Manchester United plc’s New York-listed shares rose almost 20% on Friday after the company announced financial results for the 2025 fiscal third quarter ended March 31, 2025, showing a 17.4% increase in quarterly revenue to £160.5 million and a 20.4% drop in operating expenses to £162.1 million.
Employee benefit expenses for the quarter were £71.2 million, a decrease of 21.9% over the prior year quarter.
“This is primarily due to the impact of transactions made during the January transfer window, the men’s first team participating in the UEFA Europa League rather than the UEFA Champions League in the prior year and reduced non-playing staff costs as a result of the club’s restructuring process,” said the firm.
Loss for the quarter improved to £2.7 million from a loss of £71.5 in the prior year quarter.
The company reported non-current borrowings of $650 million, unchanged from March 31, 2024.
Matchday revenue for the quarter was £44.5 million, an increase of 50.3% over the prior year quarter due to playing four more home matches compared to the prior year quarter, alongside strong demand for hospitality.
Broadcasting revenue for the quarter rose 10.1% to £41.3 million “primarily due to the men’s first team playing 4 additional matches in UEFA competitions in the current year quarter, partially offset by 1 less match played in domestic cup competitions versus the prior year quarter.”
Commercial revenue for the quarter rose 7.3% to £74.7 million.
The company also raised its adjusted EBITDA guidance to between £180 million and £190 million, and tightened its revenue guidance for fiscal 2025 to £660 million to £670 million and said it expects to be at the higher end of this range.
Manchester United CEO Omar Berrada said: “We were proud to reach the final of the UEFA Europa League, but ultimately, we were disappointed to finish as runner-up in Bilbao.
“We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season.
“We have been pleased with the performance of our women’s team, with a third placed league finish, enabling us to qualify for the UEFA Champions League and once again reaching the FA Cup Final.
“We followed this by reaching the final of the inaugural World Sevens Series. We extended the contract of Head Coach, Marc Skinner, reflecting the excellent work he has done with the team this season.
“We remain focused on infrastructure, with the redevelopment of our Carrington Training Complex continuing and on track, which will be the heart of our club, providing world class facilities for all our teams and our staff.
“We have also announced our aspiration to pursue a new 100,000 seat stadium, sitting at the heart of the regeneration of the Old Trafford area, which would be a catalyst for growth and investment in our local community.
“We are continuing to work with all the relevant stakeholders, including central Government, to support their vision for growth.”