Key Points
- Richard Arnold appointed as new Chief Executive Officer
effective 1 February, with a new Executive Leadership structure
established
- Men’s team finished top of its group in the UEFA Champions
League advancing to the Round of 16
- Women’s team has built strong momentum in the domestic
league under head coach Marc Skinner
- Appointed Ralf Rangnick as Interim Manager until the end of
the season with a recruitment process underway for a new permanent
manager
- Old Trafford operated at full capacity for the entire
quarter and will host the opening match for the UEFA Women’s Euro
2022 in July
- Launch of Fans’ Advisory Board creates a new forum for
strategic-level dialogue with fans
- Announced new principal training kit partnership with
Blockchain partner, Tezos
- Signed a new global deal with Extreme Networks; renewed five
agreements with Concho y Toro, ICICI, Marriott, Maui Jim and
Remington
- New Premier League rights cycle to commence in 2022/23 with
international revenues expected to grow at 30% as total
international rights are anticipated to surpass UK domestic rights
for the first time
Manchester United (NYSE: MANU; the “Company,” the “Group” and
the “Club”) – one of the most popular and successful sports teams
in the world – today announced financial results for the 2022
fiscal second quarter ended 31 December 2021.
Management Commentary
Richard Arnold, Chief Executive Officer, commented, “Everyone
associated with Manchester United should have belief in the
opportunities that lie ahead of us, both on the pitch and in the
way we engage and serve our fans. We have a clear vision and we are
implementing a strategy to win with an empowered leadership team to
drive that forward. We will foster a culture of excellence through
a world-class football environment, while strengthening the role of
fans at the heart of the club and harnessing the power of
Manchester United to make a positive impact on people, the
environment and society. All of this will be supported by a
sustainable operating model that ensures the club is strong for the
present and secure for the future.”
Cliff Baty, Chief Financial Officer, added, “For the second
fiscal quarter of 2022, we achieved robust revenue growth of 7.3%
despite the postponement of two matches in the quarter due to
COVID-19. Results reflect the continued strength of our Sponsorship
revenues, supported by record-breaking digital fan engagement, in
addition to the return of more normalized Matchday operations. We
look forward with optimism to the remainder of the fiscal
year.”
Key Financials
(unaudited)
£ million (except (loss)/earnings per
share)
Three months ended
31 December
Six months ended
31 December
2021
2020
Change
2021
2020
Change
Commercial revenue
64.4
62.6
2.9%
128.8
122.3
5.3%
Broadcasting revenue
86.4
108.7
(20.5%)
129.7
156.3
(17.0%)
Matchday revenue
34.6
1.5
2,206.7%
53.4
3.2
1,568.8%
Total revenue
185.4
172.8
7.3%
311.9
281.8
10.7%
Adjusted EBITDA(1)
57.9
70.3
(17.6%)
69.1
91.1
(24.1%)
Operating profit/(loss)
5.4
48.5
(88.9%)
(4.8)
21.4
-
(Loss)/profit for the period (i.e. net
(loss)/income)
(1.4)
63.9
-
(16.9)
33.6
-
Basic (loss)/earnings per share
(pence)
(0.86)
39.17
-
(10.39)
20.60
-
Adjusted profit/(loss) for the period
(i.e. adjusted net income/(loss))(1)
7.4
35.3
(79.0%)
(5.1)
10.7
-
Adjusted basic earnings/(loss) per share
(pence)(1)
4.54
21.69
(79.1%)
(3.14)
6.57
-
Non-current and current borrowings(2)
582.2
536.1
8.6%
582.2
536.1
8.6%
Cash and cash equivalents(2)
87.4
80.6
8.4%
87.4
80.6
8.4%
Net debt(1)/(2)
494.8
455.5
8.6%
494.8
455.5
8.6%
(1) Adjusted EBITDA, adjusted profit/(loss) for the period,
adjusted basic earnings/(loss) per share and net debt are non-IFRS
measures. See “Non-IFRS Measures: Definitions and Use” 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’s financial condition and results of
operations.
(2) The gross USD debt principal remains unchanged. Non-current
and current borrowings and cash and cash equivalents as at 31
December 2021 reflect the impact a £40 million drawdown on our
revolving credit facilities during the quarter.
COVID-19 Impact
Whilst the nature of the ongoing pandemic may result in UK
government restrictions being re-imposed in the future, we continue
to play matches at Old Trafford stadium in front of a full capacity
crowd. December 2021 was impacted by the surge in the Omicron
variant which resulted in widespread infections across the UK and
ultimately the postponement of two of our Premier League matches,
one home and one away match, in the month.
Phasing of Premier League games
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total
2021/22 season*
6
12
12
8
38
2020/21 season
2
13
14
9
38
2019/20 remaining season
6
-
-
-
6
Total FY 2021
8
13
14
9
44
2019/20 season
7
13
9
3
32
*Subject to changes in broadcasting scheduling
Revenue Analysis
Commercial
Commercial revenue for the quarter was £64.4 million, an
increase of £1.8 million, or 2.9%, over the prior year quarter.
- Sponsorship revenue was £35.2 million, a decrease of £2.6
million, or 6.9%, over the prior year quarter primarily due the
expiry of the training kit deal at the end of May 2021 partially
offset by global sponsorships.
- Retail, Merchandising, Apparel & Product Licensing revenue
was £29.2 million, an increase of £4.4 million, or 17.7%, over the
prior year quarter primarily due to increased Megastore and
e-commerce revenues. In contrast to the prior year quarter, the
Megastore remained open to customers throughout the quarter and
also benefitted from home games being played in front of full
capacity crowds. E-commerce revenue growth was driven by increased
website traffic, supported by the impact of new player
signings.
Broadcasting
Broadcasting revenue for the quarter was £86.4 million, a
decrease of £22.3 million, or 20.5%, over the prior year quarter,
primarily due to playing four fewer home and away games across all
competitions.
Matchday
Matchday revenue for the quarter was £34.6 million, an increase
of £33.1 million, or 2,206.7%, over the prior year quarter, due to
all eight home games being played in front of a full capacity
crowd. All ten home games in the prior year quarter were played
behind closed doors.
Other Financial
Information
Operating expenses
Total operating expenses for the quarter were £179.7 million, an
increase of £41.1 million, or 29.7%, over the prior year
quarter.
Employee benefit expenses
Employee benefit expenses for the quarter were £97.7 million, an
increase of £16.0 million, or 19.6%, over the prior year quarter
due to investment in the first team playing squad.
Other operating expenses
Other operating expenses for the quarter were £29.8 million, an
increase of £9.0 million, or 43.3%, over the prior year quarter.
This includes the impact of all home games being played in front of
a full capacity crowd and costs related to the increased activity
at the Old Trafford Megastore. In the prior year quarter all home
games were played behind closed doors.
Depreciation and amortization
Depreciation for the quarter was £3.6 million, consistent with
the prior year quarter. Amortization for the quarter was £38.6
million, an increase of £6.1 million, or 18.8%, over the prior year
quarter. The unamortized balance of registrations at 31 December
2021 was £385.5 million.
Exceptional items
Exceptional items for the quarter were a cost of £10.0 million.
This cost includes compensation to the former men’s first team
manager and certain members of the coaching staff for loss of
office plus additional contributions we expect to pay towards the
Football League pension scheme deficit based upon the latest
actuarial valuation. Exceptional items for the prior year quarter
were £nil.
(Loss)/profit on disposal of intangible assets
Loss on disposal of intangible assets for the quarter was £0.3
million, compared to a profit of £14.3 million for the prior year
quarter. This is due to the close of the summer transfer window
during the prior year quarter.
Net finance (costs)/income
Net finance costs for the quarter were £7.5 million, compared to
net finance income of £19.7 million in the prior year quarter, due
to an unfavourable swing in unrealized foreign exchange movements
in the current quarter compared to a favourable swing in the prior
year quarter.
Income tax
The income tax credit for the quarter was £0.7 million, compared
to an income tax expense of £4.3 million in the prior year
quarter.
Cash flows
Overall cash and cash equivalents (including the effects of
exchange rate movements) decreased by £11.3 million in the quarter
to 31 December 2021, compared to an increase of £21.7 million in
the prior year quarter.
Net cash outflow from operating activities for the quarter was
£31.5 million, compared to £1.0 million in the prior year
quarter.
Net capital expenditure on property, plant and equipment for the
quarter was £1.8 million, an increase of £0.4 million over the
prior year quarter.
Net capital expenditure on intangible assets for the quarter was
£16.8 million, a decrease of £18.2 million over the prior year
quarter.
Net capital expenditure on derivative financial assets for the
quarter was £nil, compared to £0.9 million in the prior year
quarter.
Net cash inflow from financing activities for the quarter was
£39.5 million, compared to £59.6 million in the prior year quarter.
This is due to a £40.0 million drawdown on the revolving credit
facilities in the current quarter compared to a £60.0 million
drawdown on the revolving credit facilities in the prior year
quarter.
Net debt
Net Debt as of 31 December 2021 was £494.8 million, compared to
£455.5 million as of 31 December 2020. As of 31 December 2021, the
Company had undrawn credit facilities of £100.0 million.
Conference Call Details
The Company’s conference call to review fiscal 2022 second
quarter results will be broadcast live over the internet today, 1
March 2022 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 144-year football heritage
we have won 66 trophies, enabling us to develop what we believe is
one of the world’s 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.
Cautionary Statements
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 certain
expectations and uncertainties related to the COVID-19 pandemic and
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 for the period before
depreciation, amortization, loss/profit on disposal of intangible
assets, exceptional items, net finance costs/income, and tax.
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),
material volatile items (primarily loss/profit on disposal of
intangible assets and exceptional items), capital structure
(primarily finance costs/income), 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.
2. Adjusted profit/(loss) for the
period (i.e. adjusted net profit/(loss))
Adjusted profit/(loss) for the period is calculated, where
appropriate, by adjusting for foreign exchange losses/gains 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, subtracting/adding the actual tax credit/expense for
the period, and adding/subtracting the adjusted tax credit/expense
for the period (based on an normalized tax rate of 21%; 2020: 21%).
The normalized tax rate of 21% is the current US federal corporate
income tax rate.
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 corporate income tax rate of 21% (2020: 21%)
applicable during the financial year. A reconciliation of
profit/(loss) for the period to adjusted profit/(loss) for the
period is presented in supplemental note 3.
3. Adjusted basic and diluted
earnings/(loss) per share
Adjusted basic and diluted earnings/(loss) per share are
calculated by dividing the adjusted profit/(loss) for the period by
the weighted average number of ordinary shares in issue during the
period. Adjusted diluted earnings/(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 “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
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
Six months ended
31 December
31 December
2021
2020
2021
2020
Revenue
Commercial % of total revenue
34.7%
36.2%
41.3%
43.4%
Broadcasting % of total revenue
46.6%
62.9%
41.6%
55.5%
Matchday % of total revenue
18.7%
0.9%
17.1%
1.1%
2021/22 Season
2020/21 Season
2021/22 Season
2020/21 Season
Carryover 2019/20
Season
Home Matches Played
PL
6
7
9
8
3
UEFA competitions
2
3
3
3
1
Domestic Cups
-
-
1
-
-
Away Matches Played
PL
6
6
9
7
3
UEFA competitions
2
3
3
3
2
Domestic Cups
-
1
-
3
1
Other
Employees at period end
1,184
991
1,184
991
Employee benefit expenses % of revenue
52.7%
47.3%
59.7%
54.5%
CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
(unaudited; in £ thousands,
except per share and shares outstanding data)
Three months ended 31
December
Six months ended 31
December
2021
2020
2021
2020
Revenue from contracts with
customers
185,440
172,850
311,901
281,822
Operating expenses
(179,717)
(138,659)
(333,820)
(262,132)
(Loss)/profit on disposal of intangible
assets
(318)
14,278
17,158
1,683
Operating profit/(loss)
5,405
48,469
(4,761)
21,373
Finance costs
(7,473)
(5,722)
(22,591)
(25,296)
Finance income
1
25,424
5,465
45,019
Net finance (costs)/income
(7,472)
19,702
(17,126)
19,723
(Loss)/profit before income tax
(2,067)
68,171
(21,887)
41,096
Income tax credit/(expense)
665
(4,343)
4,946
(7,538)
(Loss)/profit for the period
(1,402)
63,828
(16,941)
33,558
Basic (loss)/earnings per
share:
Basic (loss)/earnings per share
(pence)
(0.86)
39.17
(10.39)
20.60
Weighted average number of ordinary shares
used as the denominator in calculating basic (loss)/earnings per
share (thousands)
163,003
162,939
162,999
162,939
Diluted (loss)/earnings per
share:
Diluted (loss)/earnings per share (pence)
(1)
(0.86)
39.07
(10.39)
20.54
Weighted average number of ordinary shares
and potential ordinary shares used as the denominator in
calculating diluted (loss)/earnings per share (thousands) (1)
163,003
163,385
162,999
163,385
(1) For the three and six months ended 31 December 2021,
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 December
2021
30 June
2021
31 December
2020
ASSETS
Non-current assets
Property, plant and equipment
245,845
247,059
251,183
Right-of-use assets
3,747
4,383
3,930
Investment properties
20,413
20,553
20,692
Intangible assets
812,252
754,467
777,473
Deferred tax asset
-
-
61,786
Trade receivables
41,024
20,404
34,333
Derivative financial instruments
4,434
499
536
1,127,715
1,047,365
1,149,933
Current assets
Inventories
2,876
2,080
2,792
Prepayments
20,852
7,407
16,183
Contract assets – accrued revenue
69,828
40,544
65,795
Trade receivables
54,063
50,370
62,907
Other receivables
1,110
460
371
Income tax receivable
834
1,108
1,223
Derivative financial instruments
1,146
318
1,776
Cash and cash equivalents
87,434
110,658
80,620
238,143
212,945
231,667
Total assets
1,365,858
1,260,310
1,381,600
CONSOLIDATED BALANCE SHEET
(continued)
(unaudited; in £
thousands)
As of
31 December
2021
30 June
2021
31 December
2020
EQUITY AND LIABILITIES
Equity
Share capital
53
53
53
Share premium
68,822
68,822
68,822
Treasury shares
(21,305)
(21,305)
(21,305)
Merger reserve
249,030
249,030
249,030
Hedging reserve
(9,561)
(10,436)
(13,529)
Retained (deficit)/earnings
(40,294)
(13,652)
122,508
246,745
272,512
405,579
Non-current liabilities
Deferred tax liabilities
30,422
35,546
30,851
Contract liabilities - deferred
revenue
24,610
22,942
13,772
Trade and other payables
102,553
67,517
60,809
Borrowings
477,052
465,049
471,026
Lease liabilities
2,994
3,083
3,255
Derivative financial instruments
3,908
5,472
7,390
Provisions
4,589
4,157
-
646,128
603,766
587,103
Current liabilities
Contract liabilities - deferred
revenue
155,931
117,984
137,447
Trade and other payables
207,346
192,661
173,008
Income tax liabilities
2,131
6,036
12,607
Borrowings
105,185
65,187
65,114
Lease liabilities
763
1,257
568
Derivative financial instruments
859
262
174
Provisions
770
645
-
472,985
384,032
388,918
Total equity and liabilities
1,365,858
1,260,310
1,381,600
CONSOLIDATED STATEMENT OF CASH
FLOWS
(unaudited; in £
thousands)
Three months ended 31
December
Six months ended
31 December
2021
2020
2021
2020
Cash flows from operating
activities
Cash (used in)/generated from operations
(see supplemental note 4)
(25,567)
2,100
46,120
74,510
Interest paid
(2,161)
(2,498)
(9,953)
(10,184)
Interest received
1
-
3
1
Tax paid
(3,766)
(641)
(4,101)
(3,056)
Net cash (outflow)/inflow from
operating activities
(31,493)
(1,039)
32,069
61,271
Cash flows from investing
activities
Payments for property, plant and
equipment
(1,874)
(1,339)
(5,502)
(3,158)
Payments for intangible assets
(18,715)
(37,968)
(90,915)
(108,775)
Proceeds from sale of intangible
assets
1,932
2,991
13,015
22,182
Payments for derivative financial
assets
-
(939)
-
(939)
Net cash outflow from investing
activities
(18,657)
(37,255)
(83,402)
(90,690)
Cash flows from financing
activities
Proceeds from borrowings
40,000
60,000
40,000
60,000
Principal elements of lease payments
(432)
(412)
(848)
(820)
Dividends paid
-
-
(10,669)
-
Net cash inflow from financing
activities
39,568
59,588
28,483
59,180
Net (decrease)/increase in cash and
cash equivalents
(10,582)
21,294
(22,850)
29,761
Cash and cash equivalents at beginning of
period
98,666
58,940
110,658
51,539
Effects of exchange rate changes on cash
and cash equivalents
(650)
386
(374)
(680)
Cash and cash equivalents at end of
period
87,434
80,620
87,434
80,620
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries
(together the “Group”) is a men’s and women’s professional football
club together with related and ancillary activities. The Company
incorporated under the Companies Law (as amended) of the Cayman
Islands.
2 Reconciliation of (loss)/profit for the period to adjusted
EBITDA
Three months ended 31
December
Six months ended 31
December
2021
£’000
2020
£’000
2021
£’000
2020
£’000
(Loss)/profit for the period
(1,402)
63,828
(16,941)
33,558
Adjustments:
Income tax (credit)/expense
(665)
4,343
(4,946)
7,538
Net finance costs/(income)
7,472
(19,702)
17,126
(19,723)
Loss/(profit) on disposal of intangible
assets
318
(14,278)
(17,158)
(1,683)
Exceptional items
9,992
-
9,992
-
Amortization
38,653
32,459
73,787
64,002
Depreciation
3,579
3,663
7,270
7,449
Adjusted EBITDA
57,947
70,313
69,130
91,141
3 Reconciliation of (loss)/profit for the period to adjusted
profit/(loss) for the period and adjusted basic and diluted
earnings/(loss) per share
Three months ended 31
December
Six months ended 31
December
2021
£’000
2020
£’000
2021
£’000
2020
£’000
(Loss)/profit for the period
(1,402)
63,828
(16,941)
33,558
Exceptional items
9,992
-
9,992
-
Foreign exchange losses/(gains) on
unhedged US dollar denominated borrowings
591
(23,752)
10,560
(42,835)
Foreign exchange losses immediately
reclassified from the hedging reserve following change in contract
currency denomination of future revenues
-
-
-
14,837
Fair value movement on embedded foreign
exchange derivatives/foreign currency options
846
316
(5,136)
446
Income tax (credit)/expense
(665)
4,343
(4,946)
7,538
Adjusted (loss)/profit before income
tax
9,362
44,735
(6,471)
13,544
Adjusted income tax credit/(expense)
(using a normalized tax rate of 21% (2020: 21%))
(1,966)
(9,394)
1,359
(2,844)
Adjusted profit/(loss) for the period
(i.e. adjusted net income/(loss))
7,396
35,341
(5,112)
10,700
Adjusted basic earnings/(loss) per
share:
Adjusted basic earnings/(loss) per share
(pence)
4.54
21.69
(3.14)
6.57
Weighted average number of ordinary shares
used as the denominator in calculating adjusted basic
earnings/(loss) per share (thousands)
163,003
162,939
162,999
162,939
Adjusted diluted earnings/(loss) per
share:
Adjusted diluted earnings/(loss) per share
(pence)(1)
4.52
21.63
(3.14)
6.55
Weighted average number of ordinary shares
and potential ordinary shares used as the denominator in
calculating adjusted diluted earnings/(loss) per share (thousands)
(1)
163,504
163,385
162,999
163,385
(1) For the six months ended 31 December 2021 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 (used in)/generated from operations
Three months ended 31
December
Six months ended 31
December
2021
£’000
2020
£’000
2021
£’000
2020
£’000
(Loss)/profit for the period
(1,402)
63,828
(16,941)
33,558
Income tax (credit)/expense
(665)
4,343
(4,946)
7,538
(Loss)/profit before income tax
(2,067)
68,171
(21,887)
41,096
Adjustments for:
Depreciation
3,579
3,663
7,270
7,449
Amortization
38,653
32,459
73,787
64,002
Loss/(profit) on disposal of intangible
assets
318
(14,278)
(17,158)
(1,683)
Net finance costs/(income)
7,472
(19,702)
17,126
(19,723)
Non-cash employee benefit expense –
equity-settled share-based payments
433
488
968
1,753
Foreign exchange (gains)/(losses) on
operating activities
(398)
50
(302)
1,174
Reclassified from hedging reserve
90
114
30
(412)
Changes in working capital:
Inventories
(105)
750
(796)
(606)
Prepayments
4,776
3,519
(13,751)
(9,908)
Contract assets – accrued revenue
(34,471)
(38,920)
(29,284)
(19,829)
Trade receivables
(5,832)
9,950
(5,541)
63,256
Other receivables
151
67
(650)
(132)
Contract liabilities – deferred
revenue
(25,963)
(41,234)
39,615
(39,114)
Trade and other payables
(12,532)
(2,997)
(3,864)
(12,813)
Provisions
329
-
557
-
Cash (used in)/generated from
operations
(25,567)
2,100
46,120
74,510
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220301005054/en/
Investor Relations: Corinna Freedman Head of Investor
Relations +44 738 491 0828 Corinna.Freedman@manutd.co.uk
Media Relations: Andrew Ward Director of Media Relations
& Public Affairs +44 161 676 7770 andrew.ward@manutd.co.uk
Manchester United (NYSE:MANU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Manchester United (NYSE:MANU)
Historical Stock Chart
From Apr 2023 to Apr 2024