Manchester United plc (NYSE: MANU) reported Q1 EPS of GBP2.35, versus GBP4.27 reported last year. Revenue for the quarter came in at GBP135.4 million versus the consensus estimate of GBP172.2 million.

• 1Q Fiscal 2020 Revenues of £135.4 million
• 1Q Fiscal 2020 Adjusted EBITDA of £34.8 million
• 1Q Fiscal 2020 Operating Profit of £11.0 million

Highlights

• Announced new long-term contracts with recent Academy graduates, Mason Greenwood and Brandon Williams
• FIFA Club World Cup expands to 24 teams from 7 beginning in 2021, with the first tournament to be played in China
• Commercial revenue of £80.4 million, up 5.9% versus the prior year
• Commenced new partnerships with Visit Malta, Lego, Konami and Yabo Sport
• Reiterates Fiscal Year 2020 guidance of Revenues of £560 to £580 million and Total Adjusted EBITDA of £155 to £165 million

Management Commentary

Ed Woodward, Executive Vice Chairman, commented, “We have a clear vision in terms of football philosophy and recruitment. The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our Academy are already beginning to bear fruit. We are very proud to be shortly approaching a milestone 4,000th game featuring an Academy player, and we are particularly optimistic regarding the considerable young talent currently coming through. Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our Academy with world-class acquisitions.”

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