Executive Summary
Manchester United plc delivered a mixed QQ4 2024 performance in GBP. Revenue declined year-over-year but rose modestly quarter-over-quarter to GBP142.21 million, with gross profit of GBP142.21 million and an EBITDA of GBP20.70 million, yielding an EBITDA margin of 14.55%. The company posted a net loss of GBP36.28 million for the quarter and a negative operating income of GBP32.41 million, underscoring ongoing cost structure and impairment dynamics within the football and entertainment business. Notwithstanding the bottom-line softness, the group generated robust operating cash flow of GBP125.86 million and free cash flow of GBP118.97 million driven by working capital movements, while maintaining a solid liquidity position with GBP73.55 million in cash and cash equivalents and a total debt load of GBP555.26 million. Balance-sheet metrics show total assets of GBP1.3448 billion supported by tangible and intangible assets, with total stockholders’ equity of GBP144.89 million, and a leverage profile indicating a debt-to-capitalization of 0.793 and a debt-to-equity ratio of 3.83. The quarterly earnings depict a brand-rich, high-cash-generating asset with meaningful earnings volatility tied to sports rights cycles, sponsorship dynamics, matchday revenue recovery, and merchandising velocity. Investors should weigh the near-term profitability headwinds against the durability of cash generation and the potential upside from licensing, DTC initiatives, and broadcast-right renewals over the next 12–18 months.
Key Performance Indicators
QoQ: 51.07% | YoY:-12 366.54%
QoQ: 49.26% | YoY:-1 141.90%
QoQ: 48.84% | YoY:-1 129.05%
Key Insights
Revenue: GBP142.21m in Q4 2024, YoY -15.01%, QoQ +4.04%
Gross Profit: GBP142.21m, YoY +7.41%, QoQ +17.37%
Operating Income: GBP -32.41m, YoY large negative swing (EBITDA positive GBP20.70m); QoQ +51.07% in operating income recovery but still negative
Net Income: GBP -36.28m, YoY -1131.90%, QoQ +49.26%
EPS: GBP -0.22, YoY -1129.05%, QoQ +48.84%
EBITDA: GBP 20.70m, EBITDA Margin 14.55%
EBITDA to Revenue: 14.56%
Net Income Margin: -25.51%
Cash Flow from Operations: GBP 125.86m; Capex: GBP -6.89m; F...
Financial Highlights
Revenue: GBP142.21m in Q4 2024, YoY -15.01%, QoQ +4.04%
Gross Profit: GBP142.21m, YoY +7.41%, QoQ +17.37%
Operating Income: GBP -32.41m, YoY large negative swing (EBITDA positive GBP20.70m); QoQ +51.07% in operating income recovery but still negative
Net Income: GBP -36.28m, YoY -1131.90%, QoQ +49.26%
EPS: GBP -0.22, YoY -1129.05%, QoQ +48.84%
EBITDA: GBP 20.70m, EBITDA Margin 14.55%
EBITDA to Revenue: 14.56%
Net Income Margin: -25.51%
Cash Flow from Operations: GBP 125.86m; Capex: GBP -6.89m; Free Cash Flow: GBP 118.97m
Cash and Equivalents: GBP 73.55m; Total Debt: GBP 555.26m; Net Debt: GBP 481.71m
Total Assets: GBP 1,344.79m; Stockholders’ Equity: GBP 144.89m; Debt-to-Capitalization: 0.793; Debt-to-Equity: 3.83
P/BV: 14.77; P/S: 15.04; EV: 126.64; EV/FCF: ~1.34; FCF Yield (approx): 7.3% (based on FCF/Enterprise Value)
Liquidity and Leverage: Cash flow discipline evident; high leverage remains a key risk given negative earnings and a negative interest-coverage indicator in the period
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
142.21M |
-15.01% |
4.04% |
| Gross Profit |
142.21M |
7.41% |
17.37% |
| Operating Income |
-32.41M |
-12 366.54% |
51.07% |
| Net Income |
-36.28M |
-1 141.90% |
49.26% |
| EPS |
-0.22 |
-1 129.05% |
48.84% |
Key Financial Ratios
operatingProfitMargin
-22.8%
operatingCashFlowPerShare
$0.76
freeCashFlowPerShare
$0.72
priceEarningsRatio
-14.74
Management Commentary
Earnings-call transcript not provided in the dataset. As a result, no management quotes or thematic notes from QQ4 2024 call could be incorporated. If a transcript becomes available, the highlights should cover strategy prioritization (brand monetization vs. rights cycles), cost discipline, capex plans, and any outlook for stadium-related revenue and DTC initiatives.
Transcript not available for QQ4 2024; cannot quote management verbatim at this time.
— N/A
Transcript not available for QQ4 2024; cannot quote management verbatim at this time.
— N/A
Forward Guidance
No formal forward guidance disclosed in the supplied data. Given the semi-annual rights renewal cycle and evolving sponsorship environment in football, potential guidance anchors could include: (i) expectations for revenue mix stabilization as matchday and DTC channels recover post-pandemic normalization, (ii) anticipated contributions from MUTV and direct-to-consumer subscriptions, and (iii) cost containment efforts to address the negative operating margin. Investors should monitor: broadcast-right renewal terms and timing, sponsorship pipeline, DTC engagement metrics, merchandising velocity, and any capital allocation plans (debt reduction vs. reinvestment). If management provides quantifyable targets, assess achievability against current profitability, liquidity, and cash-flow runway.