Manchester United plc (MANU)
Manchester United poised to unveil new strategy, cost-cutting plan: analysts
Manchester United Plc (NYSE:MANU) continues to offer “plenty of promise” after the football club posted “relatively clean” fiscal third quarter results earlier this month, according to Deutsche Bank Research analysts who have boosted their price target on the stock. On July 10, the club posted Q3 revenue of about $173.4 million, ahead of estimates of $162.9 million, while a loss per share of $0.31 was greater than the loss per share of $0.27 expected.
Manchester Utd expects profits to fall less than expected thanks to record revenues
Manchester United Plc (NYSE:MANU) said it expects revenues and profits to be towards the top end of its previous guidance after selling out season tickets in record time and enjoying record-breaking sales of the Adidas Stone Roses merchandise range. The football club reported results for the third quarter of its financial year, ending 31 March, showing a £66.2 million quarterly operating loss as revenue fell 20% to £136.7 million, with broadcasting and matchday revenue down 26% and 41%.
Manchester United planning to cut 250 jobs
Manchester United Plc (NYSE:MANU) has reportedly proposed to cut about 250 jobs as part of a club-wide redundancy program. A source close to the company told Reuters that the job cuts would come across all departments and levels of the club except for its charitable arm, Manchester United Foundation.
