Manchester United Slips To Loss In Q3; Lifts FY17 Forecast - Quick Facts

(RTTNews) - Manchester United Plc (MANU) on Tuesday reported that it slipped to a loss in its third quarter, compared to a profit last year, despite higher revenues. Looking ahead, for fiscal 2017, the company lifted its forecast for adjusted EBITDA and revenues.

Third-quarter net loss was 3.77 million pounds or 2.30 pence per share, compared to net income of 13.76 million pounds or 8.40 pence per share a year ago.

Adjusted net loss was 6.3 million pounds or 3.84 pence per share, compared to income of 11.7 million pounds or 7.17 pence per share last year.

Total revenue, however, increased 3.1 percent to 127.2 million pounds from 123.4 million pounds last year.

Commercial revenue for the quarter was 66.5 million pounds, an increase of 1.1%.

Broadcasting revenue was 31.4 million pounds, an increase of 12.9%, primarily due to the impact of the new PL broadcasting agreement, partially offset by playing one fewer PL home game.

Matchday revenue decreased 1.7% over the prior year quarter.

For fiscal 2017, Manchester United now expects revenue to be 560 million pounds to 570 million pounds, and adjusted EBITDA to be 185 million pounds to 195 million pounds.

The company previously expected revenue to be in the range of 530 million pounds to 540 million pounds, and adjusted EBITDA of 170 million pounds to 180 million pounds.

Ed Woodward, Executive Vice Chairman, said, "As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won. We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year. We look forward to a strong finish to 2016-17, both on and off the pitch."

The company further said a further semi-annual cash dividend of $0.09 per share will be paid on June 8, to shareholders of record on April 28.