Manchester United plc (NYSE: MANU) reported Q4 EPS of (GBP15.79), versus (GBP6.18) reported last year. Revenue for the quarter came in at GBP142.2 million, versus GBP167.3 million reported last year.

GUIDANCE:

Manchester United plc sees FY2025 revenue of GBP650-670 million.

• For fiscal 2025, the Company is introducing new full year revenue guidance of £650 million to £670 million and new adjusted EBITDA guidance of £145 million to £160 million, while exceptional costs related to severance charges associated with the headcount reduction program are expected to total approximately £10 million. Included in full year revenue guidance is an approximate £30 million improvement to Retail, Merchandising and Licensing revenues driven by the transition of e-commerce to an in-house operation in partnership with SCAYLE to better serve our global fans and followers with an expanded and more compelling offering, new merchandise categories, as well as greatly improved fulfilment and product availability. The new re-branded site (https://store.manutd.com/) was launched on 5 September, and due to timing, the topline impact for the first quarter 2025 will be minimal, however we expect revenue to build through the Holiday season in the second quarter 2025 and into the second half of the fiscal year as we recognize the transactional revenue. Full year Broadcasting revenues in fiscal 2025 will be approximately £30 million lower than the prior year, given the men’s first team’s participation in the UEFA Europa League versus Champions’ League participation in fiscal 2024.
• For the full year fiscal 2025, the club currently anticipates non-player capital expenditures to total approximately £60 million and includes the upgrade of the main players’ building at the Carrington Training Centre, which is on plan to be completed by the end of the 2024/25 season and is intended to enhance the performance environment. In March 2024, the club led the creation of the Old Trafford Regeneration Task Force to explore options for the revitalization of the Old Trafford area in Greater Manchester. The task force has since convened for four meetings and all options continue to be vetted as the Task Force continues to seek input and feedback from all key stakeholders.

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