Manchester United plc (MANU) stock plummeted 7.70% in the after-hours trading session at the price of $18.11 after it announced the offering of Class A Ordinary Shares by the Selling Shareholders. MANU is the most popular and leading sports team with a global community of 1.1 billion followers. It has won 66 trophies throughout its 143-year football history.
MANU Published Offering of Class A Ordinary Shares
On 5th October 2021, MANU published the offering of 9,500,000 shares of its Class A Common Stock by the Edward S. Glazer Irrevocable Exempt Trust and the Kevin Glazer Irrevocable Exempt Family Trust. MANU will not acquire any proceeds from the sale of its Ordinary Shares by the Selling Shareholders. BofA Securities is the sole underwriter for this offering. The underwriter offers common stock shares from time to time for sale on the NYSE at negotiated prices or prices related to current market prices. The offering will close on 8th October 2021 and is subject to customary closing conditions.
MANU Fourth Quarter and Fiscal 2021 Financial Results
On 17th September 2021, MANU published financial results for its fiscal fourth quarter and fiscal year ended 30 June 2021.
Fiscal Year 2021 Financial Highlights
For the fiscal year ended 30th June 2021, MANU reported commercial revenue of £232.2 million. It represents a drop of £46.8 million or 16.8% from the fiscal year ended 30th June 2020. The company reported Sponsorship revenue of £140.2 million, a decrease of 23.3% or £42.5 million, from the previous year. Total operating expenses were £538.4 million for the twelve months ended on 30th June 2021. It represents a gain of £16.2 million or 3.1% over the prior year.
MANU reported a net finance income of £12.9 million for fiscal 2021. The net finance costs were £26.0 million for fiscal 2020. Total cash and cash equivalents raised by £59.2 million in fiscal 2021, compared to a drop of £256.1 million in fiscal 2020. As of 30 June 2021, Net Debt was £419.5 million, compared to £474.1 million from fiscal 2020.
Fourth Quarter Fiscal 2021 Earnings Report
For the quarter ended 30th June 2021, MANU reported commercial revenue of £51.8 million. It represents a drop of £7.6 million or 12.8% over the last year same quarter. Sponsorship revenue was £30.1 million for the quarter ended 30th June 2021. It represents a decrease of £9.1 million or 23.2% over the previous year same quarter. The company reported a Broadcasting revenue of £39.9 million for the fourth quarter of fiscal 2021. It represents an increase of £23.3 million or 140.4% from the quarter ended 30th June 2020.
