Manchester United Announces Fiscal 2024 Fourth Quarter and Full Year Financial Results
Intellectia.AI2024-09-11
Manchester United Announces Fiscal 2024 Fourth Quarter and Full Year Financial Results
Manchester United (NYSE: MANU) has released its financial results for the fourth quarter and year ending June 30, 2024.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | YoY Change | Consensus Estimate | FY 2024 | FY 2023 | YoY Change |
|---|---|---|---|---|---|---|---|
| Total Revenue | £142.2 million | Data not provided | Not available | $189.09 million | £661.8 million | Data not provided | Not available |
The company experienced record revenues in fiscal 2024, driven by commercial and matchday revenue growth, despite playing fewer home matches compared to the previous year.
Revenue Performance by Segment
| Segment | FY 2024 Revenue | FY 2023 Revenue | YoY Change |
|---|---|---|---|
| Commercial Revenue | £302.9 million | £302.9 million | 0.0% |
| Sponsorship Revenue | £177.8 million | £189.5 million | -6.2% |
| Retail, Merchandising, Apparel & Product Licensing | £125.1 million | £113.4 million | +10.3% |
| Broadcasting Revenue | £221.8 million | £209.1 million | +6.1% |
| Matchday Revenue | £137.1 million | £136.4 million | +0.5% |
Though commercial revenue remained steady, significant growth was seen in retail and product licensing sectors. Broadcasting revenue increased due to UEFA Champions League participation, while matchday revenues hovered slightly higher than the prior year, mitigated by fewer home matches.
Key Developments and Operational Highlights
- Achieved record fiscal 2024 revenues despite fewer home matches.
- Significant investments in Old Trafford and the Carrington Training Complex.
- Extension of the front-of-shirt sponsorship deal with Qualcomm's Snapdragon brand.
- Transition of e-commerce operations in-house.
- Strengthened both men’s and women’s teams with key player signings.
Executive Commentary
Omar Berrada, CEO, emphasized the club's offseason activities, including training camps and reinforcing the men’s and women’s teams. He highlighted the strategic shifts toward operational efficiency and financial sustainability to enhance performance and focus on returning the club to European football prominence.
Forward Guidance
For fiscal 2025, Manchester United has set revenue expectations between £650 and £670 million, with adjusted EBITDA projected at £145 to £160 million. The club anticipates about £30 million less in broadcasting revenue compared to the previous fiscal year due to participation in the UEFA Europa League.
Stock Price Movement
Following this release, Manchester United saw a decline in share price by approximately 1.88%.
This fiscal report underscores Manchester United's strategic reactions to adverse conditions and its efforts to achieve long-term financial stability and on-pitch success.
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