Manchester United Plc (NYSE:MANU) upgraded its revenue and earnings guidance – but made no mention in regard to future ownership as it released results for its third quarter.
The football club told shareholders on the New York stock exchange that it now expected to generate between £630 million and £640 million of revenue for the full year with earnings (adjusted EBITDA) to come in between £140 million and £150 million.
In New York, where the Manchester United stock value is currently elevated and driven by speculation of a premium-priced takeover rather than financial performance, the shares traded 2.46% lower at US$21.80 each.
Third quarter revenue was today reported at £170 million, up 11.3% from the same period last year, quarterly earnings amounted to £39.7 million. The club reported a net loss of £5.6 million for the three-month period.
The company confirmed that its non-current debt remained at US$650mln whilst the balance of its revolving credit facility stood at £200 million (£203.7 million including accrued interest) and it said that it expected to repay some £40 million of this facility before the end of June.
The Premier League club added that its transfer activity this off-season would be unaffected by either the losses, debt repayment plans or the takeover talks that have rumbled on for months.
Reports had suggested transfer spending might be frozen pending the conclusion of the deal.