Manchester United PLC MANU reported third-quarter FY23 sales growth of 11.3% year-on-year to $206.53 million (£170 million), beating the analyst consensus of $173.69 million.
Broadcasting revenue declined 1.6%, Commercial revenue rose 5.8%, and Matchday revenue jumped 39.8%.
The operating loss for the quarter narrowed to £(4.7) million. Adjusted EBITDA was £39.7 million versus £20.4 million last year.
Adjusted basic loss per share for the period narrowed to (7.41) pence versus (13.75) pence last year. Adjusted EPS loss of $(0.09) missed the consensus of $(0.05).
The company held £73.7 million in cash and equivalents as of March 31, 2023. Net cash inflow from operating activities for the year was £54.1 million.
The company's USD non-current borrowings as of March 31, 2023, were $650 million, which was unchanged from last year.
In November, the Glazer family, which has owned the football team since 2005, said they were considering strategic alternatives after coming under criticism for the club's dismal performance in recent years.
The news sparked speculation about several offers, including a possibility of Apple Inc's AAPL interest in buying the club for about $7 billion.
British billionaire Sir Jim Ratcliffe, the founder of the Ineos chemicals empire, and Qatari businessman Sheikh Jassim bin Hamad al-Thani were also competing for the takeover.
The offer from Sheikh Jassim was for $6.5 billion, with $1 billion of pledged investment on top.
The latest report is that the Glazer family would be cashing out their ownership stakes as part of the proposed deal and prefer the Qatari bid over a bid from British billionaire Jim Ratcliffe.
Outlook: Manchester raised FY23 revenue guidance to £630 million - £640 million from £590 million - £610 million previously.
It also raised FY23 adjusted EBITDA outlook to £140 million - £150 million from £125 million - £140 million previously.
Price Action: MANU shares closed lower by 1.1% at $22.35 on Monday.
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