(Bloomberg) -- Manchester United Plc’s poor on-the-pitch performance last season was reflected in the football club’s financial results as its losses widened.
United reported a net loss of £115.5 million ($130.7 million) in the 12 months through Jun. 30 versus a £92.2 million loss in the prior year. It said in a statement that broadcasting revenue dipped due to the men’s team finishing sixth in the Premier League versus a second-place finish in the prior year, while it also played fewer games across all competitions.
The north England-based club fired manager Ole Gunnar Solskjaer in November following a number of disappointing performances. It’s currently on a better league run, winning its past four matches under current coach Erik ten Hag, who was hired from AFC Ajax NV.
The club, home of superstar Cristiano Ronaldo, predicted a fiscal 2023 adjusted Ebitda of £100 million to £110 million. That would be an improvement on the £81.1 million reported for 2022 on Thursday.
The shares, which are traded in New York, are down about 5% this year versus a 20% plunge for the S&P 500. The stock gained last month on news that the Glazer family would consider selling a minority stake in the club.
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