Manchester United plc 2013 Second Quarter Results
Manchester United plc 2013 Second Quarter Results
* Sponsorship Revenue Increased 48.6%
* Profit before Tax Increased 47.9%
* Record Second Quarter Revenue of £110.1 Million
* Record Second ^ Quarter EBITDA of £50.2 Million
Business Wire
MANCHESTER, England -- February 14, 2013
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 three and six month periods ended 31 December 2012.
Highlights
* Increased second quarter commercial revenue 29.0% year on year.
* Completed the strategic acquisition of BskyB’s one-third stake in MUTV,
taking full control of our global television channel.
* Executed an additional six new Sponsorship deals – Kansai and Singha
(global; headquartered in Japan/South Africa and Thailand), Wahaha and
Multistrada (regional; China and Indonesia respectively); and China
Construction Bank and Denizbank (financial services; China and Turkey
respectively).
* Premier League Clubs agreed to a system of enhanced financial regulations
– The new regulations include a short-term cost control protocol, which
would limit the amount by which clubs could raise their player costs.
* Finalised 2013 summer tour which includes games in Australia, Japan, and
Hong Kong.
Commentary
Ed Woodward, Executive Vice Chairman commented, ‘Manchester United achieved
record revenue and record adjusted EBITDA in the second quarter driven by our
commercial operation, which continues to experience extremely strong growth
particularly in sponsorship. In addition, our acquisition of BskyB’s one third
stake in Manchester United’s global television channel MUTV will be key in
expanding our media business in the future’.
Outlook
For fiscal 2013, Manchester United continues to expect:
* Revenue to be £350m to £360m.
* Adjusted EBITDA to be £107m to £110m.
Key Financials (unaudited)
Three months Six months
£ million ended ended
31 December 31 December
2012 2011 Change 2012 2011 Change
Commercial 35.6 27.6 29.0% 78.6 62.2 26.4%
revenue
Broadcasting 39.5 37.7 4.8% 53.2 59.6 (10.7%)
revenue
Matchday revenue 35.0 36.0 (2.8%) 54.6 53.3 2.4%
Total revenue 110.1 101.3 8.7% 186.4 175.1 6.5%
Adjusted EBITDA* 50.2 44.9 11.8% 66.5 64.2 3.6%
Profit on
ordinary 28.4 19.2 47.9% 22.3 12.8 74.2%
activities before
Tax
Tax (12.2) 22.9 - 14.4 24.3 (40.7%)
(expense)/credit
Profit for the
period from
continuing 16.2 42.1 (61.5%) 36.7 37.1 (1.1%)
operations (i.e.
Net Income)
Basic and diluted
earnings per 0.10 0.27 (63.0%) 0.23 0.24 (4.2%)
share (EPS)**
Gross debt*** 366.6 438.9 (16.5%) 366.6 438.9 (16.5%)
Cash and cash 66.6 50.9 30.8% 66.6 50.9 30.8%
equivalents
* Adjusted EBITDA is a non-IFRS measure. We define Adjusted EBITDA as
profit/(loss) for the period from continuing operations before net finance
costs, tax credit/(expense), depreciation, amortisation of, and profit on
disposal of, players’ registrations and exceptional items. 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 capital structure (primarily interest expense
and exchange rate gains or losses), asset base (primarily depreciation and
amortisation) and items outside the control of our management (primarily
income taxes and interest income and expense). 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 Adjusted EBITDA to profit/(loss) for the period
from continuing operations is presented in supplemental note 4.
** See supplemental note 2.
*** Gross debt has decreased by 16.1% since 30 June 2012 (£436.9 million).
Revenue Analysis
Commercial
Commercial revenue for the second quarter increased 29.0% year on year to
£35.6 million driven by the addition of several new sponsorship deals. For the
second quarter:
* Sponsorship revenue increased 48.6% to £20.8 million;
* Retail, Merchandising, Apparel & Product Licensing increased 13.1% to £9.5
million; and
* New Media & Mobile increased 1.9% to £5.3 million.
We have secured a new eight year sponsorship agreement for our training kit
rights; and will be making an announcement with further details in the near
future.
Broadcasting
Broadcasting revenues for the second quarter increased 4.8% year on year to
£39.5 million. The main reason for this increase relates to one extra
Champions League game being played and two additional live Premier League TV
appearances compared to the same period last year.
Matchday
Matchday revenues for the second quarter decreased 2.8% year on year to £35.0
million, due mainly to one less domestic cup home game being played in the
period.
Other Financial Information
Operating expenses
Total operating expenses for the second quarter increased 4.6% year on year to
£73.2 million.
Staff costs
Staff costs for the second quarter increased 14.2% year on year to
£44.2 million, primarily due to new player signings, player wage increases and
growth in commercial headcount. The six months year to date increase is 10.5%
year on year to £84.5 million.
Other operating expenses
Other operating expenses for the second quarter decreased 11.3% year on year
to £15.7 million, primary due to a reduction in gateshare costs relating to
the one less domestic cup home game compared with the same period last year.
Depreciation & amortisation of players’ registrations
Depreciation for the second quarter increased 5.9% year on year to £1.8
million, from £1.7 million in the prior period; and amortisation of players’
registrations for the quarter increased 8.1% year on year to £10.7 million.
The unamortised balance of existing players’ registrations at 31 December 2012
was £125.9 million.
Exceptional items
Exceptional items for the second quarter were £0.8 million and related to
professional adviser fees in connection with the IPO compared with £2.0
million in the prior year quarter.
Profit on disposal of players’ registrations
Profit on the disposal of players’ registrations for the second quarter was
£0.7 million due to additional conditional payments being received for players
sold in prior periods.
Net finance costs
Net finance costs for the second quarter decreased 25.2% year on year to
£9.2 million. The decline was driven by the re-purchase and retirement of the
sterling equivalent of £62.6 million of senior secured notes comprising
US$101.7 million of US dollar denominated notes and a favourable foreign
exchange movement of £2.3 million year on year on translation of the US dollar
denominated senior secured notes.
These foreign exchange gains or losses are not a cash benefit or charge and
could reverse depending on dollar/sterling exchange rate movements. Any gain
or loss on a cumulative basis will not be realised until 2017 (or earlier if
our senior secured notes are refinanced or redeemed prior to their stated
maturity).
Tax
The Group recorded a non-cash tax charge for the second quarter of £12.2
million, which primarily reflects the utilisation of a portion of the deferred
tax asset recognised in the first quarter of fiscal 2013. In the prior year
period, the Group recorded a tax credit of £22.9 million due primarily to the
recognition of a deferred tax asset relating to pre-existing UK losses. The
effective tax rate for the quarter is 42.8%, which is higher than the US
statutory tax rate of 35%, due to a current mismatch in the recognition of the
UK and US deferred tax assets and liabilities. It should be noted that these
are all non-cash tax charges.
Profit for the period from continuing operations
Profit from continuing operations for the second quarter decreased to £16.2
million, compared with a profit of £42.1 million in the prior year quarter.
Earnings per share for the second quarter decreased to £0.10, compared with
£0.27 in the prior year quarter. This decrease is largely due to a tax credit
of £22.9 million realised in the prior year quarter, compared to a tax charge
of £12.2 million in this year’s second quarter.
Cash flows
Cash generated from operating activities for the second quarter was £25.4
million, an increase of £31.7 million compared to £6.3 million cash used in
the prior year quarter.
Capital expenditures on property, plant and equipment and investment property
for the second quarter were £5.9 million, an increase of £4.3 million compared
to £1.6 million in the prior year quarter mainly due to the continuing
redevelopment of the Carrington training facility.
Net player capital expenditure for the second quarter was £2.4 million, an
increase of £1.5 million compared to £0.8 million in the prior year quarter
due mainly to conditional payments being made on players acquired in prior
periods.
Net cash used in financing activities for the second quarter was £1.6 million,
a decrease of £3.7 million compared to £5.3 million in the prior year quarter.
The current year quarter includes expenses of £1.5 million directly
attributable to the issue of new shares. The prior year quarter includes £5.3
million relating to the repurchase of senior secured notes.
Cash and cash equivalents
Cash and cash equivalents at 31 December 2012 were £66.6 million compared to
£50.9 million at 31 December 2011.
Borrowings
Total borrowings were £366.6 million at 31 December 2012 compared to £439.0
million at 31 December 2011. During the six months we re-purchased and retired
the sterling equivalent of £62.6 million of senior secured notes comprising
US$101.7 million of US dollar denominated notes. The consideration paid
amounted to £67.9 million.
Conference Call Information
The Company’s conference call to review the second quarter and six months
fiscal 2013 results will be broadcast live over the internet today, 14
February 2013 at 08:00 am 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 135 year heritage we have won 60 trophies, enabling us to develop
the world’s leading sports brand 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, new media & mobile,
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).
Key Performance Indicators
Three months ended Six months ended
31 December 31 December
2012 2011 2012 2011
Commercial % of total 32.3% 27.3% 42.2% 35.5%
revenue
Nike and Aon % of 40.2% 47.8% 36.3% 42.4%
Commercial
Partners and other % of 59.8% 52.2% 63.7% 57.6%
Commercial
Broadcasting % of total 35.9% 37.2% 28.5% 34.0%
revenue
Matchday % of total 31.8% 35.5% 29.3% 30.5%
revenue
Home Matches Played
FAPL 7 7 10 10
UEFA competitions 2 2 3 3
Domestic Cups - 1 1 1
Away Matches Played
UEFA competitions 3 2 3 3
Domestic Cups 1 1 1 2
Other
Employees at period end 779 696 779 696
Staff costs % of revenue 40.1% 38.2% 45.3% 43.7%
Phasing of
Premier League Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
home games
2012/13 season* 3 7 5 4 19
2011/12 season 3 7 5 4 19
*Note - Games can be rescheduled for TV or clashes due to domestic cup
competitions and will be updated each Quarter accordingly.
CONSOLIDATED INCOME STATEMENT
(unaudited; in £ thousands, except per share data)
Three months ended Six months ended
31 December 31 December
2012 2011 2012 2011
Revenue 110,056 101,278 186,372 175,060
Operating (73,169 ) (70,031 ) (147,980 ) (136,457 )
expenses
Profit on
disposal of 687 206 5,505 5,830
players’
registrations
Operating profit 37,574 31,453 43,897 44,433
Finance costs (9,277 ) (12,443 ) (21,753 ) (32,062 )
Finance income 67 194 156 478
Net finance (9,210 ) (12,249 ) (21,597 ) (31,584 )
costs
Profit on
ordinary 28,364 19,204 22,300 12,849
activities
before tax
Tax (12,146 ) 22,867 14,386 24,252
(expense)/credit
Profit for the
period from 16,218 42,071 36,686 37,101
continuing
operations^(1)
Attributable to:
16,131 41,967 36,517 36,949
Owners of the
Company
Non-controlling 87 104 169 152
interest
16,218 42,071 36,686 37,101
Earnings per
share
attributable to
the equity
holders of the
Company during
the year
Basic and
diluted earnings
per share 0.10 0.27^(2) 0.23 0.24^(2)
(Pounds
Sterling)
Weighted-average
shares
outstanding 163,826 155,352 161,980 155,352
(Thousands)
^(1) Also referred to as Net Income.
^(2) As adjusted retrospectively to reflect the reorganisation transactions
described in supplemental note 1.
CONSOLIDATED BALANCE SHEET
(unaudited; in £ thousands)
31 December 30 June 31 December
2012 2012 2011
ASSETS
Non-current assets
Property, plant and 253,609 247,866 244,537
equipment
Investment property 14,140 14,197 14,245
Goodwill 421,453 421,453 421,453
Players’ registrations 125,945 112,399 109,864
Trade and other 1,500 3,000 13,000
receivables
Non-current tax - - 2,500
receivable
Deferred tax asset 15,481 - -
832,128 798,915 805,599
Current assets
Derivative financial 161 967 239
instruments
Trade and other 61,970 74,163 47,484
receivables
Current tax receivable 2,500 2,500 -
Cash and cash 66,631 70,603 50,900
equivalents
131,262 148,233 98,623
Total assets 963,390 947,148 904,222
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
31 December 30 June 31 December
2012 2012^(1) 2011^(1)
EQUITY AND
LIABILITIES
Equity
Share capital 52 50 50
Share premium 68,822 25 25
Merger reserve 249,030 249,030 249,030
Hedging reserve 1 666 -
Retained 24,323 (12,671 ) 11,233
earnings/(deficit)
Equity attributable
to owners of the 342,228 237,100 260,338
Company
Non-controlling (1,834 ) (2,003 ) (2,178 )
interests
340,394 235,097 258,160
Non-current
liabilities
Derivative financial 1,629 1,685 -
instruments
Trade and other 21,086 22,305 21,011
payables
Borrowings 349,005 421,247 422,802
Deferred revenue 4,888 9,375 13,862
Provisions 1,158 1,378 1,644
Deferred tax 28,161 26,678 30,319
liabilities
405,927 482,668 489,638
Current liabilities
Derivative financial 60 - 1,734
instruments
Current tax 1,128 1,128 1,127
liabilities
Trade and other 66,106 83,664 47,122
payables
Borrowings 17,625 15,628 16,148
Deferred revenue 131,712 128,535 89,860
Provisions 438 428 433
217,069 229,383 156,424
Total equity and 963,390 947,148 904,222
liabilities
^(1) As adjusted retrospectively to reflect the reorganisation transactions
described in supplemental note 1.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited; in £ thousands)
Total
Retained Non-
Share Share Merger Hedging attributable Total
earnings/( controlling equity
capital premium reserve reserve to owners of
deficit) interests
the Company
Balance at 1 July - 249,105 - (466 ) (25,886 ) 222,753 (2,330 ) 220,423
2011
Profit for the - - - - 36,949 36,949 152 37,101
period
Cash flow hedges, - - - 466 - 466 - 466
net of tax
Currency
translation - - - - 170 170 - 170
differences
Total
comprehensive - - - 466 37,119 37,585 152 37,737
income for the
period
Proceeds from 50 25 - - - 75 - 75
shares issued
Capital - (249,105 ) 249,030 - - (75 ) - (75 )
reorganisation^(1)
Balance at 31 50 25 249,030 - 11,233 260,338 (2,178 ) 258,160
December 2011
(Loss)/profit for - - - - (13,963 ) (13,963 ) 175 (13,788 )
the period
Cash flow hedges, - - - 666 - 666 - 666
net of tax
Currency
translation - - - - 59 59 - 59
differences
Total
comprehensive - - - 666 (13,904 ) (13,238 ) 175 (13,063 )
income/(loss) for
the period
Dividends - - - - (10,000 ) (10,000 ) - (10,000 )
Balance at 30 June 50 25 249,030 666 (12,671 ) 237,100 (2,003 ) 235,097
2012
Profit for the - - - - 36,517 36,517 169 36,686
period
Cash flow hedges, - - - (665 ) - (665 ) - (665 )
net of tax
Currency
translation - - - - (4 ) (4 ) - (4 )
differences
Total
comprehensive - - - (665 ) 36,513 35,848 169 36,017
income for the
period
Equity settled
share-based - - - - 481 481 - 481
payments
Proceeds from 2 68,797 - - - 68,799 - 68,799
shares issued^(2)
Balance at 31 52 68,822 249,030 1 24,323 342,228 (1,834 ) 340,394
December 2012
^(1) Adjusted retrospectively to reflect the reorganisation transactions
described in supplemental note 1.
^(2) See supplemental note 1.2.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
Three months ended Six months ended
31 December 31 December
2012 2011 2012 2011
Cash flows from
operating activities
Cash generated
from/(used in) 27,980 (2,726 ) 61,863 19,834
operations
(supplemental note 3)
Interest paid (3,431 ) (3,828 ) (27,934 ) (24,952 )
Interest received 72 233 157 379
Income tax 802 - 600 (3,210 )
received/(paid)
Net cash generated
from/(used in) 25,423 (6,321 ) 34,686 (7,949 )
operating activities
Cash flows from
investing activities
Purchases of
property, plant and (5,942 ) (1,630 ) (9,338 ) (8,041 )
equipment
Purchases of - - - (7,364 )
investment property
Purchases of players’ (3,361 ) (1,255 ) (38,258 ) (52,289 )
registrations
Proceeds from sale of
players’ 999 407 6,363 4,373
registrations
Net cash used in (8,304 ) (2,478 ) (41,233 ) (63,321 )
investing activities
Cash flows from
financing activities
Proceeds from issue
of shares (see (1,459 ) - 68,799 -
supplemental note
1.2)
Repayment of other (92 ) (5,251 ) (62,796 ) (28,377 )
borrowings
Net cash (used
in)/generated from (1,551 ) (5,251 ) 6,003 (28,377 )
financing activities
Net
increase/(decrease) 15,568 (14,050 ) (544 ) (99,647 )
in cash and cash
equivalents
Cash and cash
equivalents at 52,527 64,967 70,603 150,645
beginning of period
Exchange losses on
cash and cash (1,464 ) (17 ) (3,428 ) (98 )
equivalents
Cash and cash
equivalents at end of 66,631 50,900 66,631 50,900
period
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 is incorporated under the Companies Law (2011
Revision) of the Cayman Islands. The Company became the parent of the Group as
a result of reorganisation transactions which were completed immediately prior
to the completion of the public offering of Manchester United plc shares on
the New York Stock Exchange (“NYSE”) in August 2012 as described more fully
below.
1.1 The reorganisation transactions
The Group had historically conducted business through Red Football Shareholder
Limited, a private limited company incorporated in England and Wales, and its
subsidiaries. Prior to the reorganisation transactions, Red Football
Shareholder Limited was a direct, wholly owned subsidiary of Red Football LLC,
a Delaware limited liability company. On 30 April 2012, Red Football LLC
formed a wholly-owned subsidiary, Manchester United Ltd., an exempted company
with limited liability incorporated under the Companies Law (2011 Revision) of
the Cayman Islands, as amended and restated from time to time. On 8 August
2012, Manchester United Ltd. changed its legal name to Manchester United plc.
On 9 August 2012, Red Football LLC contributed all of the equity interest of
Red Football Shareholder Limited to Manchester United plc. As a result of
these reorganisation transactions, Red Football Shareholder Limited became an
indirect, wholly-owned subsidiary of Manchester United plc.
The new parent, Manchester United plc. had 155,352,366 shares in issue
immediately after the reorganisation transactions and before the issue of new
shares pursuant to the public offering. The reorganisation transactions have
been treated as a capital reorganisation arising at the reorganisation date (9
August 2012). In accordance with International Financial Reporting Standards,
historic earnings per share calculations and the balance sheet as at 30 June
2012 and 31 December 2011 reflect the capital structure of the new parent
rather than that of the former parent, Red Football Shareholder Limited.
1.2 Initial public offering (“IPO”)
On 10 August 2012, the Company issued a further 8,333,334 ordinary shares at
an issue price of $14 per share and listed such shares on the NYSE. Net of
underwriting costs and discounts, proceeds of $110,250,000 (£70,258,000) were
received. Expenses of £1,459,000 directly attributable to this issue of new
shares have been offset against share premium.
2 Earnings per share
Basic and diluted earnings per share is calculated by dividing the profit
attributable to ordinary equity holders of the Company by the weighted average
number of ordinary shares in issue during the period, as adjusted for the
reorganisation transactions described in note 1.1. The Company did not have
any dilutive shares during the period (2011: none).
Unaudited Unaudited
three months ended six months ended
31 December 31 December
2012 2011 2012 2011
Profit attributable
to equity holders 16,131 41,967 36,517 36,949
of the Company
(£’000)
Weighted average
Class A ordinary 39,826 31,352 ^(1) 37,980 31,352 ^(1)
shares (thousands)
Weighted average
Class B ordinary 124,000 124,000 ^(1) 124,000 124,000 ^(1)
shares (thousands)
Basic earnings per
share (Pounds 0.10 0.27 ^(1) 0.23 0.24 ^(1)
Sterling)
Diluted earnings
per share (Pounds 0.10 0.27 [(1)] 0.23 0.24 ^(1)
Sterling)
^(1) As adjusted retrospectively to reflect the reorganisation transactions
described in note 1.1.
On 15 August 2012, the Company issued a further 139,895 Class A ordinary
shares pursuant to the Company’s 2012 Equity Incentive Award Plan and listed
such shares on the NYSE. The number of shares in issue as of 31 December 2012
was 163,825,595 shares comprising 39,825,595 Class A ordinary shares and
124,000,000 Class B ordinary shares
3 Cash generated from operations
Three months ended Six months ended
31 December 31 December
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Profit from
continuing 16,218 42,071 36,686 37,101
operations
Tax 12,146 (22,867 ) (14,386 ) (24,252 )
expense/(credit)
Profit on
ordinary 28,364 19,204 22,300 12,849
activities
before tax
Depreciation 1,852 1,721 3,769 3,560
charges
Amortisation of
players’ 10,660 9,926 20,483 20,020
registrations
Profit on
disposal of (687 ) (206 ) (5,505 ) (5,830 )
players’
registrations
Net finance 9,210 12,249 21,597 31,584
costs
Share-based 154 - 481 -
payments
Fair value
losses/(gains)
on derivative 102 (240 ) (9 ) (240 )
financial
instruments
Decrease in
trade and other 8,369 8,136 14,727 7,471
receivables
Decrease in
trade and other (29,954 ) (53,283 ) (15,744 ) (49,145 )
payables and
deferred revenue
Decrease in (90 ) (233 ) (236 ) (435 )
provisions
Cash generated
from/(used in) 27,980 (2,726 ) 61,863 19,834
operations
4 Reconciliation of Adjusted EBITDA to profit for the period from continuing
operations
Three months ended Six months ended
31 December 31 December
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Adjusted EBITDA 50,180 44,920 66,523 64,209
Adjustments:
Depreciation (1,852 ) (1,721 ) (3,769 ) (3,560 )
Amortisation of
players’ (10,660 ) (9,926 ) (20,483 ) (20,020 )
registrations
Exceptional (781 ) (2,026 ) (3,879 ) (2,026 )
items
Profit on
disposal of 687 206 5,505 5,830
players’
registrations
Net finance (9,210 ) (12,249 ) (21,597 ) (31,584 )
costs
Tax (12,146 ) 22,867 14,386 24,252
(expense)/credit
Profit for the
period from 16,218 42,071 36,686 37,101
continuing
operations
Contact:
ICR
Investor Relations:
Brendon Frey / Rachel Schacter, +1 203-682-8200
ir@manutd.co.uk
or
Media:
Manchester United plc
Philip Townsend, +44 161 868 8148
philip.townsend@manutd.co.uk
or
Sard Verbinnen & Co
Jim Barron / Michael Henson, +1 212-687-8080
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