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First quarter revenues have fallen at Premier League club Manchester United, while a Q1 profit last year has become a loss in the latest accounts, to September 30, 2025.
However, the club reiterates its full year revenue guidance of £640m to £660m and adjusted EBITDA guidance of £180m to £200m.
Total revenues in the three month period were £140.345m, down from £143.065m, while a £1.628m pre-tax profit the previous year has been transformed into an £8.455m pre-tax loss.
Chief executive, Omar Berrada, said: “These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club.
“The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long term.
“That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively.”
Non-current borrowings have remained the same, at $650m.
Commercial revenue for the quarter was £84.2m, a decrease of £1.1m over the prior year quarter.
Within this, sponsorship revenue was £47m, a decrease of £4.8m due to changes in the commercial partner mix.
Retail, Merchandising, Apparel and Product Licensing revenue rose, however, by £3.7m to £37.2m due to the impact of a full three months’ trading under the club’s new e-commerce model, compared with only one month in the prior year quarter.
Broadcasting revenue for the quarter was £29.9m, a decrease of £1.4m, primarily due to the men’s first team participating in the UEFA Europa League in the prior year quarter, with no UEFA competition in the current year quarter.
Matchday revenue was £26.2m, a decrease of £300,000.
During the course of the past year the club has undertaken a series of staff and expense cuts, which have materialised in lower expenses.
Total operating expenses for the first quarter were £172.4m, a decrease of £13.2m.
This included a £6.6m reduction in employee benefit expenses, ie, wages, which were £73.6m, mainly due to the impact of headcount reduction programmes.
The club incurred no exceptional items this quarter, whereas, in the previous year, they amounted to £8.6m, which comprised costs incurred in relation to the restructuring of the group’s operations, including the redundancy scheme implemented in the first quarter of financial year 2025.
Profit on disposal of intangible assets for the quarter was £45m, an increase of £9.4m on the prior year quarter.
However, net finance costs for the quarter were £21.4m, compared with net finance income of £8.6m in the prior year quarter.
This is primarily due to an unfavourable swing in foreign exchange rates resulting in unrealised foreign exchange losses on unhedged US Dollar borrowings, compared with a favorable swing in the prior year quarter.
In addition to the club’s non-current borrowings of $650m, the group maintains a revolving credit facility which varies based on seasonal flow of funds.
Current borrowings, inclusive of accrued interest, at September 30, 2025 were £268m compared with £232.3m in 2024.
As of first quarter end, cash and cash equivalents were £80.5m compared with £149.6m at the prior year quarter.
