Business Wire | Nov 17, 2021 07:00AM EST

Manchester United PLC Reports First Quarter Fiscal 2022 Results

Nov. 17, 2021

MANCHESTER, England--(BUSINESS WIRE)--Nov. 17, 2021--Manchester United (NYSE: MANU; the "Company" and the "Group") - one of the most popular and successful sports teams in the world - today announced financial results for the 2022 fiscal first quarter ended 30 September 2021.

Ed Woodward, Executive Vice Chairman, commented, "While these financial results today demonstrate our resilience through the pandemic, our top priority is success on the pitch. The manager, players and everyone at the club are determined to achieve that objective."

Key Financials (unaudited)

Three monthslb million (except loss per share) ended 30 September

2021 2020 Change

Commercial revenue 64.4 59.7 7.9%

Broadcasting revenue 43.3 47.6 (9.0%)

Matchday revenue 18.8 1.7 1005.9%

Total revenue 126.5 109.0 16.1%

Adjusted EBITDA^(1) 11.2 20.8 (46.2%)

Operating loss (10.2) (27.1) (62.4%)



Loss for the period (i.e. net loss) (15.5) (30.3) (48.8%)

Basic loss per share (pence) (9.53) (18.58) (48.7%)

Adjusted loss for the period (i.e. adjusted net loss) (12.5) (24.6) (49.2%)^(1)

Adjusted basic loss per share (pence)^(1) (7.67) (15.12) (49.3%)



Non-current and current borrowings^(2) 538.4 499.5 7.8%

Cash and cash equivalents^(2) 98.7 58.9 67.6%

Net debt^(1)/(2) 439.7 440.6 (0.2%)

(1) Adjusted EBITDA, adjusted loss for the period, adjusted basic loss per share and net debt are non-IFRS measures. See "Non-IFRS Measures: Definitions and Use" on page 7 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group's financial condition and results of operations.

(2) The gross USD debt principal remains unchanged. Non-current and current borrowings and cash and cash equivalents as of 30 September 2021 reflect the impact of a lb60.0 million drawdown on our lb200 million revolving credit facilities during the second quarter of fiscal 2021.

COVID-19 ImpactDue to remaining summer restrictions on overseas travel, we did not undertake a first team overseas tour at the start of fiscal 2022, and instead we played four domestic games, two of which were held at Old Trafford. Whilst the nature of the ongoing pandemic may result in UK government restrictions being re-imposed in the future, the majority of such restrictions were lifted ahead of the start of the 2021/22 season, with Old Trafford stadium welcoming back fans at full capacity.

^(1) Adjusted EBITDA, adjusted loss for the period, adjusted basic loss pershare and net debt are non-IFRS measures. See "Non-IFRS Measures: Definitionsand Use" on page 7 and the accompanying Supplemental Notes for the definitionsand reconciliations for these non-IFRS measures and the reasons we believethese measures provide useful information to investors regarding the Group'sfinancial condition and results of operations.

^(2) The gross USD debt principal remains unchanged. Non-current and currentborrowings and cash and cash equivalents as of 30 September 2021 reflect theimpact of a lb60.0 million drawdown on our lb200 million revolving creditfacilities during the second quarter of fiscal 2021.

COVID-19 ImpactDue to remaining summer restrictions on overseas travel, we did not undertake a first team overseas tour at the start of fiscal 2022, and instead we played four domestic games, two of which were held at Old Trafford. Whilst the nature of the ongoing pandemic may result in UK government restrictions being re-imposed in the future, the majority of such restrictions were lifted ahead of the start of the 2021/22 season, with Old Trafford stadium welcoming back fans at full capacity.

Phasing of Premier League Quarter Quarter Quarter Quarter Totalgames 1 2 3 4

2021/22 season* 6 14 10 8 38

2020/21 season 2 13 14 9 38

2019/20 remaining season 6 - - - 6

Total FY 2021 8 13 14 9 44

2019/20 season 7 13 9 3 32

*Subject to changes in broadcasting scheduling

Revenue Analysis

CommercialCommercial revenue for the quarter was 64.4 million, an increase of 4.7 million, or 7.9%, over the prior year quarter.

* Sponsorship revenue was 36.3 million, a decrease of 0.2 million, or 0.5%, over the prior year quarter. * Retail, Merchandising, Apparel & Product Licensing revenue was 28.1 million, an increase of 4.9 million, or 21.1%, over the prior year quarter primarily due to increased Megastore footfall as a result of home games being played in front of a full capacity crowd, combined with the impact of new player signings. In the prior year quarter all home games were played behind closed doors.

BroadcastingBroadcasting revenue for the quarter was 43.3 million, a decrease of 4.3 million, or 9.0%, over the prior year quarter, primarily due to playing four fewer home and away games across domestic competitions, due to the completion of the 2019/20 Premier League and FA Cup competitions during the prior year quarter. This is partially offset by the impact of playing two UEFA Champions League games in the current quarter compared to three UEFA Europa League games in the prior year quarter (relating to completion of the 2019/20 UEFA competition).

MatchdayMatchday revenue for the quarter was 18.8 million, an increase of 17.1 million, or 1005.9%, over the prior year quarter, due to all five home games being played in front of a full capacity crowd. All five home games in the prior year quarter were played behind closed doors.

Other Financial Information

Operating expensesTotal operating expenses for the quarter were 154.1 million, an increase of 30.6 million, or 24.8%, over the prior year quarter.

Employee benefit expensesEmployee benefit expenses for the quarter were 88.5 million, an increase of 16.6 million, or 23.1%, over the prior year quarter due to investment in the first team playing squad.

Other operating expensesOther operating expenses for the quarter were 26.8 million, an increase of 10.5 million, or 64.4%, over the prior year quarter. This includes the impact of all home games being played in front of a full capacity crowd and costs related to the increased activity at the Old Trafford Megastore. In the prior year quarter all home games were played behind closed doors.

Depreciation and amortizationDepreciation for the quarter was 3.7 million, a decrease of 0.1 million, or 2.6%, over the prior year quarter. Amortization for the quarter was 35.1 million, an increase of 3.6 million, or 11.4%, over the prior year quarter. The unamortized balance of registrations at 30 September 2021 was 422.5 million.

Profit/(loss) on disposal of intangible assetsProfit on disposal of intangible assets for the quarter was 17.4 million, compared to a loss of 12.6 million for the prior year quarter.

Net finance (costs)/incomeNet finance costs for the quarter were 9.6 million, compared to net finance income of nil in the prior year quarter, primarily due to an unfavourable swing in unrealized foreign exchange movements in the current quarter compared to a favourable swing in the prior year quarter.

Income taxThe income tax credit for the quarter was 4.3 million, compared to an income tax expense of 3.2 million in the prior year quarter.

Cash flowsOverall cash and cash equivalents (including the effects of exchange rate movements) decreased by 12.0 million in the quarter to 30 September 2021 compared to the cash position at 30 June 2021.

Net cash inflow from operating activities for the quarter was 63.6 million, compared to net cash inflow from operating activities in the prior year quarter of 62.3 million.

Net capital expenditure on property, plant and equipment for the quarter was 3.7 million, an increase of 1.9 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was 61.1 million, an increase of 9.5 million over the prior year quarter.

Net cash outflow from financing activities for the quarter was 11.1 million, an increase of 10.7 million over the prior year quarter. Current quarter cash outflow includes a semi-annual cash dividend of $0.09 per share paid on 30 July 2021.

Net debtNet Debt as of 30 September 2021 was 439.7 million, compared to 440.6 million as of 30 September 2020. As of 30 September 2021, the Company had undrawn credit facilities of 140.0 million.

DividendA semi-annual cash dividend of $0.09 per share will be paid on 7 January 2022, to shareholders of record on 1 December 2021. The stock will begin to trade ex-dividend on 30 November 2021.

About Manchester UnitedManchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 143-year football heritage we have won 66 trophies, enabling us to develop what we believe is one of the world's leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

Cautionary StatementsThis press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company's operations and business environment, all of which are difficult to predict and many are beyond the Company's control. Forward-looking statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic and the Company's possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible" or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the "Risk Factors" section and elsewhere in the Company's Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company's Annual Report on Form 20-F (File No. 001-35627).

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDAAdjusted EBITDA is defined as profit for the period before depreciation, amortization, profit/loss on disposal of intangible assets, net finance costs/income, and tax.

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit/loss on disposal of intangible assets), capital structure (primarily finance costs/income), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted loss for the period (i.e. adjusted net loss)Adjusted loss for the period is calculated, where appropriate, by adjusting for foreign exchange losses/gains on unhedged US dollar denominated borrowings (including foreign exchange gains/losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives, subtracting/adding the actual tax credit/expense for the period, and adding the adjusted tax credit for the period (based on an normalized tax rate of 21%; 2020: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.

In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a 'normalized' tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2020: 21%) applicable during the financial year. A reconciliation of loss/profit for the period to adjusted loss/profit for the period is presented in supplemental note 3.

3. Adjusted basic and diluted loss per shareAdjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the "Equity Plan"). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3.

4. Net debtNet debt is calculated as non-current and current borrowings minus cash and cash equivalents.

Key Performance Indicators

Three months ended 30 September

2021 2020



Revenue

Commercial % of total revenue 50.9% 54.8%

Broadcasting % of total revenue 34.2% 43.7%

Matchday % of total revenue 14.9% 1.5%



Carryover 2020/21 2019/20 2021/22 Season Season Season

Home Matches Played

PL 3 1 3

UEFA competitions 1 - 1

Domestic Cups 1 - -

Away Matches Played

PL 3 1 3

UEFA competitions 1 - 2

Domestic Cups - 2 1



Other

Employees at period end 1,044 992

Employee benefit expenses % of revenue 70.0% 66.0%

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(unaudited; in lb thousands, except per share and shares outstanding data)

Three months ended30 September

2021

2020

Revenue from contracts with customers

126,461

108,972

Operating expenses

(154,103

)

(123,473

)

Profit/(loss) on disposal of intangible assets

17,476

(12,595

)

Operating loss

(10,166

)

(27,096

)

Finance costs

(15,964

)

(19,574

)

Finance income

6,310

19,595

Net finance (costs)/income

(9,654

)

21

Loss before income tax

(19,820

)

(27,075

)

Income tax credit/(expense)

4,281

(3,195

)

Loss for the period

(15,539

)

(30,270

)

Basic and diluted loss per share:

Basic and diluted loss per share (pence) (1)

(9.53

)

(18.58

)

Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share (thousands) (1)

162,996

162,939

(1) For the three months ended 30 September 2021 and the three months ended 30 September 2020, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(unaudited; in lb thousands, except per share and shares outstanding data)

Three months ended 30 September

2021 2020

Revenue from contracts with customers 126,461 108,972

Operating expenses (154,103 ) (123,473 )

Profit/(loss) on disposal of intangible assets 17,476 (12,595 )

Operating loss (10,166 ) (27,096 )

Finance costs (15,964 ) (19,574 )

Finance income 6,310 19,595

Net finance (costs)/income (9,654 ) 21

Loss before income tax (19,820 ) (27,075 )

Income tax credit/(expense) 4,281 (3,195 )

Loss for the period (15,539 ) (30,270 )



Basic and diluted loss per share:

Basic and diluted loss per share (pence)^ (1) (9.53 ) (18.58 )

Weighted average number of ordinary shares used asthe denominator in calculating basic and diluted loss 162,996 162,939 per share (thousands)^ (1)

^(1) For the three months ended 30 September 2021 and the three months ended 30September 2020, potential ordinary shares are anti-dilutive, as their inclusionin the diluted loss per share calculation would reduce the loss per share, andhence have been excluded.

CONSOLIDATED BALANCE SHEET

(unaudited; in lb thousands)

As of

30 September2021

30 June 2021

30 September 2020

ASSETS

Non-current assets

Property, plant and equipment

247,298

247,059

253,026

Right-of-use assets

3,955

4,383

4,179

Investment properties

20,483

20,553

20,762

Intangible assets

848,859

754,467

780,646

Deferred tax asset

-

-

54,712

Trade receivables

42,736

20,404

25,078

Derivative financial instruments

5,121

499

693

1,168,452

1,047,365

1,139,096

Current assets

Inventories

2,771

2,080

3,542

Prepayments

25,781

7,407

19,930

Contract assets - accrued revenue

35,357

40,544

26,875

Trade receivables

46,715

50,370

69,742

Other receivables

1,261

460

438

Income tax receivable

1,108

1,108

1,223

Derivative financial instruments

1,308

318

1,764

Cash and cash equivalents

98,666

110,658

58,940

212,967

212,945

182,454

Total assets

1,381,419

1,260,310

1,321,550

CONSOLIDATED BALANCE SHEET

(unaudited; in lb thousands)

As of

30 September 30 June 30 September 2021 2021 2020

ASSETS

Non-current assets

Property, plant and equipment 247,298 247,059 253,026

Right-of-use assets 3,955 4,383 4,179

Investment properties 20,483 20,553 20,762

Intangible assets 848,859 754,467 780,646

Deferred tax asset - - 54,712

Trade receivables 42,736 20,404 25,078

Derivative financial instruments 5,121 499 693

1,168,452 1,047,365 1,139,096

Current assets

Inventories 2,771 2,080 3,542

Prepayments 25,781 7,407 19,930

Contract assets - accrued revenue 35,357 40,544 26,875

Trade receivables 46,715 50,370 69,742

Other receivables 1,261 460 438

Income tax receivable 1,108 1,108 1,223

Derivative financial instruments 1,308 318 1,764

Cash and cash equivalents 98,666 110,658 58,940

212,967 212,945 182,454

Total assets 1,381,419 1,260,310 1,321,550

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in lb thousands)

As of

30 September2021

30 June 2021

30 September 2020

EQUITY AND LIABILITIES

Equity

Share capital

53

53

53

Share premium

68,822

68,822

68,822

Treasury shares

(21,305

)

(21,305

)

(21,305

)

Merger reserve

249,030

249,030

249,030

Hedging reserve

(10,606

)

(10,436

)

(15,437

)

Retained (deficit)/earnings

(39,325

)

(13,652

)

58,192

246,669

272,512

339,355

Non-current liabilities

Deferred tax liabilities

30,814

35,546

24,944

Contract liabilities - deferred revenue

16,829

22,942

26,970

Trade and other payables

105,246

67,517

56,645

Borrowings

476,156

465,049

497,292

Lease liabilities

2,996

3,083

3,223

Derivative financial instruments

4,820

5,472

8,219

Provisions

4,373

4,157

-

641,234

603,766

617,293

Current liabilities

Contract liabilities - deferred revenue

189,675

117,984

165,483

Trade and other payables

233,713

192,661

188,806

Income tax liabilities

6,093

6,036

7,580

Borrowings

62,247

65,187

2,214

Lease liabilities

943

1,257

819

Derivative financial instruments

188

262

-

Provisions

657

645

-

493,516

384,032

364,902

Total equity and liabilities

1,381,419

1,260,310

1,321,550

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in lb thousands)

As of

30 30 June 30 September 2021 September 2021 2020

EQUITY AND LIABILITIES

Equity

Share capital 53 53 53

Share premium 68,822 68,822 68,822

Treasury shares (21,305 ) (21,305 ) (21,305 )

Merger reserve 249,030 249,030 249,030

Hedging reserve (10,606 ) (10,436 ) (15,437 )

Retained (deficit)/earnings (39,325 ) (13,652 ) 58,192

246,669 272,512 339,355

Non-current liabilities

Deferred tax liabilities 30,814 35,546 24,944

Contract liabilities - deferred 16,829 22,942 26,970 revenue

Trade and other payables 105,246 67,517 56,645

Borrowings 476,156 465,049 497,292

Lease liabilities 2,996 3,083 3,223

Derivative financial instruments 4,820 5,472 8,219

Provisions 4,373 4,157 -

641,234 603,766 617,293

Current liabilities

Contract liabilities - deferred 189,675 117,984 165,483 revenue

Trade and other payables 233,713 192,661 188,806

Income tax liabilities 6,093 6,036 7,580

Borrowings 62,247 65,187 2,214

Lease liabilities 943 1,257 819

Derivative financial instruments 188 262 -

Provisions 657 645 -

493,516 384,032 364,902

Total equity and liabilities 1,381,419 1,260,310 1,321,550

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in lb thousands)

Three months ended30 September

2021

2020

Cash flow from operating activities

Cash generated from operations (see supplemental note 4)

71,687

72,410

Interest paid

(7,792

)

(7,686

)

Interest received

2

1

Tax paid

(335

)

(2,415

)

Net cash inflow from operating activities

63,562

62,310

Cash flow from investing activities

Payments for property, plant and equipment

(3,628

)

(1,819

)

Payments for intangible assets

(72,200

)

(70,807

)

Proceeds from sale of intangible assets

11,083

19,191

Net cash outflow from investing activities

(64,745

)

(53,435

)

Cash flow from financing activities

Principal elements of lease payments

(416

)

(408

)

Dividends paid

(10,669

)

-

Net cash outflow from financing activities

(11,085

)

(408

)

Net (decrease)/increase in cash and cash equivalents

(12,268

)

8,467

Cash and cash equivalents at beginning of period

110,658

51,539

Effect of exchange rate changes on cash and cash equivalents

276

(1,066

)

Cash and cash equivalents at end of period

98,666

58,940

SUPPLEMENTAL NOTES

1 General informationManchester United plc (the "Company") and its subsidiaries (together the "Group") is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

2 Reconciliation of loss for the period to adjusted EBITDA

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in lb thousands)

Three months ended 30 September

2021 2020

Cash flow from operating activities

Cash generated from operations (see supplemental note 4) 71,687 72,410

Interest paid (7,792 ) (7,686 )

Interest received 2 1

Tax paid (335 ) (2,415 )

Net cash inflow from operating activities 63,562 62,310

Cash flow from investing activities

Payments for property, plant and equipment (3,628 ) (1,819 )

Payments for intangible assets (72,200 ) (70,807 )

Proceeds from sale of intangible assets 11,083 19,191

Net cash outflow from investing activities (64,745 ) (53,435 )

Cash flow from financing activities

Principal elements of lease payments (416 ) (408 )

Dividends paid (10,669 ) -

Net cash outflow from financing activities (11,085 ) (408 )

Net (decrease)/increase in cash and cash equivalents (12,268 ) 8,467

Cash and cash equivalents at beginning of period 110,658 51,539

Effect of exchange rate changes on cash and cash 276 (1,066 )equivalents

Cash and cash equivalents at end of period 98,666 58,940

SUPPLEMENTAL NOTES

1 General informationManchester United plc (the "Company") and its subsidiaries (together the "Group") is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

2 Reconciliation of loss for the period to adjusted EBITDA

Three months ended 30 September

2021 2020 lb'000 lb'000

Loss for the period (15,539 ) (30,270 )

Adjustments:

Income tax (credit)/expense (4,281 ) 3,195

Net finance costs/(income) 9,654 (21 )

(Profit)/loss on disposal of intangible assets (17,476 ) 12,595

Amortization 35,134 31,543

Depreciation 3,691 3,786

Adjusted EBITDA 11,183 20,828

3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share

Three months ended 30 September

2021 2020 lb'000 lb'000

Loss for the period (15,539 ) (30,270 )

Foreign exchange losses/(gains) on unhedged US dollar 9,969 (19,083 )denominated borrowings

Foreign exchange losses immediately reclassified fromthe hedging reserve following change in contract - 14,837 currency denomination of future revenues

Fair value movement on embedded foreign exchange (5,982 ) 130 derivatives

Income tax (credit)/expense (4,281 ) 3,195

Adjusted loss before income tax (15,833 ) (31,191 )

Adjusted income tax credit (using a normalized tax rate 3,325 6,550 of 21% (2020: 21%))

Adjusted loss for the period (i.e. adjusted net loss) (12,508 ) (24,641 )



Adjusted basic and diluted loss per share:

Adjusted basic and diluted loss per share (pence) ^(1) (7.67 ) (15.12 )

Weighted average number of ordinary shares used as thedenominator in calculating basic and diluted loss per 162,996 162,939 share (thousands)^ (1)

^(1) For the three months ended 30 September 2021 and the three months ended 30September 2020 potential ordinary shares are anti-dilutive, as their inclusionin the diluted loss per share calculation would reduce the loss per share, andhence have been excluded.

4 Cash generated from operations

Three months ended 30 September

2021 2020 lb'000 lb'000

Loss for the period (15,539 ) (30,270 )

Income tax (expense)/credit (4,281 ) 3,195

Loss before income tax (19,820 ) (27,075 )

Adjustments for:

Depreciation 3,691 3,786

Amortization 35,134 31,543

(Profit)/loss on disposal of intangible assets (17,476 ) 12,595

Net finance costs/(income) 9,654 (21 )

Non-cash employee benefit expense - equity-settled 535 1,265 share-based payments

Foreign exchange losses on operating activities 96 1,124

Reclassified from hedging reserve (60 ) (526 )

Changes in working capital:

Inventories (691 ) (1,356 )

Prepayments (18,527 ) (13,427 )

Contract assets - accrued revenue 5,187 19,091

Trade receivables 291 53,306

Other receivables (801 ) (199 )

Contract liabilities - deferred revenue 65,578 2,120

Trade and other payables 8,668 (9,816 )

Provisions 228 -

Cash generated from operations 71,687 72,410

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005690/en/

CONTACT: Investor Relations: Corinna Freedman Head of Investor Relations +44 738 491 0828 Corinna.Freedman@manutd.co.uk

CONTACT: Media Relations: Charlie Brooks Director of Communications +44 161 868 8148 charlie.brooks@manutd.co.uk