Manchester United Posts Wider Loss In Q4, Pre-tax Loss Narrows

(RTTNews) - English football giant Manchester United Plc. (MANU) Thursday reported a wider loss for the fourth quarter as it reported a lower tax credit during the period. The company's loss before tax narrowed from the previous year, supported by higher revenues.

Loss for the quarter widened to 7.18 million pounds from 5.83 million pounds. Loss per share was 4.38 pence, compared to 3.55 pence last year.

The latest results included a tax credit of 1.30 million pounds, compared to such a credit of nearly 4 million pounds last year.

The company's loss before tax narrowed to 8.49 million pounds from last year's 9.80 million pounds.

Adjusted Earnings Before Interest, Tax, Depreciation and Amortization or EBITDA was 31.8 million pounds, while it totaled 16.9 million pounds last year.

Revenue increased close to 10 percent to 105.78 million pounds from 96.22 million pounds in the previous year.

Commercial revenue advanced 3.6 percent to 45.9 million pounds, amid a 14.2 percent increase in Sponsorship revenue.

Broadcasting revenue climbed 20 percent to 40.8 million pounds, primarily due to an increase in merit payments, playing one more FAPL home game, and having five more FAPL live broadcast games in the current quarter.

Matchday revenue rose 6.1 percent to 19.1 million pounds, as a result of playing one more FAPL home game in the current quarter.

The Board of Directors has approved the payment of a regular quarterly cash dividend on the company's outstanding Class A and Class B ordinary shares. For the first quarter 2016, the dividend of $0.045 per share will be payable on October 15, to shareholders on record on September 30.

Ed Woodward, executive vice chairman, said, "As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch. In recent weeks we have further strengthened our squad with an exciting mix of experience and youth, qualified for the group stage of the UEFA Champions League, and seen an impressive launch of our partnership with adidas.

For fiscal 2016, Manchester United expects revenue in the range 500 million pounds to 510 million pounds.

Adjusted EBITDA is estimated to be between 165 million pounds and 175 million pounds.

For 2014, adjusted EBITDA totaled 119.9 million pounds, and revenues amounted to 395.2 million pounds.

MANU closed up 1.7 percent on Wednesday at $18.38.