- Q3 REVENUES OF £152.1 MILLION
- Q3 ADJUSTED EBITDA OF £41.2
MILLION
- Q3 OPERATING PROFIT OF £14.2
MILLION
Manchester United (NYSE: MANU; the “Company” and the “Group”) –
one of the most popular and successful sports teams in the world -
today announced financial results for the 2019 fiscal third quarter
ended 31 March 2019.
Highlights
- Ole Gunnar Solskjær appointed as
permanent manager on a three year contract
- Manchester United Women promoted to
Women’s Super League, winning the FA Women’s Championship
title
- Announced global partnership with
Marriott
- Announced global partnership and
licensing agreement with Maui Jim eyewear
Commentary
Ed Woodward, Executive Vice Chairman, commented, "After a
turbulent season, everyone at Manchester United is focussed on
building towards the success that this great club expects and our
fans deserve. Preparations for the new season are underway and the
underlying strength of our business will allow us to support the
Manager and his team as we look to the future."
Outlook
For fiscal 2019, Manchester United continues to expect:
- Revenue to be £615m to £630m.
- Adjusted EBITDA to be £175m to
£190m.
Key Financials
(unaudited)
£ million (except earnings/(loss) per share)
Three months ended
31 March
Nine months ended
31 March
2019
Restated(1)
2018
Change
2019
Restated(1)
2018
Change
Commercial revenue
66.6
66.6 0.0%
208.4 212.4 (1.9%)
Broadcasting revenue
53.8
49.4 8.9%
200.3 165.4 21.1%
Matchday revenue
31.7
31.1 1.9%
87.0 90.4 (3.8%)
Total revenue
152.1
147.1 3.4%
495.7 468.2 5.9%
Adjusted EBITDA(2)
41.2
45.7 (9.9%)
174.9 166.2 5.2%
Operating profit
14.2
7.3 94.5%
72.1 67.4 7.0%
Profit/(loss) for the period (i.e. net income/(loss))(3)
7.7 6.9
11.6%
41.1
(3.2) - Basic earnings/(loss) per share
(pence)
4.65 4.20
11.0%
24.96
(1.97) - Adjusted profit for the
period (i.e. adjusted net income)(2)
7.8 1.5 420.0%
61.1 36.7
66.5% Adjusted basic earnings per share (pence)(2)
4.72 0.91
418.7%
37.12
22.38 65.9% Net
debt(2)/(4)
301.7
301.3 0.1%
301.7
301.3 0.1%
(1)
Comparative amounts have been restated following the
implementation of IFRS 15 – see supplemental note 5 for further
details.
(2)
Adjusted EBITDA, adjusted profit for the period, adjusted basic
earnings per share and net debt are non-IFRS measures. See
“Non-IFRS Measures: Definitions and Use” on page 5 and the
accompanying Supplemental Notes for the definitions and
reconciliations for these non-IFRS measures and the reasons we
believe these measures provide useful information to investors
regarding the Group’s financial condition and results of
operations.
(3)
The US federal corporate income tax rate reduced from 35% to 21%
following the enactment of US tax reform on 22 December 2017. This
necessitated a re-measurement of the then existing US deferred tax
position in the period to 31 December 2017. As a result the loss
for the nine months ended 31 March 2018 included a non-cash tax
accounting write off of £49.0 million.
(4)
The gross USD debt principal remains unchanged.
Revenue
Analysis
Commercial
Commercial revenue for the quarter was £66.6 million, unchanged
from the prior year quarter.
- Sponsorship revenue for the quarter was
£41.6 million, unchanged from the prior year quarter;
- Retail, Merchandising, Apparel &
Product Licensing revenue for the quarter was £25.0 million,
unchanged from the prior year quarter.
Broadcasting
Broadcasting revenue for the quarter was £53.8 million, an
increase of £4.4 million, or 8.9%, over the prior year quarter,
primarily due to the new UEFA Champions League broadcasting rights
agreement and playing one additional PL game.
Matchday
Matchday revenue for the quarter was £31.7 million, an increase
of £0.6 million, or 1.9%, over the prior year quarter.
Other Financial
Information
Operating expenses
Total operating expenses for the quarter were £144.2 million, an
increase of £7.8 million, or 5.7%, over the prior year quarter.
Employee benefit expenses
Employee benefit expenses for the quarter were £84.8 million, an
increase of £9.7 million, or 12.9%, over the prior year quarter,
primarily due to investment in the first team playing squad.
Other operating expenses
Other operating expenses for the quarter were £26.1 million, a
decrease of £0.2 million, or 0.8%, over the prior year quarter.
Depreciation & amortization
Depreciation for the quarter was £2.8 million, an increase of
£0.2 million, or 7.7%, over the prior year quarter. Amortization
for the quarter was £30.5 million, a decrease of £1.9 million, or
5.9%, over the prior year quarter. The unamortized balance of
registrations at 31 March 2019 was £288.0 million.
Profit/(loss) on disposal of intangible assets
Profit on disposal of intangible assets for the quarter was £6.3
million compared to a loss of £3.4 million in the prior year
quarter.
Net finance (costs)/income
Net finance costs for the quarter were £3.1 million, compared to
net finance income of £1.0 million in the prior year quarter, due
to a reduction in unrealized, non-cash foreign exchange gains on
unhedged USD borrowings compared to the prior year quarter.
Tax
The tax expense for the quarter was £3.4 million, compared to
£1.4 million in the prior year quarter.
Cash flows
Net cash generated from operating activities for the quarter was
£22.2 million, an increase of £1.0 million over the prior year
quarter.
Net capital expenditure on property, plant and equipment for the
quarter was £1.6 million, an increase of £0.6 million over the
prior year quarter.
Net capital expenditure on intangible assets for the quarter was
£2.0 million, an increase of £3.3 million over the prior year
quarter.
Overall cash and cash equivalents (including the effects of
exchange rate changes) increased by £3.5 million in the quarter
compared to an increase of £6.4 million in the prior year
quarter.
Net debt
Net debt as of 31 March 2019 was £301.7 million, an increase of
£0.4 million over the year. The gross USD debt principal remains
unchanged.
Dividend
A semi-annual dividend of $0.09 per share was paid during the
quarter. A further semi-annual dividend of $0.09 per share will be
paid on 5 June 2019, to shareholders of record on 26 April 2019.
The stock began trading ex-dividend on 25 April 2019.
Conference Call
Information
The Company’s conference call to review third quarter fiscal
2019 results will be broadcast live over the internet today, 16 May
2019 at 8:00 a.m. Eastern Time and will be available on Manchester
United’s investor relations website at http://ir.manutd.com.
Thereafter, a replay of the webcast will be available for thirty
days.
About Manchester
United
Manchester United is one of the most popular and successful
sports teams in the world, playing one of the most popular
spectator sports on Earth.
Through our 141-year heritage we have won 66 trophies, enabling
us to develop what we believe is one of the world’s leading sports
brands and a global community of 659 million followers. Our
large, passionate community provides Manchester United with a
worldwide platform to generate significant revenue from multiple
sources, including sponsorship, merchandising, product licensing,
broadcasting and matchday.
Cautionary
Statement
This press release contains forward-looking statements. You
should not place undue reliance on such statements because they are
subject to numerous risks and uncertainties relating to the
Company’s operations and business environment, all of which are
difficult to predict and many are beyond the Company’s control.
Forward-looking statements include information concerning the
Company’s possible or assumed future results of operations,
including descriptions of its business strategy. These statements
often include words such as “may,” “might,” “will,” “could,”
“would,” “should,” “expect,” “plan,” “anticipate,” “intend,”
“seek,” “believe,” “estimate,” “predict,” “potential,” “continue,”
“contemplate,” “possible” or similar expressions. The
forward-looking statements contained in this press release are
based on our current expectations and estimates of future events
and trends, which affect or may affect our businesses and
operations. You should understand that these statements are not
guarantees of performance or results. They involve known and
unknown risks, uncertainties and assumptions. Although the Company
believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect its actual financial results or results of operations and
could cause actual results to differ materially from those in these
forward-looking statements. These factors are more fully discussed
in the “Risk Factors” section and elsewhere in the Company’s
Registration Statement on Form F-1, as amended (File No.
333-182535) and the Company’s Annual Report on Form 20-F (File No.
001-35627).
Non-IFRS Measures:
Definitions and Use
1. Adjusted EBITDA
Adjusted EBITDA is defined as profit/(loss) for the period
before depreciation, amortization, profit/(loss) on disposal of
intangible assets, exceptional items, net finance (costs)/income,
and tax.
Adjusted EBITDA is useful as a measure of comparative operating
performance from period to period and among companies as it is
reflective of changes in pricing decisions, cost controls and other
factors that affect operating performance, and it removes the
effect of our asset base (primarily depreciation and amortization),
material volatile items (primarily profit on disposal of intangible
assets and exceptional items), capital structure (primarily finance
costs), and items outside the control of our management (primarily
taxes). Adjusted EBITDA has limitations as an analytical tool, and
you should not consider it in isolation, or as a substitute for an
analysis of our results as reported under IFRS as issued by the
IASB. A reconciliation of profit for the period to Adjusted EBITDA
is presented in supplemental note 2.
2. Adjusted profit for the period (i.e.
adjusted net income)
Adjusted profit for the period is calculated, where appropriate,
by adjusting for charges/credits related to exceptional items,
foreign exchange gains/losses on unhedged US dollar denominated
borrowings, and fair value movements on embedded foreign exchange
derivatives, adding/subtracting the actual tax expense/credit for
the period, and subtracting/adding the adjusted tax expense/credit
for the period (based on a normalized tax rate of 21%; 2018: 28%).
The normalized tax rate of 21% is the current US federal corporate
income tax rate.
In assessing the comparative performance of the business, in
order to get a clearer view of the underlying financial performance
of the business, it is useful to strip out the distorting effects
of the items referred to above and then to apply a ‘normalized’ tax
rate (for both the current and prior periods) of the weighted
average US federal corporate income tax rate of 21% (2018: 28%)
applicable during the financial year. A reconciliation of
profit/(loss) for the period to adjusted profit for the period is
presented in supplemental note 3.
3. Adjusted basic and diluted earnings per
share
Adjusted basic and diluted earnings per share are calculated by
dividing the adjusted profit for the period by the weighted average
number of ordinary shares in issue during the period. Adjusted
diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares in issue during the period to
assume conversion of all dilutive potential ordinary shares. There
is one category of dilutive potential ordinary shares: share awards
pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”).
Share awards pursuant to the Equity Plan are assumed to have been
converted into ordinary shares at the beginning of the financial
year. Adjusted basic and diluted earnings per share are presented
in supplemental note 3.
4. Net debt
Net debt is calculated as non-current and current borrowings
minus cash and cash equivalents.
Key Performance
Indicators
Three months ended Nine months
ended 31 March 31 March
2019
Restated(1)
2018
2019
Restated(1)
2018
Commercial % of total revenue
43.8%
45.3%
42.0% 45.4%
Broadcasting % of
total revenue
35.4% 33.6%
40.4%
35.3%
Matchday % of total revenue
20.8%
21.1%
17.6% 19.3% Home Matches Played
PL
5 5
15 16 UEFA competitions
1 1
4 4 Domestic Cups
1 2
2 3 Away Matches
Played PL
6 5
16 15 UEFA
competitions
1 1
4 5(2)
Domestic Cups
3 2
3 4
Other
Employees at period end
950 930
950 930 Employee benefit expenses % of revenue
55.8% 51.1%
48.4% 45.9%
(1)Comparative amounts have been restated
– see supplemental note 5 for further details.
(2) Includes UEFA Super Cup final
following UEFA Europa League win in 2016/17
Phasing of Premier League games Quarter 1
Quarter 2 Quarter 3 Quarter 4
Total 2018/19 season 7 13 11 7
38 2017/18 season 7 14 10 7 38
CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
(unaudited; in £ thousands, except per
share and shares outstanding data)
Three months ended
31 March
Nine months ended
31 March
2019 Restated(1)
2018
2019 Restated(1)
2018
Revenue 152,068 147,059
495,706
468,139 Operating expenses
(144,181) (136,411)
(448,030) (415,699) Profit/(loss) on disposal of intangible
assets
6,378 (3,446)
24,457
14,846
Operating profit 14,265
7,202
72,133 67,286 Finance costs
(5,361) (5,935)
(16,877) (18,293) Finance income
2,213 7,027
2,257 14,239
Net finance (costs)/income
(3,148) 1,092
(14,620) (4,054)
Profit before tax
11,117 8,294
57,513
63,232 Tax expense (2)
(3,464) (1,401)
(16,444) (66,466)
Profit/(loss) for the period
7,653 6,893
41,069
(3,234)
Basic earnings/(loss) per share: Basic
earnings/(loss) per share (pence)
4.65 4.20
24.96
(1.97) Weighted average number of ordinary shares outstanding
(thousands)
164,526 164,195
164,526 164,195
Diluted earnings/(loss) per share: Diluted earnings/(loss)
per share (pence)(3)
4.65 4.19
24.94 (1.97) Weighted
average number of ordinary shares outstanding (thousands)
164,664 164,591
164,664 164,591
(1) Comparative amounts have been restated – see
supplemental note 5 for further details. (2) The US federal
corporate income tax rate reduced from 35% to 21% following the
enactment of US tax reform on 22 December 2017. This necessitated a
re-measurement of the then existing US deferred tax position in the
period to 31 December 2017. As a result the tax expense for the
nine months ended 31 March 2018 included a non-cash tax accounting
write off of £49.0 million. (3) For the nine months ended 31 March
2018 potential ordinary shares are anti-dilutive, as their
inclusion in the diluted loss per share calculation would reduce
the loss per share, and hence have been excluded.
CONSOLIDATED
BALANCE SHEET
(unaudited; in £ thousands)
31 March
2019
Restated(1)
30 June
2018
Restated(1)
31 March
2018
ASSETS Non-current assets
Property, plant and equipment
246,396 245,401 245,186
Investment property
13,739 13,836 13,869 Intangible assets
718,551 799,640 752,016 Derivative financial instruments
777 4,807 3,404 Trade and other receivables
9,964
4,724 5,618 Tax receivable
547 547 1,033 Deferred tax asset
57,057 63,332 77,064
1,047,031 1,132,287 1,098,190
Current
assets Inventories
2,083 1,416 1,398 Derivative
financial instruments
511 1,159 2,799 Trade and other
receivables
185,499 168,060 117,497 Tax receivable
598 800 258 Cash and cash equivalents
193,855
242,022 161,717
382,546
413,457 283,669
Total assets 1,429,577
1,545,744 1,381,859
(1) Comparative amounts have been restated
– see supplemental note 5 for further details.
CONSOLIDATED BALANCE SHEET (continued)
(unaudited; in £ thousands)
31 March
2019
Restated(1)
30 June
2018
Restated(1)
31 March
2018
EQUITY AND LIABILITIES Equity
Share capital
53 53 53 Share premium
68,822 68,822
68,822 Merger reserve
249,030 249,030 249,030 Hedging
reserve
(30,848) (27,558) (12,511) Retained earnings
166,751 136,757 181,110
453,808 427,104 486,504
Non-current
liabilities Derivative financial instruments
21 - -
Trade and other payables
45,559 104,271 74,998 Borrowings
493,336 486,694 457,011 Deferred revenue
51,079
37,085 32,208 Deferred tax liabilities
33,678
29,134 39,684
623,673 657,184
603,901
Current liabilities Derivative financial
instruments
130 - - Tax liabilities
7,898 3,874 2,166
Trade and other payables
185,733 267,996 208,840 Borrowings
2,197 9,074 5,960 Deferred revenue
156,138
180,512 74,488
352,096
461,456 291,454
Total equity and liabilities
1,429,577 1,545,744 1,381,859 (1) Comparative
amounts have been restated – see supplemental note 5 for further
details.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited; in £ thousands) Three months ended
31 March
Nine months ended
31 March
2019 2018
2019 2018
Cash flows from operating
activities Cash generated from operations (see
supplemental note 4)
29,803 28,743
112,140 17,254
Interest paid
(7,679 ) (7,210 )
(17,186
) (16,849 ) Interest received
697 266
2,052
654 Tax paid
(578 ) (620 )
(2,388 ) (6,388 )
Net cash generated
from/(used in) operating activities 22,243
21,179
94,618 (5,329 )
Cash flows from investing activities Payments for property,
plant and equipment
(1,559 ) (998 )
(8,877
) (9,585 ) Proceeds from sale of property, plant and
equipment
- -
- 75 Payments for intangible assets
(14,809 ) (6,812 )
(159,865 ) (135,933
) Proceeds from sale of intangible assets
12,709
8,203
37,892
40,645
Net cash (used in)/generated from investing
activities (3,659 ) 393
(130,850 ) (104,798 )
Cash flows
from financing activities Repayment of borrowings
- (106
)
(3,750 ) (312 ) Dividends paid
(11,610 ) (10,929 )
(11,610
) (10,929 )
Net cash used in financing
activities (11,610 ) (11,035 )
(15,360 ) (11,241 )
Net
increase/(decrease) in cash and cash equivalents 6,974
10,537
(51,592 ) (121,368 ) Cash and cash equivalents
at beginning of period
190,395 155,312
242,022
290,267 Effects of exchange rate changes on cash and cash
equivalents
(3,514 ) (4,132 )
3,425 (7,182 )
Cash and cash equivalents at
end of period 193,855 161,717
193,855 161,717
SUPPLEMENTAL NOTES
1 General information
Manchester United plc (the “Company”) and its subsidiaries
(together the “Group”) is a professional football club together
with related and ancillary activities. The Company incorporated
under the Companies Law (2011 Revision) of the Cayman Islands, as
amended and restated from time to time.
2 Reconciliation of profit/(loss) for the period to
Adjusted EBITDA
Three months ended
31 March
Nine months ended
31 March
2019
£’000
Restated(1)
2018
£’000
2019
£’000
Restated(1)
2018
£’000
Profit/(loss) for the period 7,653
6,893
41,069 (3,234 ) Adjustments: Tax expense
3,464 1,401
16,444 66,466 Net finance costs/(income)
3,148 (1,092 )
14,620 4,054 (Profit)/loss on disposal
of intangible assets
(6,378 ) 3,446
(24,457
) (14,846 ) Exceptional items
- -
19,599 -
Amortization
30,434 32,400
99,005 105,789
Depreciation
2,852 2,622
8,631 7,951
Adjusted
EBITDA 41,173 45,670
174,911 166,180
(1) Comparative amounts have been restated – see supplemental
note 5 for further details.
3 Reconciliation of profit/(loss) for the period to
adjusted profit for the period and adjusted basic and diluted
earnings per share
Three months ended
31 March
Nine months ended
31 March
2019
£’000
Restated(1)
2018
£’000
2019
£’000
Restated(1)
2018
£’000
Profit/(loss) for the period 7,653
6,893
41,069 (3,234 ) Exceptional items
- -
19,599 - Foreign exchange (gains)/losses on unhedged US
dollar borrowings
(1,430 ) (6,761 )
105
(13,585 ) Fair value movement on embedded foreign exchange
derivatives
138 539
82 1,384 Tax expense
3,464 1,401
16,444
66,466 Adjusted profit before tax
9,825 2,072
77,299 51,031
Adjusted tax expense (using a normalized
tax rate of 21% (2018: 28%))
(2,063 ) (580 )
(16,233
) (14,289 )
Adjusted profit for the period (i.e.
adjusted net income) 7,762 1,492
61,066 36,742
Adjusted basic earnings per share: Adjusted basic earnings
per share (pence)
4.72 0.91
37.12 22.38 Weighted
average number of ordinary shares outstanding (thousands)
164,526 164,195
164,526 164,195
Adjusted diluted
earnings per share: Adjusted diluted earnings per share
(pence)1
4.71 0.91
37.09 22.32 Weighted average
number of ordinary shares outstanding (thousands)
164,664 164,591
164,664
164,591
(1) Comparative amounts have been restated – see supplemental
note 5 for further details.
4 Cash generated from operations
Three months ended
31 March
Nine months ended
31 March
2019
£’000
Restated(1)
2018
£’000
2019
£’000
Restated(1)
2018
£’000
Profit/(loss) for the period
7,653 6,893
41,069 (3,234 ) Tax expense
3,464
1,401
16,444
66,466 Profit before tax
11,117 8,294
57,513
63,232 Depreciation
2,852 2,622
8,631 7,951
Amortization
30,434 32,400
99,005 105,789
(Profit)/loss on disposal of intangible assets
(6,378
) 3,446
(24,457 ) (14,846 ) Net finance
costs/(income)
3,148 (1,092 )
14,620 4,054 Profit on
disposal of property, plant and equipment
- -
- (75 )
Equity-settled share-based payments
164 617
535 1,820
Foreign exchange (gains)/losses on operating activities
(94
) 200
88 1,200 Reclassified from hedging reserve
1,167 3,652
4,011 11,119 Changes in working capital:
Inventories
527 520
(667 ) 239 Trade and other
receivables
(66,386 ) 5,775
(27,093 )
(19,662 ) Trade and other payables and deferred revenue
53,252 (27,691 )
(20,046
) (143,567 )
Cash generated from operations
29,803 28,743
112,140 17,254
(1) Comparative amounts have been restated – see supplemental
note 5 for further details.
5 Restatement of prior periods following
implementation of IFRS 15
The Group adopted IFRS 15 ‘Revenue from contracts with
customers’ with effect from 1 July 2018. The implementation of IFRS
15 had an impact on the Group’s financial statements as at 1 July
2018 and consequently prior year amounts have been restated. The
table below shows the retrospective impact on revenue for the four
quarters ended 30 June 2018. Note 34 to the interim consolidated
financial statements for the three and nine months ended 31 March
2019 contains tables and notes which explain how the restatement
affected the consolidated statement of profit or loss, consolidated
statement of comprehensive income, consolidated balance sheet, and
consolidated statement of cash flows.
Commercial revenue
IFRS 15 focuses on the identification and satisfaction of
performance obligations and includes specific guidance on the
methods for measuring progress towards complete satisfaction of a
performance obligation therefore revenue on certain commercial
contracts is recognized earlier under IFRS 15. The effect of the
retrospective application is an increase in cumulative revenue
recognized over the financial years up to and including the year
ended 30 June 2018 including a reduction to the amount of revenue
recognized during the financial year ended 30 June 2018 only.
Broadcasting revenue
Following adoption of IFRS 15, certain performance obligations
are satisfied over time as each Premier League match (home and
away) is played – accordingly revenue is recognized evenly as each
Premier League match (home and away) is played. Broadcasting merit
awards were previously recognized one share in the first quarter
with the remainder being recognized when they were known at the end
of each football season. Merit awards represent variable
consideration and therefore, following adoption of IFRS 15, are
estimated using the most likely amount method based on management’s
estimate of where the Club’s finishing position will be at the end
of each season. Broadcasting equal share payments were previously
recognized evenly as each Premier League home match was played.
Note, these changes only affect the amount of broadcasting revenue
recognized in each quarter, they do not affect the amount of
broadcasting revenue recognized for the financial year as a
whole.
Matchday revenue
Adoption of IFRS 15 has no impact on the recognition of matchday
revenue.
£’000 Three months ended
30 September
2017
Three months ended
31 December
2017
Three months ended
31 March
2018
Three months ended
30 June
2018
Twelve months ended
30 June
2018
Commercial revenue Reported 80,544 65,366 66,673 63,516
276,099 Adjustment (66 ) (66 ) (66 )
(66 ) (264 ) Restated 80,478 65,300
66,607 63,450 275,835
Broadcasting revenue Reported 38,082 61,628 39,674
64,753 204,137 Adjustment 2,751 13,519
9,656 (25,926 ) - Restated
40,833 75,147 49,330
38,827 204,137
Matchday revenue
Reported 22,354 36,968 31,122 19,342 109,786 Adjustment - -
- - - Restated 22,354
36,968 31,122 19,342
109,786
Total revenue Reported 140,980
163,962 137,469 147,611 590,022 Adjustment 2,685
13,453 9,590 (25,992 )
(264 ) Restated 143,665 177,415
147,059 121,619 589,758
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190516005344/en/
Manchester United plcInvestor Relations:Cliff BatyChief
Financial Officer+44 161 868 8650ir@manutd.co.ukManchester United
plcMedia:Charlie BrooksDirector of Communications+44 161 868
8148charlie.brooks@manutd.co.ukSard Verbinnen & CoJim Barron /
Devin Broda+ 1 212 687
8080JBarron@SARDVERB.comdbroda@SARDVERB.com
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