Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2026 Results
Manchester United improved profitability and cash generation in 2026 but higher finance costs and debt kept the club in a net loss position.
Key Points
-
Achieved record full year revenue of
£677.6 million , despite not participating in UEFA competition, up from previous record of£666.5 million in the prior year; -
Generated operating profit for the full year of
£22.6 million , compared to an operating loss of£18.4 million in the prior year, as the Club continues to see the benefits of operating cost and headcount reductions previously implemented, combined with improved Premier League performance; -
Full year adjusted EBITDA at record level of
£216.4 million , up£33.6 million , or18.4% , from fiscal 2025; -
4Q total revenue of
£157.5 million and adjusted EBITDA of£28.9 million , down slightly on 4Q fiscal 2025 comparatives of£164.1 million total revenue and£37.5 million adjusted EBITDA, due to phasing of Premier League matches and the prior year quarter containing a post-season tour and the UEFA Europa League final; -
Loss for the year was
£43.0 million , compared to a loss of£33.0 million in the prior year. The Club continues on its journey to improve operational efficiency and financial sustainability; - The Men’s first team finished the 2025/26 season in 3rd position in the Premier League and has returned to the UEFA Champions League in the 2026/27 season;
- The Women’s team finished the 2025/26 Women’s Super League season in 4th place and reached the Quarter-Finals of the Women’s Champions League for the first time in our history;
- Secured land required to build a new 100,000-seater stadium, marking a major milestone in the long-term vision to transform the Old Trafford area;
- Announced a multi-year partnership with Betway as the Club’s Official Training Kit Partner, representing Betway’s biggest sponsorship investment to date across a portfolio including football, Formula 1 and tennis;
- Announced a multi-year partnership with SumUp as the Club’s Official Sleeve Partner;
- The Men’s first team was strengthened by the additions of Andrey Santos, Youri Tielemans, Karl Darlow and Carlos Baleba; The Women’s first team was strengthened with the new signings of Andrea Medina, Janina Leitzig, Monica Jusu Bah and Rebeca Bernal;
-
The Men’s first team successfully undertook a pre-season tour, including matches in Scandinavia and the
Republic of Ireland , in preparation for the 2026/27 season; - Eva Olid was appointed as the new Head Coach of our Women’s team, as the team embarks on a clear vision for long-term, sustainable growth and success;
-
For full year fiscal 2027, the Company introduces revenue guidance of
£740 million to£760 million and adjusted EBITDA guidance of£205 million to£225 million
Management Commentary
Omar Berrada, Chief Executive Officer, commented, "We are pleased to have secured record revenues and adjusted EBITDA which demonstrates the underlying strength of our business, particularly in a season without European football. This shows the direct impact of the work we have been doing over the past two years. It also proves Manchester United’s enduring popularity and commercial strength. While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable.
With that financial sustainability in mind, we have strengthened both our men’s and women’s teams during the summer window and our men’s team has seen the return of Champions League football to Old Trafford.
We have also strengthened commercially and have welcomed Betway as our new Training Kit partner and SumUp as our new Sleeve partner; two excellent organisations which we are delighted to be working with, alongside our kit supplier, adidas and front of shirt partner, Snapdragon.
Our other main area of focus is our plan to develop a new 100,000 seater stadium. We have now completed the major milestone of securing the land which will form part of the proposed location of the new stadium."
Phasing of Premier League games |
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
Total |
2026/27 season* |
5 |
13 |
12 |
8 |
38 |
2025/26 season |
6 |
13 |
12 |
7 |
38 |
2024/25 season |
6 |
13 |
10 |
9 |
38 |
*As of 23 September 2026; subject to change |
|||||
Key Financials (unaudited)
£ million (except loss per share) |
Twelve months ended 30 June |
|
Three months ended 30 June |
|
||
|
2026 |
2025 |
Change |
2026 |
2025 |
Change |
Commercial revenue |
317.3 |
333.3 |
( |
72.2 |
88.2 |
( |
Broadcasting revenue |
206.8 |
172.9 |
|
49.7 |
38.7 |
|
Matchday revenue |
153.5 |
160.3 |
( |
35.6 |
37.2 |
( |
Total revenue |
677.6 |
666.5 |
|
157.5 |
164.1 |
( |
Adjusted EBITDA(1) |
216.4 |
182.8 |
|
28.9 |
37.5 |
( |
Operating profit/(loss) |
22.6 |
(18.4) |
- |
(15.0) |
(15.2) |
|
|
||||||
Loss for the period (i.e. net loss) |
(43.0) |
(33.0) |
( |
(28.7) |
(3.9) |
( |
Basic loss per share (pence) |
(24.91) |
(19.32) |
( |
(16.66) |
(2.26) |
( |
Adjusted loss for the period (i.e. adjusted net loss)(1) |
(21.6) |
(17.5) |
( |
(28.2) |
(5.4) |
( |
Adjusted basic loss per share (pence)(1) |
(12.51) |
(10.24) |
( |
(16.36) |
(3.16) |
( |
|
||||||
Non-current borrowings in USD (contractual currency) (2) |
|
|
|
|
|
|
(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share 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) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 30 June 2026 was
Revenue Analysis
Total revenue for the year ended 30 June 2026 was
Commercial
Commercial revenue for the year was
-
Sponsorship revenue was
£160.5 million , a decrease of£27.9 million , or14.8% , over the prior year, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season. -
Retail, Merchandising, Apparel & Product Licensing revenue was
£156.8 million , an increase of£11.9 million , or8.2% , over the prior year, due to the current year including a full year of our in-house e-commerce model in partnership with SCAYLE, compared to only 10 months in the prior year, combined with a one-off credit relating to amended terms of this model.
For the quarter, commercial revenue was
-
Sponsorship revenue was
£37.8 million , a decrease of£13.4 million , or26.2% over the prior year quarter, primarily due to the prior year quarter including revenue from our men’s first team undertaking a post-season tour toMalaysia andHong Kong . No such tour was possible in the current year quarter due to the FIFA Men’s World Cup taking place; and -
Retail, Merchandising, Apparel & Product Licensing revenue was
£34.4 million , a decrease of£2.6 million , or7.0% , over the prior year quarter.
Broadcasting
Broadcasting revenue for the year was
Broadcasting revenue for the quarter was
Matchday
Matchday revenue for the year was
Matchday revenue for the quarter was
Other Financial Information
Operating expenses
Total operating expenses for the year were
Employee benefit expenses
Employee benefit expenses for the year were
Other operating expenses
Other operating expenses for the year were
Depreciation, impairment and amortization
Depreciation and impairment for the year was
Exceptional items
Exceptional items for the year were a cost of
Exceptional items for the prior year were a cost of
Profit on disposal of intangible assets
Profit on disposal of intangible assets for the year was
Net finance costs
Net finance costs for the year were
Income tax
The income tax credit for the year was
Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by
Net cash inflow from operating activities for the year was
Net capital expenditure on property, plant and equipment for the year was
Net capital expenditure on intangible assets for the year was
Net cash inflow from financing activities for the year was
Balance sheet
Our USD non-current borrowings as of 30 June 2026 were
In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings, including accrued interest, at 30 June 2026 were
As of 30 June 2026, cash and cash equivalents were
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 148-year football heritage we have won 69 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, per latest available survey data from 2019. 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. 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 2026 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 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 and exceptional items), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA excludes exceptional items, defined as items that are not indicative of the ordinary trading performance of the business. 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 gains/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
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.
Key Performance Indicators
|
Twelve months ended |
Three months ended |
||
|
30 June |
30 June |
||
|
2026 |
2025 |
2026 |
2025 |
|
|
|
|
|
Revenue |
|
|
|
|
Commercial % of total revenue |
|
|
|
|
Broadcasting % of total revenue |
|
|
|
|
Matchday % of total revenue |
|
|
|
|
|
|
|
|
|
|
2025/26 Season |
2024/25 Season |
2025/26 Season |
2024/25 Season |
Home Matches Played |
|
|
|
|
PL |
19 |
19 |
4 |
4 |
UEFA competitions |
- |
7 |
- |
2 |
Domestic Cups |
1 |
4 |
- |
- |
Away Matches Played |
|
|
|
|
PL |
19 |
19 |
3 |
5 |
UEFA competitions |
- |
8 |
- |
3 |
Domestic Cups |
1 |
4 |
- |
2 |
Other |
|
|
|
|
Employee benefit expenses % of revenue |
|
|
|
|
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 |
||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenue from contracts with customers |
677,649 |
|
666,514 |
|
157,500 |
|
164,185 |
|
Operating expenses |
(701,895 |
) |
(733,686 |
) |
(176,387 |
) |
(189,480 |
) |
Profit on disposal of intangible assets |
46,881 |
|
48,742 |
|
3,862 |
|
10,080 |
|
Operating profit/(loss) |
22,635 |
|
(18,430 |
) |
(15,025 |
) |
(15,215 |
) |
Finance costs |
(77,657 |
) |
(58,988 |
) |
(14,519 |
) |
(14,239 |
) |
Finance income |
8,037 |
|
37,754 |
|
599 |
|
25,736 |
|
Net finance (costs)/income |
(69,620 |
) |
(21,234 |
) |
(13,920 |
) |
11,497 |
|
Loss before tax |
(46,985 |
) |
(39,664 |
) |
(28,945 |
) |
(3,718 |
) |
Income tax credit/(expense) |
4,031 |
|
6,641 |
|
225 |
|
(179 |
) |
Loss for the period |
(42,954 |
) |
(33,023 |
) |
(28,720 |
) |
(3,897 |
) |
|
|
|
|
|
||||
Basic and diluted loss per share: |
|
|
|
|
||||
Basic and diluted loss per share (pence) (1) |
(24.91 |
) |
(19.32 |
) |
(16.66 |
) |
(2.26 |
) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1) |
172,433 |
|
170,931 |
|
172,434 |
|
172,353 |
|
(1) For the twelve and three months ended 30 June 2026 and the twelve and three months ended 30 June 2025, 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 |
|||
|
2026 |
|
2025 |
|
ASSETS |
|
|
||
Non-current assets |
|
|
||
Property, plant and equipment |
357,294 |
292,334 |
||
Right-of-use assets |
2,903 |
|
7,145 |
|
Investment properties |
19,154 |
|
19,433 |
|
Intangible assets |
881,267 |
|
966,457 |
|
Deferred tax asset |
29,997 |
|
24,927 |
|
Trade receivables |
42,913 |
|
43,419 |
|
|
1,333,528 |
|
1,353,715 |
|
Current assets |
|
|
||
Inventories |
12,221 |
|
13,053 |
|
Prepayments |
18,342 |
|
17,438 |
|
Contract assets – accrued revenue |
27,163 |
|
19,528 |
|
Trade receivables |
89,284 |
|
133,728 |
|
Other receivables |
1,117 |
|
13,694 |
|
Derivative financial instruments |
- |
|
472 |
|
Cash and cash equivalents |
67,246 |
|
86,105 |
|
|
215,373 |
|
284,018 |
|
Total assets |
1,548,901 |
|
1,637,733 |
|
CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands)
|
||||
|
As of 30 June |
|||
|
2026 |
|
2025 |
|
EQUITY AND LIABILITIES |
|
|
||
Equity |
|
|
||
Share capital |
56 |
|
56 |
|
Share premium |
307,345 |
|
307,345 |
|
Treasury shares |
(21,305 |
) |
(21,305 |
) |
Merger reserve |
249,030 |
|
249,030 |
|
Hedging reserve |
(636 |
) |
223 |
|
Retained deficit |
(384,127 |
) |
(341,616 |
) |
|
150,363 |
|
193,733 |
|
Non-current liabilities |
|
|
||
Contract liabilities - deferred revenue |
2,679 |
|
5,915 |
|
Trade and other payables |
156,664 |
|
205,359 |
|
Borrowings |
577,554 |
|
471,855 |
|
Lease liabilities |
2,805 |
|
7,899 |
|
Derivative financial instruments |
938 |
|
2,599 |
|
|
740,640 |
|
693,627 |
|
Current liabilities |
|
|
||
Contract liabilities - deferred revenue |
210,814 |
|
205,490 |
|
Trade and other payables |
317,312 |
|
359,246 |
|
Income tax liabilities |
407 |
|
566 |
|
Borrowings |
111,400 |
|
165,119 |
|
Lease liabilities |
465 |
|
572 |
|
Derivative financial instruments |
4,131 |
|
3,403 |
|
Provisions |
13,369 |
|
15,977 |
|
|
657,898 |
|
750,373 |
|
Total equity and liabilities |
1,548,901 |
|
1,637,733 |
|
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands)
|
||||||||
|
Twelve months ended 30 June |
Three months ended 30 June |
||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Cash flows from operating activities |
|
|
|
|
||||
Cash generated from operations (see supplemental note 4) |
216,184 |
|
107,498 |
|
173,465 |
|
105,330 |
|
Interest paid |
(38,845 |
) |
(37,198 |
) |
(9,644 |
) |
(5,475 |
) |
Interest received |
2,084 |
|
3,350 |
|
594 |
|
927 |
|
Tax paid |
(708 |
) |
(948 |
) |
(338 |
) |
(484 |
) |
Net cash inflow from operating activities |
178,715 |
|
72,702 |
|
164,077 |
|
100,298 |
|
Cash flows from investing activities |
|
|
|
|
||||
Payments for property, plant and equipment |
(85,919 |
) |
(44,721 |
) |
(66,381 |
) |
(10,630 |
) |
Payments for intangible assets |
(292,267 |
) |
(278,746 |
) |
(34,397 |
) |
(39,026 |
) |
Proceeds from sale of intangible assets |
148,612 |
|
48,792 |
|
4,970 |
|
4,651 |
|
Net cash outflow from investing activities |
(229,574 |
) |
(274,675 |
) |
(95,808 |
) |
(45,005 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from revolving credit facility |
225,000 |
|
230,000 |
|
- |
|
- |
|
Repayment of revolving credit facility |
(275,000 |
) |
(100,000 |
) |
(150,000 |
) |
(50,000 |
) |
Proceeds from refinanced senior secured notes |
414,406 |
|
- |
|
414,406 |
|
- |
|
Repayment of refinanced senior secured notes |
(320,223 |
) |
- |
|
(320,223 |
) |
- |
|
Proceeds from issue of shares |
- |
|
79,985 |
|
- |
|
- |
|
Principal elements of lease payments |
(1,714 |
) |
(403 |
) |
(105 |
) |
(110 |
) |
Debt issue costs paid |
(7,161 |
) |
- |
|
(4,706 |
) |
- |
|
Net cash inflow/(outflow) from financing activities |
35,308 |
|
209,582 |
|
(60,628 |
) |
(50,110 |
) |
Effects of exchange rate changes on cash and cash equivalents |
(3,308 |
) |
4,947 |
|
(1,330 |
) |
7,711 |
|
Net (decrease)/increase in cash and cash equivalents |
(18,859 |
) |
12,556 |
|
6,311 |
|
12,894 |
|
Cash and cash equivalents at beginning of period |
86,105 |
|
73,549 |
|
60,935 |
|
73,211 |
|
Cash and cash equivalents at end of period |
67,246 |
|
86,105 |
|
67,246 |
|
86,105 |
|
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
2 Reconciliation of loss for the period to adjusted EBITDA
|
Twelve months ended 30 June |
Three months ended 30 June |
||||||
|
2026 £’000 |
2025 £’000 |
2026 £’000 |
2025 £’000 |
||||
Loss for the period |
(42,954 |
) |
(33,023 |
) |
(28,720 |
) |
(3,897 |
) |
Adjustments: |
|
|
|
|
||||
Income tax (credit)/expense |
(4,031 |
) |
(6,641 |
) |
(225 |
) |
179 |
|
Net finance costs/(income) |
69,620 |
|
21,234 |
|
13,920 |
|
(11,497 |
) |
Profit on disposal of intangible assets |
(46,881 |
) |
(48,742 |
) |
(3,862 |
) |
(10,080 |
) |
Exceptional items |
8,209 |
|
36,626 |
|
(8,477 |
) |
10,793 |
|
Amortization |
211,813 |
|
196,373 |
|
50,709 |
|
47,813 |
|
Depreciation and impairment |
20,631 |
|
17,002 |
|
5,516 |
|
4,199 |
|
Adjusted EBITDA |
216,407 |
|
182,829 |
|
28,861 |
|
37,510 |
|
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 |
||||||
|
2026 £’000 |
2025 £’000 |
2026 £’000 |
2025 £’000 |
||||
Loss for the period |
(42,954 |
) |
(33,023 |
) |
(28,720 |
) |
(3,897 |
) |
Exceptional items |
8,209 |
|
36,626 |
|
(8,477 |
) |
10,793 |
|
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings |
9,963 |
|
(22,931 |
) |
(295 |
) |
(14,898 |
) |
Fair value movement on embedded foreign exchange derivatives |
58 |
|
2,639 |
|
109 |
|
560 |
|
Income tax (credit)/expense |
(4,031 |
) |
(6,641 |
) |
(225 |
) |
179 |
|
Adjusted loss before tax |
(28,755 |
) |
(23,330 |
) |
(37,608 |
) |
(7,263 |
) |
Adjusted income tax credit (using a normalized tax rate of |
7,189 |
|
5,833 |
|
9,402 |
|
1,816 |
|
Adjusted loss for the period (i.e. adjusted net loss) |
(21,566 |
) |
(17,497 |
) |
(28,206 |
) |
(5,447 |
) |
|
|
|
|
|
||||
Adjusted basic and diluted loss per share: |
|
|
|
|
||||
Adjusted basic and diluted loss per share (pence)(1) |
(12.51 |
) |
(10.24 |
) |
(16.36 |
) |
(3.16 |
) |
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic and diluted loss per share (thousands) (1) |
172,433 |
|
170,931 |
|
172,434 |
|
172,353 |
|
(1) For the twelve and three months ended 30 June 2026 and the twelve and three months ended 30 June 2025 potential ordinary shares are anti-dilutive, as their inclusion in the diluted adjusted loss per share calculation would reduce the adjusted loss per share, and hence have been excluded. |
||||||||
4 Cash generated from operations
|
Twelve months ended 30 June |
Three months ended 30 June |
||||||
|
2026 £’000 |
2025 £’000 |
2026 £’000 |
2025 £’000 |
||||
Loss for the period |
(42,954 |
) |
(33,023 |
) |
(28,720 |
) |
(3,897 |
) |
Income tax (credit)/expense |
(4,031 |
) |
(6,641 |
) |
(225 |
) |
179 |
|
Loss before income tax |
(46,985 |
) |
(39,664 |
) |
(28,945 |
) |
(3,718 |
) |
Adjustments for: |
|
|
|
|
||||
Depreciation and impairment |
20,631 |
|
17,002 |
|
5,516 |
|
4,199 |
|
Amortization |
211,813 |
|
196,373 |
|
50,709 |
|
47,813 |
|
Profit on disposal of intangible assets |
(46,881 |
) |
(48,742 |
) |
(3,862 |
) |
(10,080 |
) |
Net finance costs/(income) |
69,620 |
|
21,234 |
|
13,920 |
|
(11,497 |
) |
Non-cash employee benefit expense - equity-settled share-based payments |
243 |
|
658 |
|
(514 |
) |
(558 |
) |
Foreign exchange losses on operating activities |
3,638 |
|
3,594 |
|
253 |
|
863 |
|
Reclassified from hedging reserve |
(159 |
) |
(1,322 |
) |
(2,127 |
) |
(3,198 |
) |
Changes in working capital: |
|
|
|
|
||||
Inventories |
832 |
|
(9,510 |
) |
1,466 |
|
(1,050 |
) |
Prepayments |
509 |
|
113 |
|
(215 |
) |
1,720 |
|
Contract assets – accrued revenue |
(7,635 |
) |
20,250 |
|
50,268 |
|
21,354 |
|
Trade receivables |
25,278 |
|
(86,244 |
) |
19,159 |
|
1,111 |
|
Other receivables |
12,577 |
|
(10,959 |
) |
192 |
|
(11,998 |
) |
Contract liabilities – deferred revenue |
2,088 |
|
7,430 |
|
58,341 |
|
33,699 |
|
Trade and other payables |
(26,403 |
) |
28,995 |
|
10,478 |
|
27,951 |
|
Provisions |
(2,982 |
) |
8,290 |
|
(1,174 |
) |
8,719 |
|
Cash generated from operations |
216,184 |
|
107,498 |
|
173,465 |
|
105,330 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260923900811/en/
Investors:
Roger Bell
Chief Financial Officer
Roger.Bell@manutd.co.uk
Media:
Toby Craig
Chief Communications Officer
Toby.Craig@manutd.co.uk
Source: Manchester United