The U.S.-listed shares of Manchester United Ltd.
MANU,
0Z1Q,
rose 0.7% i premarket trading Tuesday, after the U.K.-based football club reported fiscal third-quarter adjusted losses that were about half what they were a year ago, revenue that rose more than 11% and the full-year outlook was raised. The net loss for the quarter to March 31 narrowed to £5.6 million ($7.1 million), or £3.40 a share, from £27.7 million, or £17.01 a share, in the year-ago period. Excluding nonrecurring items the adjusted per-share loss narrowed to £7.41 from £13.75. Total revenue grew 11.3% to £170.0 million ($216.4 million), as matchday revenue rose 39.8% to £49.9 million, broadcasting revenue fell 1.6% to £50.7 million and commercial revenue up 5.8% to £69.4 million. There weren’t enough analysts surveyed by FactSet to have consensus estimates. The club said ticket sales for the 2022/2023 season surpassing the record set in 2016/2017, with a total of 2.4 million tickets sold. For fiscal 2023, the club raised its revenue guidance to £630 million to £640 million from £590 million to £610 million. The stock has slipped 4.2% year to date through Monday, even as the club has held buyout talks, while the S&P 500
SPX,
has gained 12.7%.
