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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Manchester United Plc | NYSE:MANU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.32 | -2.02% | 15.49 | 15.905 | 15.48 | 15.88 | 828,409 | 01:00:00 |
Key Points
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 2022 fiscal fourth quarter and twelve months ended 30 June 2022.
Management Commentary
Richard Arnold, Chief Executive Officer, commented, “Our club’s core mission is to win football matches and entertain our fans. Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag. We have also continued to develop our women’s team with an aim of reinforcing our position among the leading clubs in the Women’s Super League.
“Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans, which is why we have made fan engagement a strategic priority. While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders.”
Cliff Baty, Chief Financial Officer, commented, “Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad. Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs. Looking forward to fiscal 2023, the Club is guiding to revenues of £580 million to £600 million despite participation in the Europa League, and adjusted EBITDA of £100 million to £110 million, reflecting the continued playing squad investment.”
Football
We have achieved a series of milestones in the strengthening of our football operations during fiscal 2022, including:
Fan Engagement
Strengthening engagement with fans is a key strategic priority, and includes the following initiatives:
Facilities - Venue and Operations
In addition to record ticket sales for the 2022/23 season, Venue and Operations further achieved:
Partnerships
A strong year of new or renewed partnership deals included:
Digital Products & Experiences
Content-led digital fan engagement continues to connect our club with our fans around the world and contributed to record e-commerce sales. Other digital initiatives completed, or in progress, include:
Industry Developments and Governance
There have been several significant developments in football governance, including reform of:
Key Financials (unaudited)
£ million (except loss per share)
Twelve months ended
30 June
Three months ended
30 June
2022
2021
Change
2022
2021
Change
Commercial revenue
257.8
232.2
11.0%
63.4
51.8
22.4%
Broadcasting revenue
214.9
254.8
(15.7%)
33.7
39.9
(15.5%)
Matchday revenue
110.5
7.1
1456.3%
21.4
2.3
830.4%
Total revenue
583.2
494.1
18.0%
118.5
94.0
26.1%
Adjusted EBITDA(1)
81.1
95.1
(14.7%)
(8.4)
(10.5)
20.0%
Operating loss
(87.4)
(36.9)
136.9%
(60.7)
(36.7)
65.4%
Loss for the period (i.e. net loss)
(115.5)
(92.2)
25.3%
(70.7)
(107.7)
(34.4%)
Basic loss per share (pence)
(70.86)
(56.60)
25.2%
(43.46)
(66.08)
(34.2%)
Adjusted loss for the period (i.e. adjusted net loss)(1)
(34.0)
(44.7)
(23.9%)
(20.2)
(33.7)
(40.1%)
Adjusted basic loss per share (pence)(1)
(20.83)
(27.41)
(24.0%)
(12.38)
(20.67)
(40.1%)
Non-current and current borrowings
636.1
530.2
20.0%
636.1
530.2
20.0%
Cash and cash equivalents
121.2
110.7
9.5%
121.2
110.7
9.5%
Net debt(1)/(2)
514.9
419.5
22.7%
514.9
419.5
22.7%
(1) Adjusted EBITDA, adjusted loss for the period, adjusted basic loss per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 8 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 30 June 2022 reflect the impact of a £100.0 million drawdown on our revolving facilities. The increase in net debt is primarily due to £64.6 million of unrealized foreign exchange losses on retranslation of USD borrowings plus a further £40.0 million drawdown on our revolving facilities, partially offset by a £10.5 million increase in cash and cash equivalents.
Outlook
For fiscal 2023, the company expects total revenues to be in a range of £580 million to £600 million, despite participation in the Europa League, and adjusted EBITDA to be in a range of £100 million to £110 million, reflecting the continued playing squad investment. Further, quarterly results will be impacted by the postponement of two matches which were delayed due to a period of mourning after the Queen’s passing and have yet to be rescheduled, as well as the timing of the 2022 FIFA World Cup, which will begin late-November and continue through late December.
Phasing of Premier League games
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total
2022/23 season
8*
10
10
10
38
2021/22 season
6
12
11
9
38
*Note: Two matches scheduled in September 2022 were postponed
Revenue Analysis
Commercial Commercial revenue for the year was £257.8 million, an increase of £25.6 million, or 11.0%, over the prior year.
For the quarter, commercial revenue was £63.4 million, an increase of £11.6 million, or 22.4%, over the prior year quarter.
Broadcasting Broadcasting revenue for the year was £214.9 million, a decrease of £39.9 million, or 15.7%, over the prior year, primarily due to playing twenty-two fewer home and away games across all competitions compared to the prior year.
Broadcasting revenue for the quarter was £33.7 million, a decrease of £6.2 million, or 15.5%, over the prior year quarter, primarily due to playing five fewer home and away games across all competitions and the impact of our men’s first team finishing 6th in the Premier League compared to 2nd in the prior year.
Matchday Matchday revenue for the year was £110.5 million, an increase of £103.4 million, or 1456.3%, over the prior year, due to the return of fans to Old Trafford. In the prior year, all matches prior to the final home match of the season were played behind closed doors due to COVID-19 restrictions.
Matchday revenue for the quarter was £21.4 million, an increase of £19.1 million, or 830.4%, over the prior year quarter, due to the return of fans to Old Trafford.
Other Financial Information
Operating expenses Total operating expenses for the year were £692.6 million, an increase of £154.2 million, or 28.6%, over the prior year.
Employee benefit expenses Employee benefit expenses for the year were £384.2 million, an increase of £61.6 million, or 19.1%, over the prior year, due to investment in the first team playing squad.
Other operating expenses Other operating expenses for the year were £117.9 million, an increase of £41.5 million, or 54.3%, over the prior year. 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, all but one home game were played behind closed doors.
Depreciation, impairment and amortization Depreciation and impairment for the year was £14.3 million, a decrease of £0.7 million, or 4.7%, over the prior year. Amortization for the year was £151.5 million, an increase of £27.1 million, or 21.8%, over the prior year. The unamortized balance of registrations at 30 June 2022 was £316.2 million.
Exceptional items Exceptional items for the year were a cost of £24.7 million. This cost includes compensation due to former men’s first team managers, certain members of the playing, coaching and scouting staff, and certain non-playing staff. The cost also includes 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 were £nil.
Profit on disposal of intangible assets Profit on disposal of intangible assets for the year was £21.9 million, compared to £7.4 million for the prior year.
Net finance (costs)/income Net finance costs for the year were £62.2 million, compared to net finance income of £12.9 million for the prior year, an unfavorable movement of £75.1 million, primarily due to an unfavorable swing in foreign exchange rates resulting in unrealized foreign exchange losses on unhedged USD borrowings in the current year compared to unrealized foreign exchange gains in the prior year.
Income tax The income tax credit for the year was £34.1 million, compared to an expense of £68.2 million in the prior year. The credit in the year is primarily a result of deferred tax assets recognised in respect of losses arising in the year. The prior year expense arose from the write off of US deferred tax assets.
Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £10.6 million in the year, compared to an increase of £59.2 million in the prior year.
Net cash inflow from operating activities for the year was £96.4 million, a decrease of £16.7 million compared to a net cash inflow of £113.1 million for the prior year. This is primarily due to reduced broadcasting revenues as a result of fewer games played in the year, partially offset by the return of fans to Old Trafford.
Net capital expenditure on property, plant and equipment for the year was £8.3 million, an increase of £2.1 million over the prior year.
Net capital expenditure on intangible assets for the year was £85.1 million, a decrease of £7.1 million over the prior year.
Net cash inflow from financing activities for the year was £5.0 million, compared to net cash inflow of £47.6 million in the prior year. Current year cash inflow includes a drawdown of £40.0 million on our revolving facilities, net of dividends paid of £33.6 million.
Net debt Net Debt as of 30 June 2022 was £514.9 million, compared to £419.5 million as of 30 June 2021, an increase of £95.4 million primarily due to £64.6 million of unrealized foreign exchange losses on retranslation of USD borrowings in addition to a further drawdown on our revolving facilities of £40.0 million, partially offset by a £10.5 million increase in cash and cash equivalents.
Conference Call Details
The Company’s conference call to review fiscal 2022 and fourth quarter results will be broadcast live over the internet today, 22 September 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) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.
Statement Regarding Unaudited Financial Information The unaudited financial information set forth is preliminary and subject to adjustments. The audit of the financial statements and related notes to be included in our annual report on Form 20-F for the year ended 30 June 2022 is still in progress. Adjustments to the financial statements may be identified when audit work is completed, which could result in significant differences from this preliminary unaudited financial information.
Non-IFRS Measures: Definitions and Use
1. Adjusted EBITDA Adjusted EBITDA is defined as profit/(loss) for the period before depreciation and impairment, amortization, profit on disposal of intangible assets, net finance costs/income, exceptional items 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, impairment and amortization), material volatile items (primarily profit on disposal of intangible assets), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss/profit for the period to adjusted EBITDA is presented in supplemental note 2.
2. Adjusted loss for the period (i.e. adjusted net loss) Adjusted loss for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on a normalized tax rate of 21%; 2021: 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% (2021: 21%) applicable during the financial year. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3.
3. Adjusted basic and diluted loss per share Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “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
Twelve months ended
30 June
Three months ended
30 June
2022
2021
2022
2021
Revenue
Commercial % of total revenue
44.2%
47.0%
53.5%
55.1%
Broadcasting % of total revenue
36.8%
51.6%
28.4%
42.5%
Matchday % of total revenue
19.0%
1.4%
18.1%
2.4%
2021/22
Season
2020/21
Season
Carryover
2019/20
Season
2021/22
Season
2020/21
Season
Home Matches Played
PL
19
19
3
4
5
UEFA competitions
4
7
1
-
2
Domestic Cups
3
4
-
-
-
Away Matches Played
PL
19
19
3
5
4
UEFA competitions
4
8
2
-
3
Domestic Cups
-
4
1
-
-
Other
Employees at period end
1,068
971
1,068
971
Employee benefit expenses % of revenue
65.9%
65.3%
81.1%
89.1%
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(unaudited; in £ thousands, except per share and shares outstanding data)
Twelve months ended
30 June
Three months ended
30 June
2022
2021
2022
2021
Revenue from contracts with customers
583,201
494,117
118,452
94,009
Operating expenses
(692,520
)
(538,424
)
(183,330
)
(137,848
)
Profit on disposal of intangible assets
21,935
7,381
4,056
7,122
Operating loss
(87,384
)
(36,926
)
(60,822
)
(36,717
)
Finance costs
(85,915
)
(36,411
)
(46,053
)
(6,619
)
Finance income
23,676
49,310
15,048
1,235
Net finance (costs)/income
(62,239
)
12,899
(31,005
)
(5,384
)
Loss before tax
(149,623
)
(24,027
)
(91,827
)
(42,101
)
Income tax credit/(expense)
34,113
(68,189
)
20,985
(65,562
)
Loss for the period
(115,510
)
(92,216
)
(70,842
)
(107,663
)
Basic and diluted loss per share:
Basic and diluted loss per share (pence) (1)
(70.86
)
(56.60
)
(43.46
)
(66.08
)
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1)
163,001
162,939
163,003
162,939
(1) For the twelve and three months ended 30 June 2022 and the twelve and three months ended 30 June 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 30 June
2022
2021
ASSETS
Non-current assets
Property, plant and equipment
242,661
247,059
Right-of-use assets
4,072
4,383
Investment properties
20,273
20,553
Intangible assets
743,278
754,467
Trade receivables
29,757
20,404
Derivative financial instruments
16,462
499
1,056,503
1,047,365
Current assets
Inventories
2,200
2,080
Prepayments
15,534
7,407
Contract assets – accrued revenue
36,239
40,544
Trade receivables
49,210
50,370
Other receivables
1,569
460
Income tax receivable
4,590
1,108
Derivative financial instruments
6,597
318
Cash and cash equivalents
121,223
110,658
237,162
212,945
Total assets
1,293,665
1,260,310
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
As of 30 June
2022
2021
EQUITY AND LIABILITIES
Equity
Share capital
53
53
Share premium
68,822
68,822
Treasury shares
(21,305
)
(21,305
)
Merger reserve
249,030
249,030
Hedging reserve
950
(10,436
)
Retained (deficit)/earnings
(170,042
)
(13,652
)
127,508
272,512
Non-current liabilities
Deferred tax liabilities
7,402
35,546
Contract liabilities - deferred revenue
16,697
22,942
Trade and other payables
102,347
67,517
Borrowings
530,365
465,049
Lease liabilities
2,869
3,083
Derivative financial instruments
49
5,472
Provisions
11,586
4,157
671,315
603,766
Current liabilities
Contract liabilities - deferred revenue
165,847
117,984
Trade and other payables
220,587
192,661
Income tax liabilities
-
6,036
Borrowings
105,757
65,187
Lease liabilities
1,561
1,257
Derivative financial instruments
32
262
Provisions
1,058
645
494,842
384,032
Total equity and liabilities
1,293,665
1,260,310
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
Twelve months ended
30 June
Three months ended
30 June
2022
2021
2022
2021
Cash flows from operating activities
Cash generated from operations (see supplemental note 4)
121,704
137,778
43,876
27,614
Interest paid
(20,642
)
(20,542
)
(2,405
)
(1,680
)
Interest received
145
3
140
1
Tax paid
(4,836
)
(4,156
)
(489
)
(1,128
)
Net cash inflow from operating activities
96,371
113,083
41,122
24,807
Cash flows from investing activities
Payments for property, plant and equipment
(8,323
)
(6,241
)
(2,100
)
(1,301
)
Payments for intangible assets
(115,415
)
(138,189
)
(14,081
)
(11,629
)
Proceeds from sale of intangible assets
30,307
45,996
10,066
13,916
Payments for derivative financial assets
-
(939
)
-
-
Net cash (outflow)/inflow from investing activities
(93,431
)
(99,373
)
(6,115
)
986
Cash flows from financing activities
Proceeds from borrowings
40,000
60,000
-
-
Principal elements of lease payments
(1,407
)
(1,641
)
(123
)
(410
)
Dividends paid
(33,553
)
(10,718
)
(11,992
)
-
Net cash inflow/(outflow) from financing activities
5,040
47,641
(12,115
)
(410
)
Net increase in cash and cash equivalents
7,980
61,351
22,892
25,383
Cash and cash equivalents at beginning of period
110,658
51,539
95,791
84,715
Effects of exchange rate changes on cash and cash equivalents
2,585
(2,232
)
2,540
560
Cash and cash equivalents at end of period
121,223
110,658
121,223
110,658
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 for the period to adjusted EBITDA
Twelve months ended
30 June
Three months ended
30 June
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Loss for the period
(115,510
)
(92,216
)
(70,842
)
(107,663
)
Adjustments:
Income tax (credit)/expense
(34,113
)
68,189
(20,985
)
65,562
Net finance costs/(income)
62,239
(12,899
)
31,005
5,384
Profit on disposal of intangible assets
(21,935
)
(7,381
)
(4,056
)
(7,122
)
Exceptional items
24,692
-
14,700
-
Amortization
151,462
124,398
38,231
29,668
Depreciation and impairment
14,314
14,959
3,523
3,715
Adjusted EBITDA
81,149
95,050
(8,424
)
(10,456
)
3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share
Twelve months ended
30 June
Three months ended
30 June
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Loss for the period
(115,510
)
(92,216
)
(70,842
)
(107,663
)
Exceptional items
24,692
-
14,700
-
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings
58,738
(48,015
)
37,076
(1,060
)
Foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues
-
14,631
-
-
Fair value movement on embedded foreign exchange derivatives
23,205
881
14,503
520
Income tax (credit)/expense
(34,113
)
68,189
(20,985
)
65,562
Adjusted loss before tax
(42,988
)
(56,530
)
(25,548
)
(42,641
)
Adjusted income tax credit (using a normalized tax rate of 21% (2021: 21%))
9,027
11,871
5,365
8,955
Adjusted loss for the period (i.e. adjusted net loss)
(33,961
)
(44,659
)
(20,183
)
(33,686
)
Adjusted basic and diluted loss per share:
Adjusted basic and diluted loss per share (pence)(1)
(20.83
)
(27.41
)
(12.38
)
(20.67
)
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic and diluted loss per share (thousands) (1)
163,001
162,939
163,003
162,939
(1) For the twelve and three months ended 30 June 2022 and the twelve and three months ended 30 June 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 generated from operations
Twelve months ended
30 June
Three months ended
30 June
2022
£’000
2021
£’000
2022
£’000
2021
£’000
Loss for the period
(115,510
)
(92,216
)
(70,842
)
(107,663
)
Income tax (credit)/expense
(34,113
)
68,189
(20,985
)
65,562
Loss before income tax
(149,623
)
(24,027
)
(91,827
)
(42,101
)
Adjustments for:
Depreciation and impairment
14,314
14,959
3,523
3,715
Amortization
151,462
124,398
38,231
29,668
Profit on disposal of intangible assets
(21,935
)
(7,381
)
(4,056
)
(7,122
)
Net finance costs/(income)
62,239
(12,899
)
31,005
5,384
Non-cash employee benefit expense - equity-settled share-based payments
198
2,085
(1,291
)
(159
)
Foreign exchange losses on operating activities
50
874
356
105
Reclassified from hedging reserve
(672
)
2,239
(481
)
2,063
Changes in working capital:
Inventories
(120
)
106
492
283
Prepayments
(8,825
)
(282
)
(3,983
)
5,026
Contract assets – accrued revenue
4,305
5,422
16,882
9,735
Trade receivables
(520
)
71,695
8,120
(18,121
)
Other receivables
(1,109
)
(221
)
(537
)
1,023
Contract liabilities – deferred revenue
41,618
(49,407
)
23,440
20,881
Trade and other payables
22,480
5,415
17,170
12,432
Provisions
7,842
4,802
6,832
4,802
Cash generated from operations
121,704
137,778
43,876
27,614
View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005630/en/
Investor Relations: Corinna Freedman Head of Investor Relations +44 738 491 0828 Corinna.Freedman@manutd.co.uk
Media Relations: Andrew Ward Head of Media Relations & Public Affairs +44 161 676 7770 andrew.ward@manutd.co.uk
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