Manchester United (NYSE: MANU) announced mixed fiscal Q4 results with revenues of £118.5 million, up 26.1% year-over-year but still falling short of analysts’ estimates of £132.8 million.
The world’s most popular sports team saw its adjusted loss narrow down to £0.1238 per share in Q4 versus a loss of £0.2067 in the same period last year. Analysts were expecting an adjusted loss of £0.23 per share.
Cliff Baty, Manchester United’s CFO commented that the sports team’s results continued to reflect a “recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad. Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”
Baty added, “Looking forward to fiscal 2023, the Club is guiding to revenues of £580 million to £600 million despite participation in the Europa League, and adjusted EBITDA of £100 million to £110 million, reflecting the continued playing squad investment.”
