Manchester United (MANU) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 total revenues reached a record £661.8 million, driven by record Commercial and Matchday revenues despite fewer home matches played.

• Record ticket sales, attendance, and global memberships; fastest season ticket sell-out for 2024/25 and a growing waiting list.

• Major restructuring and cost-saving initiatives launched, including a new executive team and a 250-role headcount reduction, targeting £40–45 million in annualized savings.

• Significant investments in facilities, new sponsorship deals, and strengthening of both men's and women's teams.

Financial highlights

• Q4 revenue was £142.2 million, down 15% year-over-year; full-year revenue up 2.1% to £661.8 million.

• Adjusted EBITDA for the year was £147.7 million, down 4.6% year-over-year; Q4 Adjusted EBITDA fell 55.3% to £19.3 million.

• Net loss for the year widened to £113.2 million from £28.7 million; Q4 net loss was £36.3 million.

• Exceptional items totaled £47.8 million, mainly related to the sale of voting rights and restructuring costs.

• Net finance costs rose sharply to £61.4 million, mainly due to higher interest and lower FX gains.

Outlook and guidance

• Fiscal 2025 revenue guidance set at £650–670 million; adjusted EBITDA guidance at £145–160 million, reflecting partial-year restructuring impact.

• Retail, Merchandising & Licensing revenues expected to rise by £30 million due to in-house e-commerce transition.

• Broadcasting revenues projected to fall by £30 million due to Europa League participation.

• Non-player capex for 2025 expected at £60 million, including Carrington Training Centre upgrades.