Courtesy of Benzinga.
Shares of Manchester United plc (NYSE: MANU) dropped more than 3.5% in pre-market trading after the company posted a loss in its fiscal fourth quarter.
Manchester United swung to a quarterly loss of GBP5.8 million, or GBP3.55 per share, versus a year-ago profit of GBP106.1 million, or GBP64.80 per share. Its adjusted loss came in at GBP3.85 per share, compared to GBP2.15 per share.
Its revenue rose 13% to GBP96.2 million, versus GBP85.1 million. However, analysts were expecting a loss of 2 pence per share on revenue of GBP81.6 million.
Manchester United’s commercial revenue surged 17% to GBP44.3 million, while broadcasting revenue rose 28% to GBP34 million.
Matchday revenue dropped 13% to GBP18 million in the quarter.
Its operating expenses rose 23% to GBP102.8 million versus GBP83.3 million.
Ed Woodward, Executive Vice Chairman said, “We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues and EBITDA driven by our commercial and broadcasting businesses which delivered impressive year over year growth. We also recently announced a record breaking deal with adidas and very much look forward to launching this partnership next summer.”
For fiscal year 2015, the company projects revenue of GBP385 million to GBP395 million, versus analysts’ estimates of GBP410 million.
Manchester United shares declined 3.60% to $15.00 in pre-market trading.
