1. Manchester United expects revenue between £660m and £670m for fiscal 2025. 2. Matchday revenue increased by 50.3% due to additional home matches. 3. Operational costs have significantly decreased by 20.4%, enhancing profit margins. 4. The club is redeveloping facilities, aiming to boost long-term growth and investment. 5. Sponsorship revenue rose by 4.4% due to new agreements, signaling robust commercial interests.
Increased revenues and reduced costs suggest improving financial health, especially matchday increases.
The financial improvements and future plans directly impact investor confidence and stock performance.
Infrastructure investments and improved performance are likely to yield benefits in future seasons.
MANCHESTER, England--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) today announced financial results for the 2025 fiscal third quarter ended 31 March 2025.
Management Commentary
Omar Berrada, Chief Executive Officer, commented, “We were proud to reach the final of the UEFA Europa League, but ultimately, we were disappointed to finish as runner-up in Bilbao. We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season. We have been pleased with the performance of our women’s team, with a third-placed league finish, enabling us to qualify for the UEFA Champions League and once again reaching the FA Cup Final. We followed this by reaching the final of the inaugural World Sevens Series. We extended the contract of Head Coach, Marc Skinner, reflecting the excellent work he has done with the team this season.
“We remain focused on infrastructure, with the redevelopment of our Carrington Training Complex continuing and on track, which will be the heart of our club, providing world-class facilities for all our teams and our staff. We have also announced our aspiration to pursue a new 100,000-seat stadium, sitting at the heart of the regeneration of the Old Trafford area, which would be a catalyst for growth and investment in our local community. We are continuing to work with all the relevant stakeholders, including central Government, to support their vision for growth.”
Outlook
For fiscal 2025, the Company tightens its revenue guidance to £660m to £670m and expects to be at the higher end of this range. The Company also raises its Adjusted EBITDA guidance to between £180 million and £190 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.
| Phasing of Premier League games | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |
| 2024/25 season | 6 | 13 | 10 | 9 | 38 | |
| 2023/24 season | 7 | 13 | 9 | 9 | 38 | |
| 2022/23 season | 6 | 10 | 10 | 12 | 38 | |
Key Financials (unaudited)
| £ million (except loss per share) | Three months ended 31 March |
Nine months ended 31 March |
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| 2025 | 2024 | Change | 2025 | 2024 | Change | |||
| Commercial revenue | 74.7 | 69.6 | 7.3% | 245.1 | 231.7 | 5.8% | ||
| Broadcasting revenue | 41.3 | 37.5 | 10.1% | 134.2 | 183.3 | (26.8%) | ||
| Matchday revenue | 44.5 | 29.6 | 50.3% | 123.0 | 104.5 | 17.7% | ||
| Total revenue | 160.5 | 136.7 | 17.4% | 502.3 | 519.5 | (3.3%) | ||
| Adjusted EBITDA(1) | 51.2 | 13.7 | 273.7% | 145.3 | 128.3 | 13.3% | ||
| Operating profit/(loss) | 0.7 | (66.2) | 101.1% | (3.2) | (36.9) | 91.3% | ||
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| Loss for the period (i.e. net loss) | (2.7) | (71.5) | 96.2% | (29.1) | (76.9) | 62.2% | ||
| Basic loss per share (pence) | (1.57) | (43.12) | 96.4% | (17.09) | (46.87) | 63.5% | ||
| Adjusted loss for the period (i.e. adjusted net loss)(1) | (5.5) | (40.6) | 86.5% | (12.1) | (29.9) | 59.5% | ||
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| Adjusted basic loss per share: |
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| Adjusted diluted loss per share (pence)(1) | (3.19) | ) | (24.47) | ) | (7.07) | ) | (18.22) | ) |
5 Cash generated from operations
| Three months ended 31 March | 2025 | 2024 | 2025 | 2024 | ||||
| Loss for the period | (2,710) | (71,500) | (29,126) | (76,883) | ||||
| Net cash inflow from operating activities | (22,331) | 4,185 | (14,725) | |||||
SUPPLEMENTAL NOTES