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Manchester United Plc Reports Third Quarter Fiscal 2024 Results

Key Points

  • The Men’s first team won the FA Cup final on 25 May and finished the 2023/24 season in eighth position; for the 2024/25 season the club has qualified for the UEFA Europa League
  • The Women’s team won the FA Cup final on 12 May and finished the 2023/24 Women’s Super League season in fifth position
  • The Under 18 Men’s team won the Premier League North title and the U18 Premier League Cup, while the Academy celebrated its 250th graduate to debut in the men’s first team
  • On 1 July, Dan Ashworth joined the club as Sporting Director and on 4 July, the club extended Erik ten Hag’s contract through June 2026
  • Club continues to achieve record-breaking attendance and Matchday revenues, as well as record global memberships with 433K memberships sold for the 2023/24 season
  • For the upcoming 2024/25 season, the Club has raised general admission season ticket prices by 5%; season ticket and Executive Club memberships sold out in record time and with the second-lowest ever churn rate of less than 4%
  • Club achieved record-breaking sales of the Adidas Stone Roses range, with the biggest ever launch day for non-kit product; new e-commerce platform launch with SCAYLE remains on plan for September; the new 2024/25 Home kit featuring new front-of-shirt sponsor, Snapdragon, launched on 1 July
  • On 3 July, the Club announced it would be commencing a proposed redundancy program, which will involve a formal legal consultation process and may reduce headcount by approximately 250 jobs
  • Planned summer maintenance projects include the expansion of rail seating, catering kiosk refurbishments, and hospitality suite upgrades, in addition to major improvements to the main building at the Carrington Training Complex
  • For fiscal 2024, the Company now expects approximate full year revenues of a record £660 million, in line with the previous guidance range of £635 million to £665 million; adjusted EBITDA for the full fiscal year 2024 is expected to be approximately £140 million, in line with previously provided guidance range of £125 million to £150 million

Manchester United Plc (NYSE: MANU):

Outlook

For fiscal 2024, the Company is revising its previously provided revenue guidance to an expected record of approximately £660 million, in line with the previously provided range of £635 million to £665 million. Adjusted EBITDA for the full fiscal year is now expected to be approximately £140 million for fiscal 2024, in line with previous guidance range of £125 million to £150 million.

 

Phasing of Premier League games

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total

2023/24 season

7

13

9

9

38

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

 

2024

2023

Change

2024

2023

Change

Commercial revenue

 

69.6

 

 

69.4

 

0.3

%

 

231.7

 

 

235.5

 

(1.6

%)

Broadcasting revenue

 

37.5

 

 

50.7

 

(26.0

%)

 

183.3

 

 

144.5

 

26.9

%

Matchday revenue

 

29.6

 

 

49.9

 

(40.7

%)

 

104.5

 

 

101.1

 

3.4

%

Total revenue

 

136.7

 

 

170.0

 

(19.6

%)

 

519.5

 

 

481.1

 

8.0

%

Adjusted EBITDA(1)

 

13.7

 

 

39.7

 

(65.5

%)

 

128.3

 

 

111.7

 

14.9

%

Operating loss

 

(66.2

)

 

(4.7

)

(1,308.5

%)

 

(36.9

)

 

(10.9

)

(238.5

%)

 

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

 

(71.4

)

 

(5.6

)

(1,175.0

%)

 

(76.9

)

 

(25.8

)

(198.1

%)

Basic loss per share (pence)

 

(43.12

)

 

(3.40

)

(1,151.5

%)

 

(46.87

)

 

(15.80

)

(196.6

%)

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

 

(40.6

)

 

(12.1

)

(235.5

%)

 

(29.9

)

 

(32.1

)

6.9

%

Adjusted basic loss per share (pence)(1)

 

(24.47

)

 

(7.41

)

(230.2

%)

 

(18.22

)

 

(19.66

)

7.3

%

 

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 6 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 2024 was £140.0 million and total current borrowings including accrued interest payable was £143.0 million.

Revenue Analysis

Commercial

Commercial revenue for the quarter was £69.6 million, an increase of £0.2 million, or 0.3%, over the prior year quarter.

  • Sponsorship revenue was £40.7 million, a decrease of £0.3 million, or 0.7%, over the prior year quarter.
  • Retail, Merchandising, Apparel & Product Licensing revenue was £28.9 million, an increase of £0.5 million, or 1.8%, over the prior year quarter, due to the extension of our agreement with adidas, partially offset by lower Megastore sales resulting from fewer matches being played at Old Trafford in the quarter.

Broadcasting

Broadcasting revenue for the quarter was £37.5 million, a decrease of £13.2 million, or 26.0%, over the prior year quarter, due to the men’s first team playing in fewer matches in the quarter, in both continental and domestic competitions.

Matchday

Matchday revenue for the quarter was £29.6 million, a decrease of £20.3 million, or 40.7%, over the prior year quarter, due to playing 9 fewer 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 £203.7 million, an increase of £27.0 million, or 15.3%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £91.2 million, an increase of £6.2 million, or 7.3%, over the prior year quarter, primarily due to investment in the first team playing squad.

Other operating expenses

Other operating expenses for the quarter were £31.8 million, a decrease of £13.5 million, or 29.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 9 fewer games in the quarter, compared to the prior year quarter.

Depreciation and amortization

Depreciation for the quarter was £4.1 million, compared to £3.5 million in the prior year quarter. Amortization for the quarter was £46.3 million, an increase of £3.4 million, or 7.9%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2024 was £448.0 million.

Exceptional items

Exceptional items for the quarter were a cost of £30.3 million. This comprises of costs incurred in relation to the sale of 27.7% of the Group’s voting rights to Trawlers Limited, an entity wholly owned by Sir Jim Ratcliffe. This follows approval of the deal by the Football Association and the Premier League in the quarter. Exceptional items in the prior year quarter were £nil.

Profit on disposal of intangible assets

Profit on disposal of intangible assets for the quarter was £0.8 million, compared to a profit of £1.9 million for the prior year quarter.

Net finance costs

Net finance costs for the quarter were £17.3 million, compared to £1.0 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter (loss on re-translation of £2.6 million), compared to a favourable swing in foreign exchange rates in the prior year quarter (gain on re-translation of £13.0 million).

Income tax

The income tax credit for the quarter was £12.1 million, compared to a credit of £0.1 million in the prior year quarter.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £4.2 million in the quarter to 31 March 2024, compared to an increase of £42.7 million in the prior year quarter.

Net cash outflow from operating activities for the quarter was £15.1 million, compared to a net cash inflow in the prior year quarter of £54.1 million. This is primarily due to a reduction in broadcasting income as a result of 9 fewer home matches being played in the quarter, compared to the prior year quarter.

Net capital expenditure on property, plant and equipment for the quarter was £3.1 million, an increase of £0.3 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £15.8 million, an increase of £7.0 million over the prior year quarter.

Net cash inflow from financing activities for the quarter was £38.4 million, compared to a net cash outflow of £0.2 million in the prior year quarter. This is due to £158.5 million of proceeds from the issue of shares as part of the transaction agreement with Sir Jim Ratcliffe, partially offset by a £120.0 million repayment of our revolving facilities.

Balance sheet

Our USD non-current borrowings as of 31 March 2024 were $650 million, which was unchanged from 31 March 2023. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2369 at 31 March 2023 to 1.2632 at 31 March 2024, our non-current borrowings when converted to GBP were £511.3 million, compared to £521.5 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 2024 were £143.0 million compared to £203.7 million at 31 March 2023.

As of 31 March 2024, cash and cash equivalents were £67.0 million compared to £73.7 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release.

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 146-year football heritage we have won 69 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. 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, exceptional items, profit on disposal of intangible assets, net finance costs 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%; 2023: 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% (2023: 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

 

2024

2023

2024

2023

 

 

 

 

 

Revenue

 

 

 

 

Commercial % of total revenue

50.9

%

40.8

%

44.6

%

49.0

%

Broadcasting % of total revenue

27.4

%

29.8

%

35.3

%

30.0

%

Matchday % of total revenue

21.7

%

29.4

%

20.1

%

21.0

%

 

 

 

 

 

2023/24

Season

2022/23

Season

2023/24

Season

2022/23

Season

Home Matches Played

 

 

 

 

PL

4

 

6

 

14

 

13

 

UEFA competitions

-

 

2

 

3

 

5

 

Domestic Cups

1

 

6

 

3

 

8

 

Away Matches Played

 

 

 

 

PL

5

 

4

 

15

 

13

 

UEFA competitions

-

 

2

 

3

 

5

 

Domestic Cups

3

 

2

 

3

 

2

 

Other

 

 

 

 

Employees at period end

1,144

 

1,243

 

1,144

 

1,243

 

Employee benefit expenses % of revenue

66.7

%

50.0

%

53.2

%

50.8

%

 

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

 

2024

2023

2024

2023

Revenue from contracts with customers

136,693

 

170,048

 

519,545

 

481,070

 

Operating expenses

(203,732

)

(176,675

)

(587,155

)

(507,959

)

Profit on disposal of intangible assets

790

 

1,949

 

30,670

 

15,969

 

Operating loss

(66,249

)

(4,678

)

(36,940

)

(10,920

)

Finance costs

(18,377

)

(14,657

)

(53,720

)

(30,777

)

Finance income

1,057

 

13,656

 

1,506

 

10,903

 

Net finance costs

(17,320

)

(1,001

)

(52,214

)

(19,874

)

Loss before income tax

(83,569

)

(5,679

)

(89,154

)

(30,794

)

Income tax credit

12,069

 

132

 

12,271

 

5,037

 

Loss for the period

(71,500

)

(5,547

)

(76,883

)

(25,757

)

 

 

 

 

 

Basic earnings per share:

 

 

 

 

Basic loss per share (pence)

(43.12

)

(3.40

)

(46.87

)

(15.80

)

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

165,823

 

163,062

 

164,040

 

163,062

 

Diluted earnings per share:

 

 

 

 

Diluted loss per share (pence) (1)

(43.12

)

(3.40

)

(46.87

)

(15.80

)

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

165,823

 

163,062

 

164,040

 

163,062

 

 

(1) For the three and nine months ended 31 March 2024 and the three months and nine months ended 31 March 2023, 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

2024

30 June

2023

31 March

2023

ASSETS

 

 

 

Non-current assets

 

 

 

Property, plant and equipment

254,908

253,282

242,730

Right-of-use assets

7,913

8,760

2,952

Investment properties

19,783

19,993

20,063

Intangible assets

877,283

812,382

843,307

Deferred tax assets

11,010

-

-

Trade receivables

24,694

22,303

21,485

Derivative financial instruments

667

7,492

15,102

 

1,196,258

1,124,212

1,145,639

Current assets

 

 

 

Inventories

3,757

3,165

2,645

Prepayments

17,235

16,487

16,595

Contract assets – accrued revenue

53,887

43,332

62,873

Trade receivables

37,673

31,167

60,321

Other receivables

1,835

9,928

2,031

Income tax receivable

-

5,317

4,410

Derivative financial instruments

1,539

8,317

5,894

Cash and cash equivalents

66,994

76,019

73,733

 

182,920

193,732

228,502

Total assets

1,379,178

1,317,944

1,374,141

 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

 

As of

 

31 March

2024

30 June

2023

31 March

2023

EQUITY AND LIABILITIES

 

 

 

Equity

 

 

 

Share capital

55

 

53

 

53

 

Share premium

227,361

 

68,822

 

68,822

 

Treasury shares

(21,305

)

(21,305

)

(21,305

)

Merger reserve

249,030

 

249,030

 

249,030

 

Hedging reserve

(308

)

4,002

 

1,993

 

Accumulated losses

(271,628

)

(196,652

)

(194,085

)

 

183,205

 

103,950

 

104,508

 

Non-current liabilities

 

 

 

Deferred tax liabilities

-

 

3,304

 

1,939

 

Contract liabilities - deferred revenue

6,834

 

6,659

 

3,842

 

Trade and other payables

188,581

 

161,141

 

155,903

 

Borrowings

511,296

 

507,335

 

521,482

 

Lease liabilities

7,603

 

7,844

 

2,367

 

Derivative financial instruments

3,648

 

748

 

1,303

 

Provisions

-

 

93

 

91

 

 

717,962

 

687,124

 

686,927

 

Current liabilities

 

 

 

Contract liabilities - deferred revenue

102,643

 

169,624

 

130,081

 

Trade and other payables

218,042

 

236,472

 

235,508

 

Income tax liabilities

851

 

-

 

-

 

Borrowings

142,960

 

105,961

 

203,665

 

Lease liabilities

730

 

1,036

 

792

 

Derivative financial instruments

1,830

 

931

 

48

 

Provisions

10,955

 

12,846

 

12,612

 

 

478,011

 

526,870

 

582,706

 

Total equity and liabilities

1,379,178

 

1,317,944

 

1,374,141

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

 

Three months ended

31 March

Nine months ended

31 March

 

2024

£’000

2023

£’000

2024

£’000

2023

£’000

Cash flows from operating activities

 

 

 

 

Cash (used in)/generated from operations (see supplemental Note 4)

(2,584

)

65,208

 

(14,725

)

12,194

 

Interest paid

(13,082

)

(11,054

)

(31,838

)

(25,277

)

Interest received

281

 

130

 

853

 

207

 

Tax refunded/(paid)

268

 

(220

)

5,524

 

(612

)

Net cash (outflow)/inflow from operating activities

(15,117

)

54,064

 

(40,186

)

(13,488

)

Cash flows from investing activities

 

 

 

 

Payments for property, plant and equipment

(3,109

)

(2,717

)

(14,949

)

(9,816

)

Payments for intangible assets

(18,453

)

(14,824

)

(186,395

)

(144,716

)

Proceeds from sale of intangible assets

2,684

 

6,098

 

36,266

 

19,831

 

Net cash outflow from investing activities

(18,878

)

(11,443

)

(165,078

)

(134,701

)

Cash flows from financing activities

 

 

 

 

Proceeds from issue of shares

158,542

 

-

 

158,542

 

-

 

Proceeds from borrowings

-

 

-

 

160,000

 

100,000

 

Repayment of borrowings

(120,000

)

-

 

(120,000

)

-

 

Principal elements of lease payments

(180

)

(153

)

(680

)

(1,602

)

Net cash inflow/(outflow) from financing activities

38,362

 

(153

)

197,862

 

98,398

 

Effects of exchange rate movements on cash and cash equivalents

(182

)

220

 

(1,623

)

2,301

 

Net increase/(decrease) in cash and cash equivalents

4,185

 

42,688

 

(9,025

)

(47,490

)

Cash and cash equivalents at beginning of period

62,809

 

31,045

 

76,019

 

121,223

 

Cash and cash equivalents at end of period

66,994

 

73,733

 

66,994

 

73,733

 

 

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

 

2024

£’000

2023

£’000

2024

£’000

2023

£’000

Loss for the period

(71,500

)

(5,547

)

(76,883

)

(25,757

)

Adjustments:

 

 

 

 

Income tax credit

(12,069

)

(132

)

(12,271

)

(5,037

)

Net finance costs

17,320

 

1,001

 

52,214

 

19,874

 

Profit on disposal of intangible assets

(790

)

(1,949

)

(30,670

)

(15,969

)

Exceptional items

30,340

 

-

 

39,935

 

-

 

Amortization

46,262

 

42,922

 

143,602

 

128,032

 

Depreciation

4,144

 

3,467

 

12,399

 

10,554

 

Adjusted EBITDA

13,707

 

39,762

 

128,326

 

111,697

 

 

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

 

 

2024

£’000

2023

£’000

2024

£’000

2023

£’000

Loss for the period

(71,500

)

(5,547

)

(76,883

)

(25,757

)

Exceptional items

30,340

 

-

 

39,935

 

-

 

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

2,641

 

(12,997

)

3,062

 

(10,294

)

Fair value movement on embedded foreign exchange derivatives

(777

)

3,390

 

8,332

 

498

 

Income tax credit

(12,069

)

(132

)

(12,271

)

(5,037

)

Adjusted loss before income tax

(51,365

)

(15,286

)

(37,825

)

(40,590

)

 

Adjusted income tax credit (using a normalized tax rate of 21% (2023: 21%))

10,787

 

3,210

 

7,943

 

8,524

 

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

(40,578

)

(12,076

)

(29,882

)

(32,066

)

 

 

 

 

 

Adjusted basic loss per share:

 

 

 

 

Adjusted loss per share (pence)

(24.47

)

(7.41

)

(18.22

)

(19.66

)

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

165,823

 

163,062

 

164,040

 

163,062

 

Adjusted diluted loss per share:

 

 

 

 

Adjusted diluted loss per share

(pence) (1)

(24.47

)

(7.41

)

(18.22

)

(19.66

)

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

165,823

 

163,062

 

164,040

 

163,062

 

 

(1) For the three and nine months ended 31 March 2024 and the three and nine months ended 31 March 2023, 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

 

2024

£’000

2023

£’000

2024

£’000

2023

£’000

Loss for the period

(71,500

)

(5,547

)

(76,883

)

(25,757

)

Income tax credit

(12,069

)

(132

)

(12,271

)

(5,037

)

Loss before income tax

(83,569

)

(5,679

)

(89,154

)

(30,794

)

Adjustments for:

 

 

 

 

Depreciation

4,144

 

3,467

 

12,399

 

10,554

 

Amortization

46,262

 

42,922

 

143,602

 

128,032

 

Profit on disposal of intangible assets

(790

)

(1,949

)

(30,670

)

(15,969

)

Net finance costs

17,320

 

1,001

 

52,214

 

19,874

 

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

431

 

559

 

1,907

 

1,714

 

Foreign exchange losses on operating activities

411

 

980

 

888

 

4,947

 

Reclassified from hedging reserve

2

 

284

 

-

 

(246

)

Changes in working capital:

 

 

 

 

Inventories

267

 

627

 

(592

)

(445

)

Prepayments

9,522

 

9,304

 

(1,311

)

(1,624

)

Contract assets – accrued revenue

7,932

 

(9,368

)

(10,555

)

(26,634

)

Trade receivables

41,849

 

51,766

 

(2,506

)

3,679

 

Other receivables

230

 

395

 

8,093

 

(462

)

Contract liabilities – deferred revenue

(48,225

)

(33,905

)

(66,806

)

(48,621

)

Trade and other payables

1,980

 

5,104

 

(29,859

)

(31,870

)

Provisions

(350

)

(300

)

(2,375

)

59

 

Cash (used in)/generated from operations

(2,584

)

65,208

 

(14,725

)

12,194

 

 

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