 | 2,458 | 7,951 | 7,721 | ||||||||||||||||
Amortization | 32,400 | 30,138 | 105,789 | 95,159 | ||||||||||||||||
Reversal of impairment | - | - | - | (4,753 | ) | |||||||||||||||
Loss/(profit) on disposal of intangible assets | 3,446 | 1,521 | (14,846 | ) | (7,599 | ) | ||||||||||||||
Net finance (income)/costs | (1,092 | ) | 3,278 | 4,054 | 21,181 | |||||||||||||||
Profit on disposal of property, plant and equipment | - | - | (75 | ) | - | |||||||||||||||
Equity-settled share-based payments | 617 | 498 | 1,820 | 1,436 | ||||||||||||||||
Foreign exchange losses on operating activities | 200 | 1,526 | 1,200 | 2,404 | ||||||||||||||||
Reclassified from hedging reserve | 3,772 | 1,161 | 11,480 | 2,407 | ||||||||||||||||
Changes in working capital: | ||||||||||||||||||||
Inventories | 520 | (255 | ) | 239 | (422 | ) | ||||||||||||||
Trade and other receivables | 15,431 | 51,887 | 7,268 | 33,270 | ||||||||||||||||
Trade and other payables and deferred revenue | (27,877 | ) | (36,741 | ) | (145,130 | ) | (98,073 | ) | ||||||||||||
Cash generated from operations | 28,743 | 48,070 | 17,254 | 71,220 | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180517005554/en/
Contacts:
Investor Relations:
Cliff Baty
Chief
Financial Officer
+44 161 868 8650
ir@manutd.co.uk
or
Manchester
United plc
Media:
Philip Townsend
+44 161 868 8148
philip.townsend@manutd.co.uk
or
Sard
Verbinnen & Co
Jim Barron / Devin Broda
+ 1 212 687 8080
JBarron@SARDVERB.com
dbroda@SARDVERB.com