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Manchester United PLC Reports Third Quarter Fiscal 2023 Results

Key Points

  • For fiscal 2023, the Company raises its previous revenue guidance to a record £630 million to £640 million and raises its adjusted EBITDA guidance to £140 million to £150 million
  • The men’s first team ended the 2022/23 domestic season in 3rd place and secured a return to the UEFA Champions League for the 2023/24 season
  • Signed new men’s contracts with Luke Shaw, Alejandro Garnacho and Diogo Dalot
  • For the 2022/23 Women’s Super League season, the women’s team earned second place and qualified for the UEFA Women’s Champions League for the upcoming 2023/24 season
  • Club continues to achieve record-breaking attendance and Matchday hospitality revenues, as well as record global memberships and record Museum & Tour visits
  • Club returns to the US for its Summer Tour 2023 with matches in New York, San Diego, Houston and Las Vegas; matches will take place from 22-30 July

Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) – one of the most popular and successful sports teams in the world – today announced financial results for the 2023 fiscal third quarter ended 31 March 2023.

Outlook

For fiscal 2023, the Company raises its previous revenue guidance from £590 million to £610 million to a record £630 million to £640 million and raises its previous adjusted EBITDA guidance of £125 million to £140 million to £140 million to £150 million.

Phasing of Premier League games

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total

2022/23 season

6

10

10

12

38

2021/22 season

6

12

11

9

38

Key Financials (unaudited)

£ million (except loss per share)

Three months ended

31 March

 

Nine months ended

31 March

 

2023

2022

Change

2023

2022

Change

Commercial revenue

69.4

65.6

5.8%

235.5

194.4

21.1%

Broadcasting revenue

50.7

51.5

(1.6%)

144.5

181.2

(20.3%)

Matchday revenue

49.9

35.7

39.8%

101.1

89.1

13.5%

Total revenue

170.0

152.8

11.3%

481.1

464.7

3.5%

Adjusted EBITDA(1)

39.7

20.4

94.6%

111.7

89.6

24.7%

Operating loss

(4.7)

(21.8)

(78.4%)

(10.9)

(26.6)

(59.0%)

 

Loss for the period (i.e. net loss)

(5.6)

(27.7)

(79.8%)

(25.8)

(44.7)

(42.3%)

Basic loss per share (pence)

(3.40)

(17.01)

(80.0%)

(15.80)

(27.40)

(42.3%)

Adjusted loss for the period (i.e. adjusted net loss)(1)

(12.1)

(22.4)

(46.0%)

(32.1)

(27.5)

16.7%

Adjusted basic loss per share (pence)(1)

(7.41)

(13.75)

(46.1%)

(19.66)

(16.89)

16.4%

 

Non-current borrowings in USD (contractual currency)(2)

$650.0

$650.0

0.0%

$650.0

$650.0

0.0%

(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share 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) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2023 was £200.0 million and total current borrowings including accrued interest payable was £203.7 million. Based on the club’s expected seasonal working capital cycle, it is anticipated that the club would have the ability to reduce the balance on the club’s facilities to approximately £40 million at 30 June 2023.

Football

  • For the 2022/23 season, the men’s first team ended in third place in the Premier League and has qualified for the UEFA Champions League for the upcoming 2023/24 season
  • The men’s first team reached the Men’s FA Cup Final for the 21st time on 3 June and finished runners-up
  • New contracts were signed with Luke Shaw, Alejandro Garnacho and Diogo Dalot
  • For the 2022/23 Women’s Super League season, the women’s team earned second place and has qualified for the UEFA Champions League for the upcoming 2023/24 season
  • The women’s team reached the Women’s FA Cup Final for the first time on 14 May and finished runners-up
  • England U19 international Evie Rabjohn has agreed to join the women’s team at the end of the season

Fan Engagement and Partnerships

  • On 30 April the Club held an #ILoveUnited event in Singapore, with record-breaking fan attendance and activations from 16 global partners
  • On 3 May, the club unveiled a new Jimmy Murphy statue at the Stretford End of Old Trafford, developed in partnership with fan groups
  • Club gifts were provided to supporters at both the Men’s and Women’s FA Cup Finals and Club worked with fan groups on stadium branding
  • During the quarter, there were a record 275 Manchester United Supporters’ Clubs in 94 countries
  • Club launched its new “Warm-Up” social event for Supporters’ Clubs before matches at Old Trafford
  • Club held quarterly meetings of the Fans’ Advisory Board and the Fans’ Forum

Facilities – Venue and Operations

  • Record match attendance and match-by-match hospitality revenues continued to be driven by strong pitch performance across all competitions; ticket sales for the current 2022/23 season have surpassed the record set in 2016/17 totalling a cumulative 2.4 million tickets sold
  • Record sales of global memberships, with the 2022/23 program having closed at 360,000 members, the largest paid membership program in world sport
  • Continued exceptional demand for tickets, with over 146,000 individuals currently on the Season Ticket waiting list; 2023/24 renewals for Season Tickets and Executive Club, which launched in February, sold out in record time with the lowest ever churn
  • Continued momentum in demand for women’s football with Leigh Sport Village ticket sales for the 2022/23 season 200% higher than the 2021/22 season
  • During the third quarter, Old Trafford hosted its second Women’s Super League fixture of the season, against West Ham United, with approximately 28,000 fans in attendance
  • State of the art WiFi was recently rolled out across the stadium and surrounding footprint with further upgrades planned for the summer across Old Trafford’s general admission, hospitality and football facilities; ongoing upgrades remain in progress at the Carrington Training Centre, including a new £7 million facility for the Women’s and Academy teams
  • Old Trafford hosted Soccer Aid for Unicef on 11 June and the England International on 19 June
  • Club returns to the US for its Summer Tour 2023 with an exciting schedule of matches in New York, San Diego, Las Vegas, and Houston

Digital Products & Experiences

  • Club gained 5.3 million followers and generated more than 601 million digital interactions and 2.33 billion video views across all global social platforms in the third quarter
  • Successful new product launches included the adidas Originals line & 23/24 training kits
  • Club rolled out e-commerce single sign-on functionality across its mobile app and e-commerce platforms
  • Successful soft launch of the 23/24 Official Membership program with more sales than usual in the early months of the calendar year
  • Club plans to launch its next digital collectibles focusing on the 92/93 season in early July; Club continues delivery of its ‘Collect United’ rewards programme for Devil-holders from our 1st paid digital collectibles drop
  • MUTV Linear renewals signed with Vodafone (Iceland) and Canal+ (Myanmar) to further increase the availability of MUTV around the world

Revenue Analysis

Commercial

Commercial revenue for the quarter was £69.4 million, an increase of £3.8 million, or 5.8%, over the prior year quarter.

  • Sponsorship revenue was £41.0 million, an increase of £1.8 million, or 4.6%, over the prior year quarter, primarily due to new sponsorship agreements.
  • Retail, Merchandising, Apparel & Product Licensing revenue was £28.4 million, an increase of £2.0 million, or 7.6%, over the prior year quarter, primarily due to an increased number of matches played at Old Trafford.

Broadcasting

Broadcasting revenue for the quarter was £50.7 million, a decrease of £0.8 million, or 1.6%, over the prior year quarter, as a result of the men’s first team participating in the UEFA Europa League compared to the UEFA Champions League in the prior year, partially offset by progression in domestic cup competitions.

Matchday

Matchday revenue for the quarter was £49.9 million, an increase of £14.2 million, or 39.8%, over the prior year quarter, due to playing 5 additional home matches in the current year quarter, compared to the prior year quarter.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £176.7 million, an increase of £1.4 million, or 0.8%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £85.0 million, a decrease of £16.8 million, or 16.5%, over the prior year quarter as a result of squad turnover and the men’s first team not participating in Champions League in the current year.

Other operating expenses

Other operating expenses for the quarter were £45.3 million, an increase of £14.7 million, or 48.0%, over the prior year quarter. This is primarily due to increased matchday costs associated with progression in domestic cup competitions.

Depreciation and amortization

Depreciation for the quarter was £3.5 million, consistent with the prior year quarter. Amortization for the quarter was £42.9 million, an increase of £3.5 million, or 8.9%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2023 was £416.7 million.

Profit on disposal of intangible assets

Profit on disposal of intangible assets for the quarter was £2.0 million, compared to a profit of £0.7 million for the prior year quarter.

Net finance costs

Net finance costs for the quarter were £1.0 million, compared to £14.1 million in the prior year quarter. The movement was driven by a favorable swing in foreign exchange rates in the current quarter, largely offsetting interest costs payable on borrowings. This compares to an unfavorable swing in foreign exchange rates in the prior year quarter.

Income tax

The income tax credit for the quarter was £0.1 million, compared to a credit of £8.2 million in the prior year quarter.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £42.7 million in the quarter to 31 March 2023, compared to an increase of £8.4 million in the prior year quarter.

Net cash inflow from operating activities for the quarter was £54.1 million, an increase of £30.9 million compared to a net cash inflow in the prior year quarter of £23.2 million.

Net capital expenditure on property, plant and equipment for the quarter was £2.7 million, an increase of £2.0 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £8.7 million, an increase of £5.5 million over the prior year quarter.

Net cash outflow from financing activities for the quarter was £0.2 million, compared to £11.3 million in the prior year quarter.

Balance sheet

Our USD non-current borrowings as of 31 March 2023 were $650 million, which was unchanged from 31 March 2022. As a result of the year-on-year change in the USD/GBP exchange rate from 1.3158 at 31 March 2022 to 1.2369 at 31 March 2023, our non-current borrowings when converted to GBP were £521.5 million, compared to £489.2 million at the prior year quarter.

In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2023 were £203.7 million compared to £102.3 million at 31 March 2022.

As of 31 March 2023, cash and cash equivalents were £73.7 million compared to £95.8 million at the prior year quarter, primarily due to investment in the first team playing squad.

About Manchester United

Manchester 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 145-year football heritage we have won 67 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 Statements

This 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) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as loss for the period before depreciation, amortization, profit on disposal of intangible assets, net finance costs, exceptional items 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 on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), 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 charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange 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 and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on a normalized tax rate of 21%; 2022: 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% (2022: 21%) applicable during the financial year. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3.

3. Adjusted basic and diluted loss per share

Adjusted 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.

Key Performance Indicators

 

Three months ended

Nine months ended

 

31 March

31 March

 

2023

2022

2023

2022

 

 

 

 

 

Revenue

 

 

 

 

Commercial % of total revenue

40.8%

42.9%

49.0%

41.8%

Broadcasting % of total revenue

29.8%

33.7%

30.0%

39.0%

Matchday % of total revenue

29.4%

23.4%

21.0%

19.2%

 

 

2022/23

Season

2021/22

Season

2022/23

Season

2021/22

Season

Home Matches Played

 

 

 

 

PL

6

6

13

15

UEFA competitions

2

1

5

4

Domestic Cups

6

2

8

3

Away Matches Played

 

 

 

 

PL

4

5

13

14

UEFA competitions

2

1

5

4

Domestic Cups

2

-

2

-

Other

 

 

 

 

Employees at period end

1,243

1,214

1,243

1,214

Employee benefit expenses % of revenue

50%

66.8%

50.8%

62.0%

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

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

 

 

Three months ended

31 March

Nine months ended

31 March

 

2023

 

2022

 

2023

 

2022

 

Revenue from contracts with customers

170,048

 

152,848

 

481,070

 

464,749

 

Operating expenses

(176,675

)

(175,370

)

(507,959

)

(509,190

)

Profit on disposal of intangible assets

1,949

 

721

 

15,969

 

17,879

 

Operating loss

(4,678

)

(21,801

)

(10,920

)

(26,562

)

Finance costs

(14,657

)

(17,676

)

(30,777

)

(40,267

)

Finance income

13,656

 

3,568

 

10,903

 

9,033

 

Net finance costs

(1,001

)

(14,108

)

(19,874

)

(31,234

)

Loss before income tax

(5,679

)

(35,909

)

(30,794

)

(57,796

)

Income tax credit

132

 

8,182

 

5,037

 

13,128

 

Loss for the period

(5,547

)

(27,727

)

(25,757

)

(44,668

)

 

 

 

 

 

Basic earnings per share:

 

 

 

 

Basic loss per share (pence)

(3.40

)

(17.01

)

(15.80

)

(27.40

)

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

163,062

 

163,003

 

163,062

 

163,000

 

Diluted earnings per share:

 

 

 

 

Diluted loss per share (pence) (1)

(3.40

)

(17.01

)

(15.80

)

(27.40

)

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

163,062

 

163,003

 

163,062

 

163,000

 

(1) For the three and nine months ended 31 March 2023 and the three months and nine months ended 31 March 2022, 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 BALANCE SHEET

(unaudited; in £ thousands)

 

 

As of

 

31 March

2023

30 June

2022

31 March

2022

ASSETS

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

242,730

242,661

243,752

Right-of-use assets

2,952

4,072

4,510

Investment properties

20,063

20,273

20,343

Intangible assets

843,307

743,278

776,525

Trade receivables

21,485

29,757

35,423

Derivative financial instruments

15,102

16,462

6,977

 

1,145,639

1,056,503

1,087,530

Current assets

 

 

 

Inventories

2,645

2,200

2,692

Prepayments

16,595

15,534

19,388

Contract assets – accrued revenue

62,873

36,239

45,524

Trade receivables

60,321

49,210

56,763

Other receivables

2,031

1,569

1,032

Income tax receivable

4,410

4,590

834

Derivative financial instruments

5,894

6,597

2,362

Cash and cash equivalents

73,733

121,223

95,791

 

228,502

237,162

224,386

Total assets

1,374,141

1,293,665

1,311,916

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

As of

 

31 March

2023

30 June

2022

31 March

2022

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

1,993

 

950

 

804

 

Accumulated losses

(194,085

)

(170,042

)

(85,917

)

 

104,508

 

127,508

 

211,487

 

Non-current liabilities

 

 

 

Deferred tax liabilities

1,939

 

7,402

 

22,882

 

Contract liabilities - deferred revenue

3,842

 

16,697

 

19,057

 

Trade and other payables

155,903

 

102,347

 

97,043

 

Borrowings

521,482

 

530,365

 

489,240

 

Lease liabilities

2,367

 

2,869

 

2,909

 

Derivative financial instruments

1,303

 

49

 

456

 

Provisions

91

 

11,586

 

4,805

 

 

686,927

 

671,315

 

636,392

 

Current liabilities

 

 

 

Contract liabilities - deferred revenue

130,081

 

165,847

 

140,047

 

Trade and other payables

235,508

 

220,587

 

216,190

 

Income tax liabilities

-

 

-

 

2,189

 

Borrowings

203,665

 

105,757

 

102,295

 

Lease liabilities

792

 

1,561

 

1,636

 

Derivative financial instruments

48

 

32

 

673

 

Provisions

12,612

 

1,058

 

1,007

 

 

582,706

 

494,842

 

464,037

 

Total equity and liabilities

1,374,141

 

1,293,665

 

1,311,916

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

Three months ended

31 March

Nine months ended

31 March

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Cash flows from operating activities

 

 

 

 

Cash generated from operations (see supplemental Note 4)

65,208

 

31,708

 

12,194

 

77,828

 

Interest paid

(11,054

)

(8,284

)

(25,277

)

(18,237

)

Interest received

130

 

2

 

207

 

5

 

Tax paid

(220

)

(246

)

(612

)

(4,347

)

Net cash inflow/(outflow) from operating activities

54,064

 

23,180

 

(13,488

)

55,249

 

Cash flows from investing activities

 

 

 

 

Payments for property, plant and equipment

(2,717

)

(721

)

(9,816

)

(6,223

)

Payments for intangible assets

(14,824

)

(10,419

)

(144,716

)

(101,334

)

Proceeds from sale of intangible assets

6,098

 

7,226

 

19,831

 

20,241

 

Net cash outflow from investing activities

(11,443

)

(3,914

)

(134,701

)

(87,316

)

Cash flows from financing activities

 

 

 

 

Proceeds from borrowings

-

 

-

 

100,000

 

40,000

 

Principal elements of lease payments

(153

)

(436

)

(1,602

)

(1,284

)

Dividends paid

-

 

(10,892

)

-

 

(21,561

)

Net cash (outflow)/inflow from financing activities

(153

)

(11,328

)

98,398

 

17,155

 

Effects of exchange rate movements on cash and cash equivalents

220

 

419

 

2,301

 

45

 

Net increase/(decrease) in cash and cash equivalents

42,688

 

8,357

 

(47,490

)

(14,867

)

Cash and cash equivalents at beginning of period

31,045

 

87,434

 

121,223

 

110,658

 

Cash and cash equivalents at end of period

73,733

 

95,791

 

73,733

 

95,791

 

SUPPLEMENTAL NOTES

1 General information

Manchester 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

31 March

Nine months ended

31 March

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Loss for the period

(5,547

)

(27,727

)

(25,757

)

(44,668

)

Adjustments:

 

 

 

 

Income tax credit

(132

)

(8,182

)

(5,037

)

(13,128

)

Net finance costs

1,001

 

14,108

 

19,874

 

31,234

 

Profit on disposal of intangible assets

(1,949

)

(721

)

(15,969

)

(17,879

)

Exceptional items

-

 

-

 

-

 

9,992

 

Amortization

42,922

 

39,444

 

128,032

 

113,231

 

Depreciation

3,467

 

3,521

 

10,554

 

10,791

 

Adjusted EBITDA

39,762

 

20,443

 

111,697

 

89,573

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

 

 

Three months ended

31 March

Nine months ended

31 March

 

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Loss for the period

(5,547

)

(27,727

)

(25,757

)

(44,668

)

Exceptional items

-

 

-

 

-

 

9,992

 

Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings

(12,997

)

11,102

 

(10,294

)

21,662

 

Fair value movement on embedded foreign exchange derivatives

3,390

 

(3,566

)

498

 

(8,702

)

Income tax credit

(132

)

(8,182

)

(5,037

)

(13,128

)

Adjusted loss before income tax

(15,286

)

(28,373

)

(40,590

)

(34,844

)

 

Adjusted income tax credit (using a normalized tax rate of 21% (2022: 21%))

3,210

 

5,958

 

8,524

 

7,317

 

Adjusted loss for the period (i.e. adjusted net loss)

(12,076

)

(22,415

)

(32,066

)

(27,527

)

 

 

 

 

 

Adjusted basic loss per share:

 

 

 

 

Adjusted loss per share (pence)

(7.41

)

(13.75

)

(19.66

)

(16.89

)

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

163,062

 

163,003

 

163,062

 

163,000

 

Adjusted diluted loss per share:

 

 

 

 

Adjusted diluted loss per share

(pence) (1)

(7.41

)

(13.75

)

(19.66

)

(16.89

)

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

163,062

 

163,003

 

163,062

 

163,000

 

(1) For the three and nine months ended 31 March 2023 and the three and nine months ended 31 March 2022, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

4 Cash generated from operations

 

Three months ended

31 March

Nine months ended

31 March

 

2023

£’000

2022

£’000

2023

£’000

2022

£’000

Loss for the period

(5,547

)

(27,727

)

(25,757

)

(44,668

)

Income tax credit

(132

)

(8,182

)

(5,037

)

(13,128

)

Loss before income tax

(5,679

)

(35,909

)

(30,794

)

(57,796

)

Adjustments for:

 

 

 

 

Depreciation

3,467

 

3,521

 

10,554

 

10,791

 

Amortization

42,922

 

39,444

 

128,032

 

113,231

 

Profit on disposal of intangible assets

(1,949

)

(721

)

(15,969

)

(17,879

)

Net finance costs

1,001

 

14,108

 

19,874

 

31,234

 

Non-cash employee benefit expense – equity-settled share-based payments

559

 

521

 

1,714

 

1,489

 

Foreign exchange losses/(gains) on operating activities

980

 

(4

)

4,947

 

(306

)

Reclassified from hedging reserve

284

 

(221

)

(246

)

(191

)

Changes in working capital:

 

 

 

 

Inventories

627

 

184

 

(445

)

(612

)

Prepayments

9,304

 

8,909

 

(1,624

)

(4,842

)

Contract assets – accrued revenue

(9,368

)

16,707

 

(26,634

)

(12,577

)

Trade receivables

51,766

 

(3,099

)

3,679

 

(8,640

)

Other receivables

395

 

78

 

(462

)

(572

)

Contract liabilities – deferred revenue

(33,905

)

(21,437

)

(48,621

)

18,178

 

Trade and other payables

5,104

 

9,174

 

(31,870

)

5,310

 

Provisions

(300

)

453

 

59

 

1,010

 

Cash generated from operations

65,208

 

31,708

 

12,194

 

77,828

 

 

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