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Manchester United plc (MANU) is slated to report its second-quarter fiscal 2024 results on Mar 12, before market open.In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 22.2%.The Trend in Estimate RevisionThe Zacks Consensus Estimate for the second-quarter fiscal 2024 bottom line is pegged at a loss per share of 18 cents. This suggests a 157.1% year-over-year decline from the reported loss of 7 cents per share.The consensus mark for total revenues is pegged at $245.1 ...

[Report Overview and Key Developments](index=1&type=section&id=Report%20Overview%20and%20Key%20Developments) This section provides an overview of the club's record Q2 revenues, strategic investments, new leadership, and stadium development plans [Key Highlights](index=1&type=section&id=Key%20Highlights) The club reported record second-quarter revenues of £225.8 million, driven by UEFA Champions League participation, alongside key corporate developments including a new CEO and Sir Jim Ratcliffe's minority investment - Key Corporate and Strategic Developments[2](index=2&type=chunk) - **Investment**: Completed a minority investment by Sir Jim Ratcliffe, including an additional **$300 million** primary investment[2](index=2&type=chunk) - **Leadership**: Appointed Omar Berrada as the new CEO[2](index=2&type=chunk) - **Stadium Development**: Created a task force to explore options for Old Trafford's development and regeneration of the surrounding area[2](index=2&type=chunk) - **Commercial**: Announced a new e-commerce partnership with SCAYLE and a return to the USA for the Summer Tour 2024[2](index=2&type=chunk) - On-pitch and Operational Updates[2](index=2&type=chunk) - **Financial Performance**: Achieved record Q2 revenues of **£225.8 million**, primarily due to Champions League participation and strong Matchday results[2](index=2&type=chunk) - **Team Progress**: Both Men's and Women's first teams advanced to the FA Cup quarterfinals[2](index=2&type=chunk) - **Player Transfers**: The Men's team loaned out 11 players and the Women's team loaned out two players in the January transfer window[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) The Chief Financial Officer, Cliff Baty, highlighted the strong revenue performance in the first half of the fiscal year and reiterated the full-year guidance for record revenues - The CFO expressed confidence in achieving record revenues for the full fiscal year, building on strong first-half performance[3](index=3&type=chunk) - Emphasis is placed on working with new co-owner Sir Jim Ratcliffe to drive the club forward and achieve on-pitch success[3](index=3&type=chunk) [Financial Outlook](index=1&type=section&id=Financial%20Outlook) The company has reiterated its previously stated financial guidance for the full fiscal year 2024, projecting record revenues and a strong adjusted EBITDA Fiscal 2024 Guidance | Metric | Guidance Range (£ million) | | :--- | :--- | | **Revenue** | £635 to £665 | | **Adjusted EBITDA** | £125 to £150 | [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes the club's financial results for Q2 and H1 FY2024, highlighting revenue growth, profitability, and expense trends [Key Financials Summary (Q2 & H1 FY2024)](index=2&type=section&id=Key%20Financials%20Summary%20%28Q2%20%26%20H1%20FY2024%29) For the second quarter of fiscal 2024, Manchester United reported a significant 34.9% increase in total revenue to £225.8 million, driven by strong growth in Broadcasting and Matchday segments Q2 FY2024 Financial Highlights (£ million) | Metric | Q2 FY2024 | Q2 FY2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 225.8 | 167.3 | 34.9% | | Commercial Revenue | 71.8 | 78.7 | (8.8)% | | Broadcasting Revenue | 106.4 | 58.7 | 81.0% | | Matchday Revenue | 47.6 | 29.9 | 59.2% | | **Adjusted EBITDA** | 91.4 | 48.3 | 88.8% | | **Profit for the period** | 20.4 | 6.3 | 223.8% | | **Basic EPS (pence)** | 12.49 | 3.87 | 222.7% | H1 FY2024 Financial Highlights (£ million) | Metric | H1 FY2024 | H1 FY2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 382.9 | 311.0 | 23.1% | | **Adjusted EBITDA** | 114.7 | 71.9 | 59.5% | | **Loss for the period** | (5.3) | (20.2) | 73.8% (improvement) | [Revenue Analysis](index=3&type=section&id=Revenue%20Analysis) Total revenue for Q2 FY2024 grew significantly, primarily due to a substantial increase in Broadcasting and Matchday revenues from participation in the UEFA Champions League [Commercial Revenue](index=3&type=section&id=Commercial%20Revenue) Commercial revenue decreased by 8.8% to £71.8 million in Q2, primarily due to a 22.2% drop in sponsorship revenue from a prior-year one-off credit, partially offset by retail and merchandising growth Q2 Commercial Revenue Breakdown (£ million) | Category | Q2 FY2024 | YoY Change (%) | Reason | | :--- | :--- | :--- | :--- | | **Total Commercial** | **71.8** | **(8.8)%** | - | | Sponsorship | 39.2 | (22.2)% | One-off sponsorship credit in prior year quarter | | Retail, Merchandising, etc. | 32.6 | 15.2% | Adidas contract extension and strong megastore performance | [Broadcasting Revenue](index=3&type=section&id=Broadcasting%20Revenue) Broadcasting revenue for the quarter surged by 81.0% to £106.4 million, a direct result of the men's first team participating in the more lucrative UEFA Champions League - Broadcasting revenue increased by **£47.6 million (81.0%)** to **£106.4 million**[10](index=10&type=chunk) - The primary driver for this growth was the men's first team's participation in the UEFA Champions League versus the UEFA Europa League in the prior year[10](index=10&type=chunk) [Matchday Revenue](index=3&type=section&id=Matchday%20Revenue) Matchday revenue saw strong growth of 59.2%, reaching £47.6 million for the quarter, driven by playing two more home games and higher revenue from UEFA Champions League matches - Matchday revenue increased by **£17.7 million (59.2%)** to **£47.6 million**[11](index=11&type=chunk) - Key drivers for the increase were: - Playing two more home games in Q2 FY2024 compared to Q2 FY2023[11](index=11&type=chunk) - Participation in the UEFA Champions League instead of the UEFA Europa League[11](index=11&type=chunk) [Operating Expenses and Profitability](index=3&type=section&id=Operating%20Expenses%20and%20Profitability) Total operating expenses rose by 18.6% to £198.7 million, largely due to a 23.0% increase in employee benefit expenses linked to Champions League participation [Operating Expenses](index=3&type=section&id=Operating%20Expenses) Operating expenses for the quarter increased by 18.6% to £198.7 million, primarily driven by a 23.0% rise in employee benefit expenses to £95.1 million due to Champions League participation Q2 Operating Expenses Breakdown (£ million) | Expense Category | Q2 FY2024 | YoY Change (%) | Reason | | :--- | :--- | :--- | :--- | | **Total Operating Expenses** | **198.7** | **18.6%** | - | | Employee benefit expenses | 95.1 | 23.0% | Champions League participation[12](index=12&type=chunk) | | Amortization | 50.5 | 12.2% | Investment in the first team playing squad[13](index=13&type=chunk) | | Other operating expenses | 39.3 | (5.8)% | -[14](index=14&type=chunk) | | Depreciation | 4.2 | 16.7% | -[15](index=15&type=chunk) | [Exceptional Items, Finance Costs & Tax](index=4&type=section&id=Exceptional%20Items%2C%20Finance%20Costs%20%26%20Tax) The company recorded exceptional costs of £9.6 million related to its strategic review and the partial sale to Sir Jim Ratcliffe, alongside a shift to net finance costs and increased income tax expense - **Exceptional Items**: A cost of **£9.6 million** was incurred related to the strategic review and the sale of shares to Sir Jim Ratcliffe[16](index=16&type=chunk) - **Net Finance Costs**: Net finance costs were **£0.3 million**, a significant change from net finance income of £12.1 million in the prior-year quarter, mainly due to smaller foreign exchange gains on USD borrowings[17](index=17&type=chunk) - **Income Tax**: The income tax expense for the quarter was **£6.8 million**, up from £2.9 million in the prior-year quarter[18](index=18&type=chunk) [Cash Flow and Balance Sheet](index=4&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) The company's cash and cash equivalents decreased by £18.0 million during the quarter, ending at £62.8 million, with total non-current borrowings of $650 million [Cash Flow Summary](index=4&type=section&id=Cash%20Flow%20Summary) During the quarter, there was a net cash outflow from operating activities of £46.6 million and an outflow from investing activities of £35.7 million, partially offset by a net cash inflow from financing activities of £59.7 million Q2 Cash Flow Summary (£ million) | Cash Flow Activity | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Net cash outflow from operating activities | (46.6) | (61.5)[18](index=18&type=chunk) | | Net capital expenditure on intangible assets | (35.7) | (29.9)[19](index=19&type=chunk) | | Net cash inflow from financing activities | 59.7 | 99.4[19](index=19&type=chunk) | | **Net decrease/(increase) in cash** | **(18.0)** | **6.7** | [Balance Sheet Summary](index=4&type=section&id=Balance%20Sheet%20Summary) As of December 31, 2023, non-current borrowings remained at $650 million, with an outstanding balance on the revolving credit facility of £260.0 million, and cash and cash equivalents at £62.8 million - Non-current borrowings were unchanged at **$650.0 million**[20](index=20&type=chunk) - The outstanding balance on the revolving credit facility was **£260.0 million** as of 31 December 2023[8](index=8&type=chunk) - Cash and cash equivalents were **£62.8 million** at the end of the quarter, compared to £31.0 million at the end of the prior year quarter[21](index=21&type=chunk) [Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited consolidated financial statements, including the statement of profit or loss, balance sheet, and cash flows [Consolidated Statement of Profit or Loss](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement details the Group's revenues, expenses, finance costs/income, and tax to arrive at the profit or loss for the three and six-month periods ended December 31, 2023, and 2022 Q2 FY2024 Profit or Loss Highlights (£ thousands) | Item | Three months ended 31 Dec 2023 | Three months ended 31 Dec 2022 | | :--- | :--- | :--- | | Revenue | 225,756 | 167,368 | | Operating profit/(loss) | 27,494 | (2,860) | | Profit/(loss) before income tax | 27,219 | 9,255 | | **Profit/(loss) for the period** | **20,374** | **6,306** | [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) This statement presents a snapshot of the Group's financial position, detailing its assets, liabilities, and equity as of December 31, 2023, compared to June 30, 2023, and December 31, 2022 Balance Sheet Summary (£ thousands) | Item | 31 December 2023 | 31 December 2022 | | :--- | :--- | :--- | | Total Assets | 1,472,012 | 1,426,961[37](index=37&type=chunk) | | Total Equity | 96,017 | 109,752[38](index=38&type=chunk) | | Total Liabilities | 1,375,995 | 1,317,209[38](index=38&type=chunk) | [Consolidated Statement of Cash Flows](index=11&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This statement shows the movement of cash and cash equivalents during the period, categorized into operating, investing, and financing activities Q2 FY2024 Cash Flow Highlights (£ thousands) | Item | Three months ended 31 Dec 2023 | Three months ended 31 Dec 2022 | | :--- | :--- | :--- | | Net cash outflow from operating activities | (46,532) | (61,509) | | Net cash outflow from investing activities | (30,627) | (30,503) | | Net cash inflow from financing activities | 59,700 | 99,429 | | **Net (decrease)/increase in cash** | **(18,020)** | **6,768** | [Supplemental Information](index=6&type=section&id=Supplemental%20Information) This section includes definitions and reconciliations of non-IFRS financial measures and key performance indicators [Non-IFRS Measures and Reconciliations](index=6&type=section&id=Non-IFRS%20Measures%20and%20Reconciliations) This section provides definitions for non-IFRS financial measures used in the report, such as Adjusted EBITDA and Adjusted profit/(loss), along with detailed reconciliation tables - 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)/income, and tax[25](index=25&type=chunk) Reconciliation to Adjusted EBITDA (Q2, £ thousands) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Profit for the period | 20,374 | 6,306 | | Adjustments (Tax, Finance, Amort, etc.) | 70,964 | 41,002 | | **Adjusted EBITDA** | **91,338** | **48,308** | Reconciliation to Adjusted Profit/(Loss) (Q2, £ thousands) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Profit/(loss) for the period | 20,374 | 6,306 | | Adjustments (Exceptional items, FX, etc.) | 4,054 | (19,068) | | Adjusted income tax (expense)/credit | (5,130) | 2,680 | | **Adjusted profit/(loss) for the period** | **19,298** | **(10,082)** | [Key Performance Indicators (KPIs)](index=7&type=section&id=Key%20Performance%20Indicators%20%28KPIs%29) For the second quarter, Broadcasting was the largest contributor to revenue at 47.1%, a significant shift from 35.1% in the prior year, reflecting the impact of Champions League participation Revenue Mix (%) - Three Months Ended 31 December | Revenue Stream | 2023 | 2022 | | :--- | :--- | :--- | | Commercial | 31.8% | 47.0% | | Broadcasting | 47.1% | 35.1% | | Matchday | 21.1% | 17.9% | Home Matches Played - First Half of Season | Competition | 2023/24 Season | 2022/23 Season | | :--- | :--- | :--- | | Premier League | 10 | 7 | | UEFA competitions | 3 | 3 | | Domestic Cups | 2 | 2 | - Employee benefit expenses as a percentage of revenue decreased to **42.1%** for the quarter, compared to 46.2% in the prior year quarter[32](index=32&type=chunk)

ChrisHepburnManchester United (NYSE:MANU) has problems on and off the pitch. The team currently sits in sixth place in the Premier League with 44 points. Furthermore, its share price has plummeted over 30% since the 14th February which was the last day for investors to buy the tender offer from Sir Jim Ratcliffe. The MANU sharp price is currently $14.37 and seems headed back to the ~$13 level, which was the price at the close of 21st November 2022, the day before the Glazer announcement sent prices soa ...

MANCHESTER, England--(BUSINESS WIRE)--Manchester United plc (NYSE: MANU), one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports, today announces that it will report results for the second quarter fiscal 2024 period ended 31 December 2023 via press release on 12 March 2024 at 7:00 AM EST. 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 ...

Jim Ratcliffe of INEOS meets members of the press ahead of the Premier League match between Manchester United and Tottenham Hotspur at Old Trafford on January 14, 2024 in Manchester, England.New Manchester United co-owner Jim Ratcliffe said on Friday that return on investment had nothing to do with his decision to invest in the English soccer giant.Instead, he says success on the field will be his sole focus.Ratcliffe's comments come shortly after the British petrochemicals billionaire and INEOS chief execu ...

ToplineBritish billionaire James Ratcliffe purchased a 25% stake in Premier League team Manchester United on Tuesday, marking the completion of a $1.3 billion deal that comes months after Qatari official Sheikh Jassim bin Hamad Al Thani withdrew a $6 billion bid for the club.A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford. (Photo by Mike ... [+] Hewitt/Getty Images)Getty Images Key FactsRatcliffe acquired 25% of United’s Class B and Class A shares as the club’s publicly t ...

Acquisition Details - Sir Jim Ratcliffe completed the acquisition of 25% of Manchester United's Class B shares and 25% of the club's Class A shares, following approvals from the Football Association and the Premier League [1] - Trawlers Limited, owned by Sir Jim Ratcliffe, accepted 13,237,834 Class A shares at $33.00 per share, representing 25% of the total outstanding Class A shares [1] - The proration factor for the tender offer was approximately 26.2% [1] Investment and Ownership - Sir Jim Ratcliffe invested $200 million into Manchester United for additional Class A and Class B shares, resulting in ownership of approximately 27.7% of both share classes [2] - A further $100 million is to be invested by 31 December 2024, aimed at future infrastructure investment at Old Trafford [2] Strategic Vision - Sir Jim Ratcliffe emphasized the responsibility and honor of becoming co-owner, with a focus on returning Manchester United to the top of football globally, including world-class facilities for fans [2] - Joel Glazer welcomed Sir Jim as co-owner and expressed anticipation for collaboration with INEOS Sport to deliver a bright future for the club [2] Company Overview - Manchester United is one of the most popular and successful sports teams globally, with a 146-year heritage and 67 trophies [3] - The club has a global community of 1.1 billion fans and followers, generating significant revenue from sponsorship, merchandising, licensing, broadcasting, and matchday initiatives [3] - The revenue streams enable continuous reinvestment in the club [3]

Manchester United has clinched approval from the Football Association for British billionaire Sir Jim Ratcliffe’s acquisition of a 25% minority stake in the iconic English club, although its shares tumbled in premarket trades Thursday. Shares of operator Manchester United Ltd. MANU fell 15.6%, putting the stock on pace to snap a two-day winning streak. A... Master your money. Subscribe to MarketWatch. Get this article and all of MarketWatch. Access from any device. Anywhere. Anytime. Subscribe N ...

Manchester United (MANU) shares ended the last trading session 8.7% higher at $21.31. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.6% loss over the past four weeks.Manchester United's shares rose as James A. Ratcliffe, Chairman of INEOS, prolonged the deadline for his tender offer to buy up to 13.2 million Class A ordinary shares of the club. Originally scheduled to end on Feb 13, 2024, the offer has now been ...