When it comes to earning profits, this sports stock just can't find a way to win. British soccer (er, football) club stock Manchester United (MANU -5.12%) sold off by 7.9% through 10:45 a.m. ET Wednesday after reporting massive losses in the final quarter of its fiscal 2024 this morning. In total, revenues for Q4 fell 15% to 142.2 million GBP ($185 million), leading to staggering losses on the bottom line. Manchester United Q4 earnings -- and by earnings we mean losses How bad was the news? Q4 net losses su ...

Key TakeawaysManchester United shares fell Wednesday morning after the soccer giant reported a larger loss than expected for its fiscal 2024 fourth quarter.The team said it expects its restructuring efforts to create at least 40 million pounds ($52 million) in savings by the end of fiscal 2026.Broadcasting revenue is also expected to be take a 30-million-pound ($39 million) hit in fiscal 2025, as the club missed out on this season's lucrative UEFA Champions League competition. Manchester United (MANU) share ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Manchester United (MANU) has been beaten down lately with too much selling pressure. While the stock has lost 20.1% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator ...

Manchester United Plc (NYSE:MANU) shares represent a significantly less attractive investment in the wake of Sir Jim Ratcliffe’s INEOS taking its influential stake in the business, that’s according to analysts at Deutsche Bank. The German bank, in a note, has cut its share price target to $16.00 from $20.30 - versus a market price of $14.67 – and retained a ‘hold’ rating. It comes after the Manchester football club on Tuesday reported its second quarter earnings, showing record sales of £225.8 million, and ...

Revenue Performance - Total revenue for the three months ended 31 December 2023 was £225.8 million, a 34.9% increase compared to the same period in 2022[7] - Broadcasting revenue for the three months ended 31 December 2023 was £106.4 million, an 81.0% increase compared to the same period in 2022[10] - Matchday revenue for the three months ended 31 December 2023 was £47.6 million, a 59.2% increase compared to the same period in 2022[11] - Total revenue for the six months ended 31 December 2023 was £382.9 million, a 23.1% increase compared to the same period in 2022[19] - Broadcasting revenue for the six months ended 31 December 2023 was £145.7 million, a 55.5% increase compared to the same period in 2022[22] - Matchday revenue for the six months ended 31 December 2023 was £75.0 million, a 46.5% increase compared to the same period in 2022[23] - Revenue from contracts with customers for the six months ended 31 December 2023 was £382.852 million, compared to £311.022 million for the same period in 2022[65] - Broadcasting revenue for the six months ended 31 December 2023 was £145.8 million, a significant increase from £93.8 million in the same period in 2022[99] - Matchday revenue for the six months ended 31 December 2023 was £74.9 million, up from £51.2 million in the same period in 2022[99] - Commercial revenue for the six months ended 31 December 2023 was £162.1 million, slightly down from £166.1 million in the same period in 2022[99] Operating Expenses - Total operating expenses for the three months ended 31 December 2023 were £198.7 million, an 18.6% increase compared to the same period in 2022[12] - Employee benefit expenses for the three months ended 31 December 2023 were £95.1 million, a 23.0% increase compared to the same period in 2022[12] - Total operating expenses for the six months ended 31 December 2023 were £383.4 million, a 15.7% increase compared to the same period in 2022[24] - Employee benefit expenses increased to £185.4 million for the six months ended 31 December 2023, compared to £159.6 million in the same period in 2022[105] Financial Performance - Operating profit for the six months ended 31 December 2023 was £29.309 million, compared to an operating loss of £6.242 million for the same period in 2022[65] - The company reported a loss of £5.383 million for the six months ended 31 December 2023, compared to a loss of £20.210 million in the same period in 2022[117] - Basic loss per share for the six months ended 31 December 2023 was 3.30 pence, compared to 12.39 pence in the same period in 2022[117] - The Group's profit before income tax for the three months ended 31 December 2023 was £27,219,000, compared to a loss of £5,585,000 for the six months ended 31 December 2023[175] Cash Flow and Liquidity - As of 31 December 2023, the company had cash resources of £62.8 million and access to an undrawn revolving facility of £40 million[30] - Net cash outflow from operating activities for the six months ended 31 December 2023 was £25.1 million, compared to £67.5 million in 2022[39] - Net cash outflow from investing activities for the six months ended 31 December 2023 was £146.2 million, an increase of £23.0 million from 2022[42] - Net cash inflow from financing activities for the six months ended 31 December 2023 was £159.5 million, driven by a £160.0 million drawdown on revolving facilities[43] - Net cash outflow from operating activities was £25.1 million for the six months ended 31 December 2023, compared to £67.6 million in the same period in 2022[77] - Net cash outflow from investing activities increased to £146.2 million for the six months ended 31 December 2023, primarily due to higher payments for intangible assets related to player registrations[77] - Cash and cash equivalents stood at £62.8 million as of 31 December 2023, with access to undrawn revolving facilities of £40 million[82] - The company received a cash injection of $200 million related to a minority investment by Sir Jim Ratcliffe, with an additional $100 million expected by 31 December 2024[83] - The Group repaid £120 million of revolving facilities in February 2024, reducing total drawdown to £140 million from available facilities of £300 million[199] Debt and Borrowings - The company's senior secured notes outstanding as of 31 December 2023 were £331.6 million, with a principal amount of $425.0 million[45] - The secured term loan facility outstanding as of 31 December 2023 was £174.9 million, with a principal amount of $225.0 million[49] - Manchester United has £135 million in outstanding loans and £15 million in borrowing capacity under its initial revolving facility as of 31 December 2023[54] - The new revolving facility has £62.5 million in outstanding loans and £12.5 million in borrowing capacity as of 31 December 2023, with a maturity date of 25 June 2027[56] - The bilateral revolving facility also has £62.5 million in outstanding loans and £12.5 million in borrowing capacity as of 31 December 2023, with a maturity date of 25 June 2027[57] - The company has outstanding loans of £260 million under revolving facilities, with secured notes and term loans maturing in 2027 and 2029 respectively[82] - Total borrowings as of 31 December 2023 were £773,301,000, up from £613,296,000 in June 2023 but down from £741,900,000 in December 2022[162] - Senior secured notes as of 31 December 2023 were £331,572,000, slightly down from £332,112,000 in June 2023 and £350,626,000 in December 2022[162] - Secured term loan facility as of 31 December 2023 was £174,937,000, slightly down from £175,223,000 in June 2023 and £185,028,000 in December 2022[166] - The Group has £260,000,000 in outstanding loans and £40,000,000 in borrowing capacity under revolving facilities, with £150,000,000 of the facilities terminating on 4 April 2025 and the remainder on 25 June 2027[167] Assets and Liabilities - Total assets as of 31 December 2023 were £1.472 billion, compared to £1.427 billion as of 31 December 2022[70] - Total equity as of 31 December 2023 was £96.017 million, compared to £109.752 million as of 31 December 2022[73] - Current liabilities as of 31 December 2023 were £661.426 million, compared to £608.290 million as of 31 December 2022[73] - Total equity decreased from £127.5 million at 30 June 2022 to £96.0 million at 31 December 2023, reflecting a comprehensive loss over the period[75] - The net book amount of property, plant, and equipment as of 31 December 2023 was £255.246 million, up from £243.434 million in the same period in 2022[124] - Investment properties had a fair value of £32,970,000 as of 30 June 2023, with no impairment indicators noted as of 31 December 2023[137] - Goodwill remained unchanged at £421,453,000 as of 31 December 2023, with no impairment indicators identified[140] - Additions to registrations (intangible assets) were £215,086,000 in the six months ended 31 December 2023, contributing to a net book amount of £494,157,000[141] - Deferred tax liability decreased to £924,000 as of 31 December 2023 from £3,304,000 as of 30 June 2023[147] - Inventories as of 31 December 2023 increased to £4,024,000 from £3,165,000 in June 2023 and £3,272,000 in December 2022[149] - Net trade receivables as of 31 December 2023 were £105,886,000, up from £53,470,000 in June 2023 but down from £137,633,000 in December 2022[150] - Gross contractual trade receivables as of 31 December 2023 were £108,900,000, compared to £54,393,000 in June 2023 and £139,199,000 in December 2022[151] - Cash and cash equivalents as of 31 December 2023 were £62,809,000, down from £76,019,000 in June 2023 but up from £31,045,000 in December 2022[156] - Trade payables as of 31 December 2023 increased to £348,707,000 from £302,708,000 in June 2023 and £290,239,000 in December 2022[160] - Gross contractual trade payables as of 31 December 2023 were £378,560,000, compared to £317,809,000 in June 2023 and £307,913,000 in December 2022[161] - The Group's total provisions decreased from £12,939,000 at 30 June 2023 to £11,063,000 at 31 December 2023, with a significant reassessment of provisions leading to a £1,876,000 credit[168] - The Group's pension scheme deficit was £27.5 million as of 31 August 2020, with current annual contributions of £573,000 increasing by 5% annually from September 2024[173] - The Group's hedging reserve decreased from £4,002,000 at 30 June 2023 to a negative £25,000 at 31 December 2023, primarily due to changes in the cash flow hedge reserve[187] - Capital commitments for property, plant, and equipment were £2,166,000 as of 31 December 2023, down from £5,152,000 in June 2023[193] Player Transfers and Contingent Liabilities - The maximum additional amount payable for contingent consideration related to player transfers is £158.0 million as of 31 December 2023[61] - The maximum additional amount payable for contingent consideration related to player registrations could impact the net book value of registrations[143] - The Group's contingent liabilities for potential additional transfer fees increased to £158,040,000 at 31 December 2023, up from £133,142,000 at 30 June 2023[190] - The Group has probable contingent assets of £250,000 from player transfer performance conditions as of 31 December 2023, compared to £nil in previous periods[192] - Total performance-related conditions for players amount to £158,040,000, including £112,368,000 for first team squad appearances and success[194] - Post-31 December 2023, player registration disposals generated net proceeds of £989,000 and additional receivables of £207,000[196] Strategic Investments and Shareholder Changes - Sir Jim Ratcliffe acquired 27.7% of Manchester United's voting rights through a $200 million investment, with an additional $100 million to be invested by 31 December 2024[197] - Post-transaction, the Glazer family controls 69.1% of voting power, while Sir Jim Ratcliffe holds 27.7%[200] Accounting and Financial Policies - Revenue recognition is subject to seasonality, with the highest revenue typically recognized in the second and third fiscal quarters due to match scheduling[89] - Commercial revenue includes sponsorship agreements, retail sales, and licensing, with revenue recognized over the term of sponsorship agreements based on performance obligations[90] - The company's financial statements are prepared on a going concern basis, with management confident in meeting obligations for at least 12 months from the report date[83] - The adoption of new accounting standards, such as amendments to IAS 1 regarding deferred tax, has not materially affected the financial statements[84] - The Group signed a 10-year extension with adidas, with a total minimum guarantee of £1,650 million (£750 million original term + £900 million extension), subject to adjustments based on team performance[93] - Payments may increase by up to £4.4 million annually if the men's or women's teams win major competitions, or decrease by £10 million per year if the men's team fails to participate in the UEFA Champions League starting from the 2025/26 season[93] - The estimated weighted average annual tax rate for the year to 30 June 2024 is 15.72%, down from 20.99% in the previous year[114] - The US federal corporate income tax rate of 21% is lower than the UK corporation tax rate of 25%, potentially sheltering future US cash tax with UK tax credits[145] Miscellaneous - Amortization for the three months ended 31 December 2023 was £50.5 million, a 12.2% increase compared to the same period in 2022[14] - Exceptional items for the six months ended 31 December 2023 were a cost of £9.6 million, primarily related to the strategic review and sale of shares to Sir Jim Ratcliffe[26] - Profit on disposal of intangible assets for the six months ended 31 December 2023 was £29.9 million, compared to £14.0 million in the same period in 2022[27] - Net finance costs for the six months ended 31 December 2023 increased to £34.9 million from £18.9 million in 2022, driven by higher interest costs and derivative valuation changes[28] - Income tax credit for the six months ended 31 December 2023 was £0.2 million, down from £4.9 million in 2022[29] - Exceptional items for the three and six months ended 31 December 2023 were £9.6 million, related to strategic review and share sale agreement with Sir Jim Ratcliffe[107] - Profit on disposal of registrations for the six months ended 31 December 2023 was £29.9 million, compared to £14.0 million in the same period in 2022[108] - Net finance costs for the six months ended 31 December 2023 were £34.894 million, compared to £18.873 million in the same period in 2022[109] - Total finance costs for the six months ended 31 December 2023 were £37.842 million, up from £21.956 million in the same period in 2022[109] - Total finance income for the six months ended 31 December 2023 was £2.948 million, down from £3.083 million in the same period in 2022[109] - No dividends were paid in the six months ended 31 December 2023, consistent with the same period in 2022[121] - Additions to right-of-use assets for the six months ended 31 December 2023 amounted to £113,000, down from £301,000 in the same period in 2022[126] - Total lease liabilities decreased to £8,565,000 as of 31 December 2023 from £8,880,000 as of 30 June 2023[129] - Additions to lease liabilities were £6,084,000 in the first half of 2023, significantly increasing from £300,000 in the second half of 2022[130] - Depreciation charge for right-of-use assets totaled £639,000 for the six months ended 31 December 2023, compared to £1,020,000 for the same period in 2022[131] - The cost of inventories recognized as an expense for the six months ended 31 December 2023 was £8,614,000, compared to £12,307,000 for the year ended 30 June 2023 and £7,042,000 for the six months ended 31 December 2022[149]

About this content About Leo Grieco Leo joins us with a degree in Media Production from Bournemouth University. His work includes reporting for the UK editorial team and video editing for the broadcast team. He comes with an expertise in video editing and producing. Leo's specialities include hospitality and leisure, support services, tech and video games. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finan ...

Manchester United plc (MANU) is slated to report its second-quarter fiscal 2024 results on Mar 12, before market open.In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 22.2%.The Trend in Estimate RevisionThe Zacks Consensus Estimate for the second-quarter fiscal 2024 bottom line is pegged at a loss per share of 18 cents. This suggests a 157.1% year-over-year decline from the reported loss of 7 cents per share.The consensus mark for total revenues is pegged at $245.1 ...

Exhibit 99.1 MANCHESTER UNITED PLC CORPORATE RELEASE 12 March 2024 Manchester United Plc Reports Second Quarter Fiscal 2024 Results Key Points · Club announced the completion of the minority investment by Sir Jim Ratcliffe which includes an additional $300 million of primary investment, $200 million of which was received upon completion · Club announced the appointment of Omar Berrada as CEO · Club achieved record 2Q revenues of £225.8 million driven primarily by UEFA Champions League participation benefit ...

ChrisHepburnManchester United (NYSE:MANU) has problems on and off the pitch. The team currently sits in sixth place in the Premier League with 44 points. Furthermore, its share price has plummeted over 30% since the 14th February which was the last day for investors to buy the tender offer from Sir Jim Ratcliffe. The MANU sharp price is currently $14.37 and seems headed back to the ~$13 level, which was the price at the close of 21st November 2022, the day before the Glazer announcement sent prices soa ...