Manchester United plc 2019 Third Quarter Results

May 16, 2019 7:00 AM

Q3 REVENUES OF £152.1 MILLION
Q3 ADJUSTED EBITDA OF £41.2 MILLION
Q3 OPERATING PROFIT OF £14.2 MILLION

MANCHESTER, England--(BUSINESS WIRE)-- 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 2019 fiscal third quarter ended 31 March 2019.

Highlights

Ole Gunnar Solskjær appointed as permanent manager on a three year contract
Manchester United Women promoted to Women’s Super League, winning the FA Women’s Championship title
Announced global partnership with Marriott
Announced global partnership and licensing agreement with Maui Jim eyewear

Commentary

Ed Woodward, Executive Vice Chairman, commented, "After a turbulent season, everyone at Manchester United is focussed on building towards the success that this great club expects and our fans deserve. Preparations for the new season are underway and the underlying strength of our business will allow us to support the Manager and his team as we look to the future."

Outlook

For fiscal 2019, Manchester United continues to expect:

Revenue to be £615m to £630m.
Adjusted EBITDA to be £175m to £190m.

Key Financials (unaudited)

£ million (except earnings/(loss) per share)

�

Three months ended

31 March

�

Nine months ended

31 March

�

2019

�

Restated(1)

2018

�

Change

�

2019

�

Restated(1)

2018

�

Change

Commercial revenue

�

66.6

�

66.6

�

0.0%

�

208.4

�

212.4

�

(1.9%)

Broadcasting revenue

�

53.8

�

49.4

�

8.9%

�

200.3

�

165.4

�

21.1%

Matchday revenue

�

31.7

�

31.1

�

1.9%

�

87.0

�

90.4

�

(3.8%)

Total revenue

�

152.1

�

147.1

�

3.4%

�

495.7

�

468.2

�

5.9%

Adjusted EBITDA(2)

�

41.2

�

45.7

�

(9.9%)

�

174.9

�

166.2

�

5.2%

Operating profit

�

14.2

�

7.3

�

94.5%

�

72.1

�

67.4

�

7.0%

�

Profit/(loss) for the period (i.e. net income/(loss))(3)

�

7.7

�

6.9

�

11.6%

�

41.1

�

(3.2)

�

Basic earnings/(loss) per share (pence)

�

4.65

�

4.20

�

11.0%

�

24.96

�

(1.97)

�

Adjusted profit for the period (i.e. adjusted net income)(2)

�

7.8

�

1.5

�

420.0%

�

61.1

�

36.7

�

66.5%

Adjusted basic earnings per share (pence)(2)

�

4.72

�

0.91

�

418.7%

�

37.12

�

22.38

�

65.9%

�

Net debt(2)/(4)

�

301.7

�

301.3

�

0.1%

�

301.7

�

301.3

�

0.1%

(1)	�	Comparative amounts have been restated following the implementation of IFRS 15 – see supplemental note 5 for further details.
(2)		Adjusted EBITDA, adjusted profit for the period, adjusted basic earnings per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 5 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.
(3)		The US federal corporate income tax rate reduced from 35% to 21% following the enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the then existing US deferred tax position in the period to 31 December 2017. As a result the loss for the nine months ended 31 March 2018 included a non-cash tax accounting write off of £49.0 million.
(4)		The gross USD debt principal remains unchanged.

Revenue Analysis

Commercial

Commercial revenue for the quarter was £66.6 million, unchanged from the prior year quarter.

Sponsorship revenue for the quarter was £41.6 million, unchanged from the prior year quarter;
Retail, Merchandising, Apparel & Product Licensing revenue for the quarter was £25.0 million, unchanged from the prior year quarter.

Broadcasting

Broadcasting revenue for the quarter was £53.8 million, an increase of £4.4 million, or 8.9%, over the prior year quarter, primarily due to the new UEFA Champions League broadcasting rights agreement and playing one additional PL game.

Matchday

Matchday revenue for the quarter was £31.7 million, an increase of £0.6 million, or 1.9%, over the prior year quarter.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £144.2 million, an increase of £7.8 million, or 5.7%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £84.8 million, an increase of £9.7 million, or 12.9%, over the prior year quarter, primarily due to investment in the first team playing squad.

Other operating expenses

Other operating expenses for the quarter were £26.1 million, a decrease of £0.2 million, or 0.8%, over the prior year quarter.

Depreciation & amortization

Depreciation for the quarter was £2.8 million, an increase of £0.2 million, or 7.7%, over the prior year quarter. Amortization for the quarter was £30.5 million, a decrease of £1.9 million, or 5.9%, over the prior year quarter. The unamortized balance of registrations at 31 March 2019 was £288.0 million.

Profit/(loss) on disposal of intangible assets

Profit on disposal of intangible assets for the quarter was £6.3 million compared to a loss of £3.4 million in the prior year quarter.

Net finance (costs)/income

Net finance costs for the quarter were £3.1 million, compared to net finance income of £1.0 million in the prior year quarter, due to a reduction in unrealized, non-cash foreign exchange gains on unhedged USD borrowings compared to the prior year quarter.

Tax

The tax expense for the quarter was £3.4 million, compared to £1.4 million in the prior year quarter.

Cash flows

Net cash generated from operating activities for the quarter was £22.2 million, an increase of £1.0 million over the prior year quarter.

Net capital expenditure on property, plant and equipment for the quarter was £1.6 million, an increase of £0.6 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £2.0 million, an increase of £3.3 million over the prior year quarter.

Overall cash and cash equivalents (including the effects of exchange rate changes) increased by £3.5 million in the quarter compared to an increase of £6.4 million in the prior year quarter.

Net debt

Net debt as of 31 March 2019 was £301.7 million, an increase of £0.4 million over the year. The gross USD debt principal remains unchanged.

Dividend

A semi-annual dividend of $0.09 per share was paid during the quarter. A further semi-annual dividend of $0.09 per share will be paid on 5 June 2019, to shareholders of record on 26 April 2019. The stock began trading ex-dividend on 25 April 2019.

Conference Call Information

The Company’s conference call to review third quarter fiscal 2019 results will be broadcast live over the internet today, 16 May 2019 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 141-year heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports brands 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, 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).

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as profit/(loss) for the period before depreciation, amortization, profit/(loss) on disposal of intangible assets, exceptional items, net finance (costs)/income, and tax.

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 profit on disposal of intangible assets and exceptional items), capital structure (primarily finance 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 profit for the period to Adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit for the period (i.e. adjusted net income)

Adjusted profit 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, and fair value movements on embedded foreign exchange derivatives, 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%; 2018: 28%). 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% (2018: 28%) applicable during the financial year. A reconciliation of profit/(loss) for the period to adjusted profit for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings per share

Adjusted basic and diluted earnings per share are calculated by dividing the adjusted profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings 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 earnings 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

�

Nine months ended

�

31 March

�

31 March

�

2019

�

Restated(1)

2018

�

2019

�

Restated(1)

2018

Commercial % of total revenue

�

43.8%

�

45.3%

�

42.0%

�

45.4%

Broadcasting % of total revenue

�

35.4%

�

33.6%

�

40.4%

�

35.3%

Matchday % of total revenue

�

20.8%

�

21.1%

�

17.6%

�

19.3%

Home Matches Played

�

UEFA competitions

�

Domestic Cups

�

Away Matches Played

�

UEFA competitions

�

5(2)

Domestic Cups

�

Other

�

Employees at period end

�

950

�

930

�

950

�

930

Employee benefit expenses % of revenue

�

55.8%

�

51.1%

�

48.4%

�

45.9%

(1)Comparative amounts have been restated – see supplemental note 5 for further details.

(2) Includes UEFA Super Cup final following UEFA Europa League win in 2016/17

�

Phasing of Premier League games

Quarter 1

�

Quarter 2

�

Quarter 3

�

Quarter 4

�

Total

2018/19 season

�

2017/18 season

�

CONSOLIDATED STATEMENT OF PROFIT OR LOSS (unaudited; in £ thousands, except per share and shares outstanding data)
	�	Three months ended 31 March			�	Nine months ended 31 March
	�	2019	�	Restated(1) 2018	�	2019	�	Restated(1) 2018
Revenue		152,068	�	147,059		495,706	�	468,139
Operating expenses		(144,181)		(136,411)		(448,030)		(415,699)
Profit/(loss) on disposal of intangible assets	�	6,378	�	(3,446)	�	24,457	�	14,846
Operating profit	�	14,265	�	7,202	�	72,133	�	67,286
Finance costs		(5,361)		(5,935)		(16,877)		(18,293)
Finance income	�	2,213	�	7,027	�	2,257	�	14,239
Net finance (costs)/income	�	(3,148)	�	1,092	�	(14,620)	�	(4,054)
Profit before tax	�	11,117	�	8,294	�	57,513	�	63,232
Tax expense (2)	�	(3,464)	�	(1,401)	�	(16,444)	�	(66,466)
Profit/(loss) for the period	�	7,653	�	6,893	�	41,069	�	(3,234)
									�
Basic earnings/(loss) per share:
Basic earnings/(loss) per share (pence)		4.65		4.20		24.96		(1.97)
Weighted average number of ordinary shares outstanding (thousands)		164,526		164,195		164,526		164,195
Diluted earnings/(loss) per share:
Diluted earnings/(loss) per share (pence)(3)		4.65		4.19		24.94		(1.97)
Weighted average number of ordinary shares outstanding (thousands)	�	164,664	�	164,591	�	164,664	�	164,591

(1)	�	Comparative amounts have been restated – see supplemental note 5 for further details.
(2)		The US federal corporate income tax rate reduced from 35% to 21% following the enactment of US tax reform on 22 December 2017. This necessitated a re-measurement of the then existing US deferred tax position in the period to 31 December 2017. As a result the tax expense for the nine months ended 31 March 2018 included a non-cash tax accounting write off of £49.0 million.
(3)		For the nine months ended 31 March 2018 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)
�	�	31 March 2019	�	Restated(1) 30 June 2018	�	Restated(1) 31 March 2018
ASSETS	�		�		�
Non-current assets
Property, plant and equipment		246,396		245,401		245,186
Investment property		13,739		13,836		13,869
Intangible assets		718,551		799,640		752,016
Derivative financial instruments		777		4,807		3,404
Trade and other receivables		9,964		4,724		5,618
Tax receivable		547		547		1,033
Deferred tax asset	�	57,057	�	63,332	�	77,064
�	�	1,047,031	�	1,132,287	�	1,098,190
Current assets
Inventories		2,083		1,416		1,398
Derivative financial instruments		511		1,159		2,799
Trade and other receivables		185,499		168,060		117,497
Tax receivable		598		800		258
Cash and cash equivalents	�	193,855	�	242,022	�	161,717
�	�	382,546	�	413,457	�	283,669
Total assets	�	1,429,577	�	1,545,744	�	1,381,859
(1) Comparative amounts have been restated – see supplemental note 5 for further details.

CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands)
�	�	31 March 2019	�	Restated(1) 30 June 2018	�	Restated(1) 31 March 2018
EQUITY AND LIABILITIES	�		�		�
Equity
Share capital		53		53		53
Share premium		68,822		68,822		68,822
Merger reserve		249,030		249,030		249,030
Hedging reserve		(30,848)		(27,558)		(12,511)
Retained earnings	�	166,751	�	136,757	�	181,110
�	�	453,808	�	427,104	�	486,504
Non-current liabilities
Derivative financial instruments		21		-		-
Trade and other payables		45,559		104,271		74,998
Borrowings		493,336		486,694		457,011
Deferred revenue		51,079		37,085		32,208
Deferred tax liabilities	�	33,678	�	29,134	�	39,684
�	�	623,673	�	657,184	�	603,901
Current liabilities
Derivative financial instruments		130		-		-
Tax liabilities		7,898		3,874		2,166
Trade and other payables		185,733		267,996		208,840
Borrowings		2,197		9,074		5,960
Deferred revenue	�	156,138	�	180,512	�	74,488
�	�	352,096	�	461,456	�	291,454
Total equity and liabilities	�	1,429,577	�	1,545,744	�	1,381,859
(1) Comparative amounts have been restated – see supplemental note 5 for further details.
							�
							�

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

�

Three months ended

31 March

�

Nine months ended

31 March

�

2019

�

2018

�

2019

�

2018

�

Cash flows from operating activities

�

Cash generated from operations (see supplemental note 4)

29,803

28,743

112,140

17,254

Interest paid

(7,679

)

(7,210

)

(17,186

)

(16,849

)

Interest received

697

266

2,052

654

Tax paid

�

(578

)

�

(620

)

�

(2,388

)

�

(6,388

)

Net cash generated from/(used in) operating activities

�

22,243

�

21,179

�

94,618

�

(5,329

)

Cash flows from investing activities

Payments for property, plant and equipment

(1,559

)

(998

)

(8,877

)

(9,585

)

Proceeds from sale of property, plant and equipment

Payments for intangible assets

(14,809

)

(6,812

)

(159,865

)

(135,933

)

Proceeds from sale of intangible assets

�

12,709

�

8,203

�

37,892

�

40,645

�

Net cash (used in)/generated from investing activities

�

(3,659

)

�

393

�

(130,850

)

�

(104,798

)

Cash flows from financing activities

Repayment of borrowings

(106

)

(3,750

)

(312

)

Dividends paid

�

(11,610

)

�

(10,929

)

�

(11,610

)

�

(10,929

)

Net cash used in financing activities

�

(11,610

)

�

(11,035

)

�

(15,360

)

�

(11,241

)

Net increase/(decrease) in cash and cash equivalents

6,974

10,537

(51,592

)

(121,368

)

Cash and cash equivalents at beginning of period

190,395

155,312

242,022

290,267

Effects of exchange rate changes on cash and cash equivalents

�

(3,514

)

�

(4,132

)

�

3,425

�

(7,182

)

Cash and cash equivalents at end of period

�

193,855

�

161,717

�

193,855

�

161,717

�

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 incorporated under the Companies Law (2011 Revision) of the Cayman Islands, as amended and restated from time to time.

2 Reconciliation of profit/(loss) for the period to Adjusted EBITDA

�

Three months ended

31 March

�

Nine months ended

31 March

�

2019

£’000

�

Restated(1)

2018

£’000

�

2019

£’000

�

Restated(1)

2018

£’000

�

Profit/(loss) for the period

7,653

�

6,893

41,069

�

(3,234

)

Adjustments:

Tax expense

3,464

1,401

16,444

66,466

Net finance costs/(income)

3,148

(1,092

)

14,620

4,054

(Profit)/loss on disposal of intangible assets

(6,378

)

3,446

(24,457

)

(14,846

)

Exceptional items

19,599

Amortization

30,434

32,400

99,005

105,789

Depreciation

�

2,852

�

2,622

�

8,631

�

7,951

�

Adjusted EBITDA

�

41,173

�

45,670

�

174,911

�

166,180

�

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

3 Reconciliation of profit/(loss) for the period to adjusted profit for the period and adjusted basic and diluted earnings per share

�

Three months ended

31 March

�

Nine months ended

31 March

�

2019

£’000

�

Restated(1)

2018

£’000

�

2019

£’000

�

Restated(1)

2018

£’000

�

Profit/(loss) for the period

7,653

�

6,893

41,069

�

(3,234

)

Exceptional items

19,599

Foreign exchange (gains)/losses on unhedged US dollar borrowings

(1,430

)

(6,761

)

105

(13,585

)

Fair value movement on embedded foreign exchange derivatives

138

539

1,384

Tax expense

�

3,464

�

1,401

�

16,444

�

66,466

�

Adjusted profit before tax

9,825

2,072

77,299

51,031

Adjusted tax expense (using a normalized tax rate of 21% (2018: 28%))

�

(2,063

)

�

(580

)

�

(16,233

)

�

(14,289

)

Adjusted profit for the period (i.e. adjusted net income)

�

7,762

�

1,492

�

61,066

�

36,742

�

Adjusted basic earnings per share:

Adjusted basic earnings per share (pence)

4.72

0.91

37.12

22.38

Weighted average number of ordinary shares outstanding (thousands)

164,526

164,195

164,526

164,195

Adjusted diluted earnings per share:

Adjusted diluted earnings per share (pence)1

4.71

0.91

37.09

22.32

Weighted average number of ordinary shares outstanding (thousands)

�

164,664

�

164,591

�

164,664

�

164,591

�

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

4 Cash generated from operations

�

Three months ended

31 March

�

Nine months ended

31 March

�

2019

£’000

�

Restated(1)

2018

£’000

�

2019

£’000

�

Restated(1)

2018

£’000

�

Profit/(loss) for the period

7,653

�

6,893

41,069

�

(3,234

)

Tax expense

�

3,464

�

1,401

�

16,444

�

66,466

�

Profit before tax

11,117

8,294

57,513

63,232

Depreciation

2,852

2,622

8,631

7,951

Amortization

30,434

32,400

99,005

105,789

(Profit)/loss on disposal of intangible assets

(6,378

)

3,446

(24,457

)

(14,846

)

Net finance costs/(income)

3,148

(1,092

)

14,620

4,054

Profit on disposal of property, plant and equipment

(75

)

Equity-settled share-based payments

164

617

535

1,820

Foreign exchange (gains)/losses on operating activities

(94

)

200

1,200

Reclassified from hedging reserve

1,167

3,652

4,011

11,119

Changes in working capital:

Inventories

527

520

(667

)

239

Trade and other receivables

(66,386

)

5,775

(27,093

)

(19,662

)

Trade and other payables and deferred revenue

�

53,252

�

(27,691

)

�

(20,046

)

�

(143,567

)

Cash generated from operations

�

29,803

�

28,743

�

112,140

�

17,254

�

(1) Comparative amounts have been restated – see supplemental note 5 for further details.

5 Restatement of prior periods following implementation of IFRS 15

The Group adopted IFRS 15 ‘Revenue from contracts with customers’ with effect from 1 July 2018. The implementation of IFRS 15 had an impact on the Group’s financial statements as at 1 July 2018 and consequently prior year amounts have been restated. The table below shows the retrospective impact on revenue for the four quarters ended 30 June 2018. Note 34 to the interim consolidated financial statements for the three and nine months ended 31 March 2019 contains tables and notes which explain how the restatement affected the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated balance sheet, and consolidated statement of cash flows.

Commercial revenue

IFRS 15 focuses on the identification and satisfaction of performance obligations and includes specific guidance on the methods for measuring progress towards complete satisfaction of a performance obligation therefore revenue on certain commercial contracts is recognized earlier under IFRS 15. The effect of the retrospective application is an increase in cumulative revenue recognized over the financial years up to and including the year ended 30 June 2018 including a reduction to the amount of revenue recognized during the financial year ended 30 June 2018 only.

Broadcasting revenue

Following adoption of IFRS 15, certain performance obligations are satisfied over time as each Premier League match (home and away) is played – accordingly revenue is recognized evenly as each Premier League match (home and away) is played. Broadcasting merit awards were previously recognized one share in the first quarter with the remainder being recognized when they were known at the end of each football season. Merit awards represent variable consideration and therefore, following adoption of IFRS 15, are estimated using the most likely amount method based on management’s estimate of where the Club’s finishing position will be at the end of each season. Broadcasting equal share payments were previously recognized evenly as each Premier League home match was played. Note, these changes only affect the amount of broadcasting revenue recognized in each quarter, they do not affect the amount of broadcasting revenue recognized for the financial year as a whole.

Matchday revenue

Adoption of IFRS 15 has no impact on the recognition of matchday revenue.

£’000	�	Three months ended 30 September 2017		�	Three months ended 31 December 2017		�	Three months ended 31 March 2018		�	Three months ended 30 June 2018		�	Twelve months ended 30 June 2018
Commercial revenue
Reported		80,544			65,366			66,673			63,516			276,099
Adjustment	�	(66	)	�	(66	)	�	(66	)	�	(66	)	�	(264	)
Restated	�	80,478	�	�	65,300	�	�	66,607	�	�	63,450	�	�	275,835	�
Broadcasting revenue
Reported		38,082			61,628			39,674			64,753			204,137
Adjustment	�	2,751	�	�	13,519	�	�	9,656	�	�	(25,926	)	�	-	�
Restated	�	40,833	�	�	75,147	�	�	49,330	�	�	38,827	�	�	204,137	�
Matchday revenue
Reported		22,354			36,968			31,122			19,342			109,786
Adjustment		-	�		-	�		-	�		-	�		-	�
Restated	�	22,354	�	�	36,968	�	�	31,122	�	�	19,342	�	�	109,786	�
																�
Total revenue
Reported		140,980			163,962			137,469			147,611			590,022
Adjustment	�	2,685	�	�	13,453	�	�	9,590	�	�	(25,992	)	�	(264	)
Restated	�	143,665	�	�	177,415	�	�	147,059	�	�	121,619	�	�	589,758	�

View source version on businesswire.com: https://www.businesswire.com/news/home/20190516005344/en/

Manchester United plc

Investor Relations:

Cliff Baty

Chief Financial Officer

+44 161 868 8650

[email protected]

Manchester United plc

Media:

Charlie Brooks

Director of Communications

+44 161 868 8148

[email protected]

Sard Verbinnen & Co

Jim Barron / Devin Broda

+ 1 212 687 8080

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Source: Manchester United

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