Manchester United Q1 Profit Declines - Quick Facts

(RTTNews) - Manchester United (MANU) reported first-quarter profit of 1.2 million pounds compared to 5.0 million pounds, previous year. Profit per share was 0.71 pence compared to 3.02 pence. Adjusted EBITDA was down 25.0% to 31.2 million pounds. Adjusted profit for the period decreased to 0.7 million pounds from 2.7 million pounds. Adjusted earnings per share was 0.43 pence compared to 1.63 pence.

First-quarter total revenue was down 2.8% to 120.2 million pounds. Commercial revenue was 74.3 million pounds, an increase of 4.4%, over the prior year quarter. Broadcasting revenue was 29.1 million pounds, an increase of 5.4%, over the prior year quarter, primarily due to commencement of new FAPL broadcasting rights agreement, partially offset by non-participation in the UEFA Champions League and playing one fewer FAPL home game.

Matchday revenue for the quarter was 16.8 million pounds, a decrease of 32.3% over the prior year quarter, primarily due to playing three fewer home games across all competitions.

Ed Woodward, Executive Vice Chairman, stated, "While our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year. During the quarter we added a number of top quality players to our squad, which once again demonstrates our determination to challenge for trophies."

For fiscal 2017, Manchester United continues to expect: revenue to be 530 to 540 million pounds; and adjusted EBITDA to be 170 to 180 million pounds.

A semi-annual cash dividend of $0.09 per share will be paid on 5 January 2017, to shareholders of record on 30 November 2016. The stock will begin to trade ex-dividend on 28 November 2016.