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Manchester United cuts profit outlook after early exit from Champions League
(Sharecast News) - Manchester United cut its full-year profit guidance on Wednesday as it pointed to its early exit from the Champions League and associated drop in broadcasting revenues. For fiscal 2024, the football club now expects revenue of between £635m and £665m, down from previous guidance of £650m to £680m. Guidance for adjusted earnings before interest, taxes, depreciation and amortisation was cut to between £125m and £150m, from £140m to £165m.
In its results for the first quarter ended 30 September 2023, Man United said its losses narrowed to £25.8m from £26.5m in the same period a year earlier, while adjusted EBITDA dipped to £23.3m from £23.6m.
Total revenue rose 9.3% to £157.1m. Commercial revenue was 3.4% higher at £90.4m, while broadcasting and matchday revenue rose 12.3% and 28.6% to £39.3m and £27.4m, respectively.
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