Takeover Target Manchester United Registers 10% Revenue Decline In Q2

Manchester United PLC (NYSE: MANU) reported a second-quarter FY23 sales decline of 9.8% year-on-year to £167.3 million ($196.2 million), beating the consensus of $172.3 million.
Broadcasting revenue declined by 32.1%, Commercial revenue rose 22.2%, and Matchday revenue decreased by 13.6%.
The operating loss for the quarter was £(2.9) million. Adjusted EBITDA was £48.3 million versus £57.9 million last year.
Adjusted basic loss per share was (6.18) pence versus 4.54 pence last year. In U.S. currency, the adjusted EPS loss of $(0.07) missed the consensus loss of $(0.01).
The company held £31.0 million in cash and equivalents. Net cash outflow from operating activities was £(61.5) million.
Outlook: Manchester United reiterates FY23 revenue of £590 million ($692.04 million) - £610 million ($715.5 million) below the consensus of $742.65 million.
It also reiterated the adjusted EBITDA of £125 million - £140 million.
Last week, reports suggested that the popular club attracted a takeover bid from British billionaire Sir Jim Ratcliffe valuing it at a record of over £5 billion.
Price Action: MANU shares are trading higher by 0.67% at $22.55 premarket on the last check Thursday.

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