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4-Traders Homepage  >  Equities  >  Nyse  >  Manchester United PLC    MANU   KYG5784H1065

MANCHESTER UNITED PLC (MANU)
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Manchester United 2nd-Quarter Profit Off 61% on Higher Operating Expense, Year Earlier Tax Benefit

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02/14/2013 | 01:45pm CEST
  By Tess Stynes 
 

Manchester United PLC's (>> Manchester United PLC) fiscal second-quarter earnings fell 61% as the British soccer team posted higher operating expenses and the year-earlier period included a tax benefit.

Manchester United last month acquired British Sky Broadcasting Group PLC's (>> British Sky Broadcasting Group plc) one-third minority stake Manchester United Television, giving the sports club complete ownership of the unit.

The famed soccer club is owned by the Glazer family, headed by American businessman Malcolm Glazer. The role of the Glazers, who took on debt to purchase the team for $1.47 billion in 2005, stirred the ire of some fans, who worried the new debt would restrict the team's ability to keep and attract top talent. In an effort to reduce its debt load, Manchester United went public on the New York Stock Exchange in August.

For the quarter ended Dec. 30, Manchester United reported a profit of 16.2 million British pounds ($25.1 million), or 10 pence (16 cents) a share, down from GBP42.1 million, or 27 pence a share, a year earlier. The year-earlier period included a tax credit of GBP22.9 million. Revenue increased 8.7% to GBP110.1 million ($170.7 million).

Analysts polled by Thomson Reuters most recently projected earnings of GBP15.83 on revenue of GBP111 million.

Operating expenses increased 11% as staff costs increased 14% amid new player signings, player wage increases and growth in commercial headcount.

Commercial revenue jumped 29% amid growth in sponsorship deals, which rose 49%.

Matchday revenue, which includes ticket sales, was down 2.8%, mainly because of one less domestic cup home game being played in the period.

Broadcasting revenue rose 4.8%.

The company had gross debt of GBP366.6 million, compared with GBP439 million a year earlier.

BSkyB is 39% owned by News Corp. (NWSA, NWS.AU, NWS). News Corp also owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal.

Shares of Manchester United, which affirmed its fiscal year guidance, closed Wednesday at $18.71 and were inactive premarket. The stock is up 21% since the Manchester United Television announcement.

Write to Tess Stynes at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
MANCHESTER UNITED PLC -0.54% 18.5 Delayed Quote.-6.06%
SKY -0.53% 1312 Delayed Quote.29.64%
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Financials ( GBP)
Sales 2018 589 M
EBIT 2018 46,1 M
Net income 2018 -30,0 M
Debt 2018 159 M
Yield 2018 1,17%
P/E ratio 2018 -
P/E ratio 2019 121,99
EV / Sales 2018 3,95x
EV / Sales 2019 3,60x
Capitalization 2 169 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 16,1  GBP
Spread / Average Target 22%
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Managers
NameTitle
Richard Arnold Group Managing Director & Director
Joel Glazer Executive Co-Chairman
Avram A. Glazer Executive Co-Chairman
Cliff Baty Chief Financial Officer
Edward Woodward Executive Vice Chairman
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