Manchester United PLC MANU reported a fiscal fourth-quarter 2024 sales decline of 15.0% year-on-year to 142.2 million British pounds or $179.43 million, missing the analyst consensus estimate of $189.09 million.

Broadcasting revenue plummeted 40.5%, Commercial revenue rose 5.6%, and Matchday revenue declined 7.9%.

The operating loss for the quarter was (32.4) million pounds compared to (0.3) million pounds last year.

Adjusted EBITDA was 19.3 million pounds versus 43.2 million pounds last year.

The adjusted loss per share for the period expanded to (15.79) pence versus (6.18) last year. Adjusted EPS loss of $(0.20) missed the analyst consensus loss estimate of $(0.17).

As of June 30, 2024, the company held 73.55 million pounds in cash and equivalents. The quarter’s net cash inflow from operating activities was 125.86 million pounds.

As of June 30, 2024, the company’s USD non-current borrowings were $650 million, unchanged from last year.

Outlook: Manchester United expects fiscal 2025 revenue of 650 million pounds-670 million pounds versus analyst consensus of 658.67 million pounds.

It expects fiscal 2025 adjusted EBITDA of 145 million pounds-160 million pounds.

Beginning in the third quarter of fiscal 2024, the club commenced a business transformation plan, which included installing a new executive leadership teamsides, streamlining the organizational structure, and implementing a significant cost rationalization program.

The stock is down over 17.3% in the last 12 months as reports indicated the team being sold in its entirety. In December 2023, Jim Ratcliffe bought 25% of the team.

Price Action: MANU stock is down 3.59% at $15.81 premarket at the last check Wednesday.

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