1
CORPORATE RELEASE 27 June 2023
Manchester United PLC Reports
Third Quarter Fiscal 2023 Results
Key Points
• For fiscal 2023, the Company raises its previous revenue guidance to a record £630 million to £640
million and raises its adjusted EBITDA guidance to £140 million to £150 million
• The men’s first team ended the 2022/23 domestic season in 3
rd
place and secured a return to the UEFA
Champions League for the 2023/24 season
• Signed new men’s contracts with Luke Shaw, Alejandro Garnacho and Diogo Dalot
• For the 2022/23 Women’s Super League season, the women’s team earned second place and qualified for
the UEFA Women’s Champions League for the upcoming 2023/24 season
• Club continues to achieve record-breaking attendance and Matchday hospitality revenues, as well as
record global memberships and record Museum & Tour visits
• Club returns to the US for its Summer Tour 2023 with matches in New York, San Diego, Houston and
Las Vegas; matches will take place from 22-30 July
MANCHESTER, England – 27 June 2023 – Manchester United (NYSE: MANU; the “Company,” the “Group” and
the “Club”) – one of the most popular and successful sports teams in the world – today announced financial results for
the 2023 fiscal third quarter ended 31 March 2023.
Outlook
For fiscal 2023, the Company raises its previous revenue guidance from £590 million to £610 million to a record £630
million to £640 million and raises its previous adjusted EBITDA guidance of £125 million to £140 million to £140
million to £150 million.
Phasing of Premier League games
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Total
2022/23 season
6
10
10
12
38
2021/22 season
6
12
11
9
38
2
Key Financials (unaudited)
£ million (except loss per
share)
Three months ended
31 March
Nine months ended
31 March
2023
2022
Change
2023
2022
Commercial revenue
69.4
65.6
5.8%
235.5
194.4
Broadcasting revenue
50.7
51.5
(1.6%)
144.5
181.2
Matchday revenue
49.9
35.7
39.8%
101.1
89.1
Total revenue
170.0
152.8
11.3%
481.1
464.7
Adjusted EBITDA
(1)
39.7
20.4
94.6%
111.7
89.6
Operating loss
(4.7)
(21.8)
(78.4%)
(10.9)
(26.6)
Loss for the period (i.e. net
loss)
(5.6)
(27.7)
(79.8%)
(25.8)
(44.7)
Basic loss per share
(pence)
(3.40)
(17.01)
(80.0%)
(15.80)
(27.40)
Adjusted loss for the
period (i.e. adjusted net
loss)
(1)
(12.1)
(22.4)
(46.0%)
(32.1)
(27.5)
Adjusted basic loss per
share (pence)
(1)
(7.41)
(13.75)
(46.1%)
(19.66)
(16.89)
Non-current borrowings in
USD (contractual
currency)
(2)
$650.0
$650.0
0.0%
$650.0
$650.0
(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 7 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 2023 was £200.0 million and
total current borrowings including accrued interest payable was £203.7 million. Based on the club’s expected seasonal
working capital cycle, it is anticipated that the club would have the ability to reduce the balance on the club’s facilities
to approximately £40 million at 30 June, 2023.
3
Football
• For the 2022/23 season, the men’s first team ended in third place in the Premier League and has qualified
for the UEFA Champions League for the upcoming 2023/24 season
• The men’s first team reached the Men’s FA Cup Final for the 21st time on 3 June and finished runners-up
• New contracts were signed with Luke Shaw, Alejandro Garnacho and Diogo Dalot
• For the 2022/23 Women’s Super League season, the women’s team earned second place and has qualified
for the UEFA Champions League for the upcoming 2023/24 season
• The women’s team reached the Women’s FA Cup Final for the first time on 14 May and finished runners-
up
• England U19 international Evie Rabjohn has agreed to join the women’s team at the end of the season
Fan Engagement and Partnerships
• On 30 April the Club held an #ILoveUnited event in Singapore, with record-breaking fan attendance and
activations from 16 global partners
• On 3 May, the club unveiled a new Jimmy Murphy statue at the Stretford End of Old Trafford, developed
in partnership with fan groups
• Club gifts were provided to supporters at both the Men’s and Women’s FA Cup Finals and Club worked
with fan groups on stadium branding
• During the quarter, there were a record 275 Manchester United Supporters’ Clubs in 94 countries
• Club launched its new “Warm-Up” social event for Supporters’ Clubs before matches at Old Trafford
• Club held quarterly meetings of the Fans’ Advisory Board and the Fans’ Forum
Facilities – Venue and Operations
• Record match attendance and match-by-match hospitality revenues continued to be driven by strong pitch
performance across all competitions; ticket sales for the current 2022/23 season have surpassed the record
set in 2016/17 totalling a cumulative 2.4 million tickets sold
• Record sales of global memberships, with the 2022/23 program having closed at 360,000 members, the
largest paid membership program in world sport
• Continued exceptional demand for tickets, with over 146,000 individuals currently on the Season Ticket
waiting list; 2023/24 renewals for Season Tickets and Executive Club, which launched in February, sold
out in record time with the lowest ever churn
• Continued momentum in demand for women’s football with Leigh Sport Village ticket sales for the
2022/23 season 200% higher than the 2021/22 season
• During the third quarter, Old Trafford hosted its second Women’s Super League fixture of the season,
against West Ham United, with approximately 28,000 fans in attendance
• State of the art WiFi was recently rolled out across the stadium and surrounding footprint with further
upgrades planned for the summer across Old Trafford’s general admission, hospitality and football
facilities; ongoing upgrades remain in progress at the Carrington Training Centre, including a new £7
million facility for the Women’s and Academy teams
• Old Trafford hosted Soccer Aid for Unicef on 11 June and the England International on 19 June
• Club returns to the US for its Summer Tour 2023 with an exciting schedule of matches in New York, San
Diego, Las Vegas, and Houston
4
Digital Products & Experiences
• Club gained 5.3 million followers and generated more than 601 million digital interactions and 2.33 billion
video views across all global social platforms in the third quarter
• Successful new product launches included the adidas Originals line & 23/24 training kits
• Club rolled out e-commerce single sign-on functionality across its mobile app and e-commerce platforms
• Successful soft launch of the 23/24 Official Membership program with more sales than usual in the early
months of the calendar year
• Club plans to launch its next digital collectibles focusing on the 92/93 season in early July; Club continues
delivery of its ‘Collect United’ rewards programme for Devil-holders from our 1st paid digital collectibles
drop
• MUTV Linear renewals signed with Vodafone (Iceland) and Canal+ (Myanmar) to further increase the
availability of MUTV around the world
Revenue Analysis
Commercial
Commercial revenue for the quarter was £69.4 million, an increase of £3.8 million, or 5.8%, over the prior year quarter.
• Sponsorship revenue was £41.0 million, an increase of £1.8 million, or 4.6%, over the prior year quarter,
primarily due to new sponsorship agreements.
• Retail, Merchandising, Apparel & Product Licensing revenue was £28.4 million, an increase of £2.0 million,
or 7.6%, over the prior year quarter, primarily due to an increased number of matches played at Old Trafford.
Broadcasting
Broadcasting revenue for the quarter was £50.7 million, a decrease of £0.8 million, or 1.6%, over the prior year quarter,
as a result of the men’s first team participating in the UEFA Europa League compared to the UEFA Champions League
in the prior year, partially offset by progression in domestic cup competitions.
Matchday
Matchday revenue for the quarter was £49.9 million, an increase of £14.2 million, or 39.8%, over the prior year quarter,
due to playing 5 additional 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 £176.7 million, an increase of £1.4 million, or 0.8%, over the prior year
quarter.
5
Employee benefit expenses
Employee benefit expenses for the quarter were £85.0 million, a decrease of £16.8 million, or 16.5%, over the prior
year quarter as a result of squad turnover and the men’s first team not participating in Champions League in the current
year.
Other operating expenses
Other operating expenses for the quarter were £45.3 million, an increase of £14.7 million, or 48.0%, over the prior
year quarter. This is primarily due to increased matchday costs associated with progression in domestic cup
competitions.
Depreciation and amortization
Depreciation for the quarter was £3.5 million, consistent with the prior year quarter. Amortization for the quarter was
£42.9 million, an increase of £3.5 million, or 8.9%, over the prior year quarter, due to investment in the first team
playing squad. The unamortized balance of registrations on 31 March 2023 was £416.7 million.
Profit on disposal of intangible assets
Profit on disposal of intangible assets for the quarter was £2.0 million, compared to a profit of £0.7 million for the
prior year quarter.
Net finance costs
Net finance costs for the quarter were £1.0 million, compared to £14.1 million in the prior year quarter. The movement
was driven by a favorable swing in foreign exchange rates in the current quarter, largely offsetting interest costs
payable on borrowings. This compares to an unfavorable swing in foreign exchange rates in the prior year quarter.
Income tax
The income tax credit for the quarter was £0.1 million, compared to a credit of £8.2 million in the prior year quarter.
Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £42.7 million in
the quarter to 31 March 2023, compared to an increase of £8.4 million in the prior year quarter.
Net cash inflow from operating activities for the quarter was £54.1 million, an increase of £30.9 million compared to
a net cash inflow in the prior year quarter of £23.2 million.
Net capital expenditure on property, plant and equipment for the quarter was £2.7 million, an increase of £2.0 million
over the prior year quarter.
Net capital expenditure on intangible assets for the quarter was £8.7 million, an increase of £5.5 million over the prior
year quarter.
Net cash outflow from financing activities for the quarter was £0.2 million, compared to £11.3 million in the prior year
quarter.
6
Balance sheet
Our USD non-current borrowings as of 31 March 2023 were $650 million, which was unchanged from 31 March 2022.
As a result of the year-on-year change in the USD/GBP exchange rate from 1.3158 at 31 March 2022 to 1.2369 at 31
March 2023, our non-current borrowings when converted to GBP were £521.5 million, compared to £489.2 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 2023 were £203.7 million compared to £102.3 million at 31 March
2022.
As of 31 March 2023, cash and cash equivalents were £73.7 million compared to £95.8 million at the prior year quarter,
primarily due to investment in the first team playing squad.
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 145-year football heritage we have won 67 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. Forward-looking
statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic
and the Company’s possible or assumed future results of operations, including descriptions of its business strategy.
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.
7
Non-IFRS Measures: Definitions and Use
1. Adjusted EBITDA
Adjusted EBITDA is defined as loss for the period before depreciation, amortization, profit on disposal of intangible
assets, net finance costs, exceptional items 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%; 2022: 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% (2022: 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.
8
Key Performance Indicators
Three months ended
Nine months ended
31 March
31 March
2023
2022
2023
2022
Revenue
Commercial % of total revenue
40.8%
42.9%
49.0%
41.8%
Broadcasting % of total revenue
29.8%
33.7%
30.0%
39.0%
Matchday % of total revenue
29.4%
23.4%
21.0%
19.2%
2022/23
Season
2021/22
Season
2022/23
Season
2021/22
Season
Home Matches Played
PL
6
6
13
15
UEFA competitions
2
1
5
4
Domestic Cups
6
2
8
3
Away Matches Played
PL
4
5
13
14
UEFA competitions
2
1
5
4
Domestic Cups
2
-
2
-
Other
Employees at period end
1,243
1,214
1,243
1,214
Employee benefit expenses % of revenue
50%
66.8%
50.8%
62.0%
Contacts
Investor Relations:
Corinna Freedman
Head of Investor Relations
+44 738 491 0828
Corinna.Freedma[email protected]
Media Relations:
Andrew Ward
Director of Media Relations & Public Affairs
+44 161 676 7770
[email protected]
9
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
2023
2022
2023
2022
Revenue from contracts with customers
170,048
152,848
481,070
464,749
Operating expenses
(176,675)
(175,370)
(507,959)
(509,190)
Profit on disposal of intangible assets
1,949
721
15,969
17,879
Operating loss
(4,678)
(21,801)
(10,920)
(26,562)
Finance costs
(14,657)
(17,676)
(30,777)
(40,267)
Finance income
13,656
3,568
10,903
9,033
Net finance costs
(1,001)
(14,108)
(19,874)
(31,234)
Loss before income tax
(5,679)
(35,909)
(30,794)
(57,796)
Income tax credit
132
8,182
5,037
13,128
Loss for the period
(5,547)
(27,727)
(25,757)
(44,668)
Basic earnings per share:
Basic loss per share (pence)
(3.40)
(17.01)
(15.80)
(27.40)
Weighted average number of ordinary shares used
as the denominator in calculating basic loss per
share (thousands)
163,062
163,003
163,062
163,000
Diluted earnings per share:
Diluted loss per share (pence)
(1)
(3.40)
(17.01)
(15.80)
(27.40)
Weighted average number of ordinary shares and
potential ordinary shares used as the denominator in
calculating diluted loss per share (thousands)
(1)
163,062
163,003
163,062
163,000
(1)
For the three and nine months ended 31 March 2023 and the three months and nine months ended 31 March 2022,
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.
10
CONSOLIDATED BALANCE SHEET
(unaudited; in £ thousands)
As of
31 March
2023
30 June
2022
31 March
2022
ASSETS
Non-current assets
Property, plant and equipment
242,730
242,661
243,752
Right-of-use assets
2,952
4,072
4,510
Investment properties
20,063
20,273
20,343
Intangible assets
843,307
743,278
776,525
Trade receivables
21,485
29,757
35,423
Derivative financial instruments
15,102
16,462
6,977
1,145,639
1,056,503
1,087,530
Current assets
Inventories
2,645
2,200
2,692
Prepayments
16,595
15,534
19,388
Contract assets – accrued revenue
62,873
36,239
45,524
Trade receivables
60,321
49,210
56,763
Other receivables
2,031
1,569
1,032
Income tax receivable
4,410
4,590
834
Derivative financial instruments
5,894
6,597
2,362
Cash and cash equivalents
73,733
121,223
95,791
228,502
237,162
224,386
Total assets
1,374,141
1,293,665
1,311,916
11
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
As of
31 March
2023
30 June
2022
31 March
2022
EQUITY AND LIABILITIES
Equity
Share capital
53
53
53
Share premium
68,822
68,822
68,822
Treasury shares
(21,305)
(21,305)
(21,305)
Merger reserve
249,030
249,030
249,030
Hedging reserve
1,993
950
804
Accumulated losses
(194,085)
(170,042)
(85,917)
104,508
127,508
211,487
Non-current liabilities
Deferred tax liabilities
1,939
7,402
22,882
Contract liabilities - deferred revenue
3,842
16,697
19,057
Trade and other payables
155,903
102,347
97,043
Borrowings
521,482
530,365
489,240
Lease liabilities
2,367
2,869
2,909
Derivative financial instruments
1,303
49
456
Provisions
91
11,586
4,805
686,927
671,315
636,392
Current liabilities
Contract liabilities - deferred revenue
130,081
165,847
140,047
Trade and other payables
235,508
220,587
216,190
Income tax liabilities
-
-
2,189
Borrowings
203,665
105,757
102,295
Lease liabilities
792
1,561
1,636
Derivative financial instruments
48
32
673
Provisions
12,612
1,058
1,007
582,706
494,842
464,037
Total equity and liabilities
1,374,141
1,293,665
1,311,916
12
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands)
Three months ended
31 March
Nine months ended
31 March
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Cash flows from operating activities
Cash generated from operations (see supplemental
Note 4)
65,208
31,708
12,194
77,828
Interest paid
(11,054)
(8,284)
(25,277)
(18,237)
Interest received
130
2
207
5
Tax paid
(220)
(246)
(612)
(4,347)
Net cash inflow/(outflow) from operating
activities
54,064
23,180
(13,488)
55,249
Cash flows from investing activities
Payments for property, plant and equipment
(2,717)
(721)
(9,816)
(6,223)
Payments for intangible assets
(14,824)
(10,419)
(144,716)
(101,334)
Proceeds from sale of intangible assets
6,098
7,226
19,831
20,241
Net cash outflow from investing activities
(11,443)
(3,914)
(134,701)
(87,316)
Cash flows from financing activities
Proceeds from borrowings
-
-
100,000
40,000
Principal elements of lease payments
(153)
(436)
(1,602)
(1,284)
Dividends paid
-
(10,892)
-
(21,561)
Net cash (outflow)/inflow from financing
activities
(153)
(11,328)
98,398
17,155
Effects of exchange rate movements on cash and
cash equivalents
220
419
2,301
45
Net increase/(decrease) in cash and cash
equivalents
42,688
8,357
(47,490)
(14,867)
Cash and cash equivalents at beginning of period
31,045
87,434
121,223
110,658
Cash and cash equivalents at end of period
73,733
95,791
73,733
95,791
13
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
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(5,547)
(27,727)
(25,757)
(44,668)
Adjustments:
Income tax credit
(132)
(8,182)
(5,037)
(13,128)
Net finance costs
1,001
14,108
19,874
31,234
Profit on disposal of intangible assets
(1,949)
(721)
(15,969)
(17,879)
Exceptional items
-
-
-
9,992
Amortization
42,922
39,444
128,032
113,231
Depreciation
3,467
3,521
10,554
10,791
Adjusted EBITDA
39,762
20,443
111,697
89,573
14
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
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(5,547)
(27,727)
(25,757)
(44,668)
Exceptional items
-
-
-
9,992
Foreign exchange (gains)/losses on unhedged US
dollar denominated borrowings
(12,997)
11,102
(10,294)
21,662
Fair value movement on embedded foreign
exchange derivatives
3,390
(3,566)
498
(8,702)
Income tax credit
(132)
(8,182)
(5,037)
(13,128)
Adjusted loss before income tax
(15,286)
(28,373)
(40,590)
(34,844)
Adjusted income tax credit (using a normalized tax
rate of 21% (2022: 21%))
3,210
5,958
8,524
7,317
Adjusted loss for the period (i.e. adjusted net
loss)
(12,076)
(22,415)
(32,066)
(27,527)
Adjusted basic loss per share:
Adjusted loss per share (pence)
(7.41)
(13.75)
(19.66)
(16.89)
Weighted average number of ordinary shares used
as the denominator in calculating adjusted basic loss
per share (thousands)
163,062
163,003
163,062
163,000
Adjusted diluted loss per share:
Adjusted diluted loss per share
(pence)
(1)
(7.41)
(13.75)
(19.66)
(16.89)
Weighted average number of ordinary shares and
potential ordinary shares used as the denominator in
calculating adjusted diluted loss per share
(thousands)
(1)
163,062
163,003
163,062
163,000
(1)
For the three and nine months ended 31 March 2023 and the three and nine months ended 31 March 2022, 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.
15
4 Cash generated from operations
Three months ended
31 March
Nine months ended
31 March
2023
£’000
2022
£’000
2023
£’000
2022
£’000
Loss for the period
(5,547)
(27,727)
(25,757)
(44,668)
Income tax credit
(132)
(8,182)
(5,037)
(13,128)
Loss before income tax
(5,679)
(35,909)
(30,794)
(57,796)
Adjustments for:
Depreciation
3,467
3,521
10,554
10,791
Amortization
42,922
39,444
128,032
113,231
Profit on disposal of intangible assets
(1,949)
(721)
(15,969)
(17,879)
Net finance costs
1,001
14,108
19,874
31,234
Non-cash employee benefit expense – equity-
settled share-based payments
559
521
1,714
1,489
Foreign exchange losses/(gains) on operating
activities
980
(4)
4,947
(306)
Reclassified from hedging reserve
284
(221)
(246)
(191)
Changes in working capital:
Inventories
627
184
(445)
(612)
Prepayments
9,304
8,909
(1,624)
(4,842)
Contract assets – accrued revenue
(9,368)
16,707
(26,634)
(12,577)
Trade receivables
51,766
(3,099)
3,679
(8,640)
Other receivables
395
78
(462)
(572)
Contract liabilities – deferred revenue
(33,905)
(21,437)
(48,621)
18,178
Trade and other payables
5,104
9,174
(31,870)
5,310
Provisions
(300)
453
59
1,010
Cash generated from operations
65,208
31,708
12,194
77,828