EX-99.1 2 tm2615476d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

CORPORATE RELEASE   27 May 2026

 

Manchester United Plc Reports

Third Quarter Fiscal 2026 Results

 

Key Points

 

·Generated operating profit for the 9 months to 31 March 2026 of £37.7 million, compared to a £3.2 million operating loss in the 9 months to 31 March 2025, as the Club continues to see the benefits of operating cost and headcount reduction programs implemented in the prior year, along with improved performance in the Premier League;
·9 month adjusted EBITDA at £187.5 million, versus £145.3 million in the 9 months to 31 March 2025, a 29.0% increase;
·The Men’s first team finished the Premier League season in 3rd place, qualifying for the UEFA Champions League for the 2026/27 season;
·Announced Michael Carrick will continue as our men's first team Head Coach, having signed a new contract which will run to 2028;
·The Women’s team finished the 2025/26 Women’s Super League season in 4th place and reached the Quarter-Finals of the Women’s Champions League for the first time in our history;
·The Men’s Under 18 team had a strong year, finishing 2nd in the U18 Premier League and reaching the finals of the FA Youth Cup and U18 Premier League Cup, continuing our proud tradition of developing young talent;
·Announced our 2026/27 pre-season preparations with matches taking place in Finland, Norway, the Republic of Ireland and in Sweden where we take on Atletico de Madrid in the Snapdragon Cup;
·Agreed new contracts for key first team players Harry Maguire & Kobbie Mainoo;
·Work continues behind the scenes on our ambition to build a new 100,000 seater stadium;
·For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million; the Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million

 

MANCHESTER, England – 27 May 2026 – Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) today announced financial results for the 2026 fiscal third quarter ended 31 March 2026.

 

Management Commentary

 

Omar Berrada, Chief Executive Officer, commented, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as Head Coach.

 

Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”

 

1

 

 

Outlook

 

For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million. The Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.

 

Phasing of Premier League games  Quarter 1   Quarter 2   Quarter 3   Quarter 4   Total 
2025/26 season   6    13    12    7    38 
2024/25 season   6    13    10    9    38 
2023/24 season   7    13    9    9    38 

 

Key Financials (unaudited)

 

    Three months ended
31 March
          Nine months ended
31 March
       
£ million (except loss per share)   2026     2025     Change     2026     2025     Change  
Commercial revenue     82.4       74.7       10.3 %     245.1       245.1       -  
Broadcasting revenue     64.9       41.3       57.1 %     157.1       134.2       17.1 %
Matchday revenue     42.2       44.5       (5.2 )%     117.9       123.0       (4.1 )%
Total revenue     189.5       160.5       18.1 %     520.1       502.3       3.5 %
Adjusted EBITDA(1)     84.7       51.2       65.4 %     187.5       145.3       29.0 %
Operating profit/(loss)     5.1       0.7       628.6 %     37.7       (3.2 )     -  
Loss for the period (i.e. net loss)     (11.8 )     (2.7 )     (337.0 )%     (14.3 )     (29.1 )     50.9 %
Basic loss per share (pence)     (6.83 )     (1.57 )     (335.0 )%     (8.25 )     (17.09 )     51.7 %
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))(1)     5.1       (5.5 )     -       6.6       (12.1 )     -  
Adjusted basic earnings/(loss) per share (pence)(1)     2.95       (3.19 )     -       3.85       (7.07 )     -  
Non-current borrowings in USD (contractual currency)(2)   $ 650.0     $ 650.0       0.0 %   $ 650.0     $ 650.0       0.0 %

 

(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 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.

 

(2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2026 was £260.0 million and total current borrowings including accrued interest payable was £262.5 million.

 

2

 

 

Revenue Analysis

 

Commercial

 

Commercial revenue for the quarter was £82.4 million, an increase of £7.7 million, or 10.3%, over the prior year quarter.

 

·Sponsorship revenue was £38.5 million, a decrease of £4.0 million, or 9.4%, over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season, partially offset by other changes in our commercial partner mix.
   
·Retail, Merchandising, Apparel & Product Licensing revenue was £43.9 million, an increase of £11.7 million, or 36.3%, over the prior year quarter, due to stronger trading related to improved on pitch performance, combined with a one-off credit relating to amended terms of our in-house e-commerce business launched in the prior year.

 

Broadcasting

 

Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1%, over the prior year quarter, primarily due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle.

 

Matchday

 

Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2%, over the prior year quarter, due to playing 3 fewer home matches compared to the prior year quarter, partially offset by improved performance of our Matchday revenue sector on a per game basis.

 

Other Financial Information

 

Operating expenses

 

Total operating expenses for the quarter were £179.1 million, an increase of £17.0 million, or 10.5%, over the prior year quarter.

 

Employee benefit expenses

 

Employee benefit expenses for the quarter were £70.8 million, a decrease of £0.4 million, or 0.6%, over the prior year quarter. The club continues to see the financial benefits of headcount reduction programs implemented during the prior year.

 

Other operating expenses

 

Other operating expenses for the quarter were £34.0 million, a decrease of £4.1 million, or 10.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 3 fewer home matches in the quarter.

 

3

 

 

Depreciation and amortization

 

Depreciation for the quarter was £5.3 million, compared to £4.2 million in the prior year quarter. Amortization for the quarter was £52.4 million, an increase of £6.5 million, or 14.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2026 was £520.8 million.

 

Exceptional items

 

Exceptional items for the quarter were a cost of £16.7 million, primarily as a result of costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team. Exceptional items for the prior year quarter were a cost of £2.7 million, as result of compensation for loss of office costs incurred in relation to the restructuring of the club’s operations.

 

(Loss)/profit on disposal of intangible assets

 

Loss on disposal of intangible assets for the quarter was £5.2 million, primarily due to the write off of costs capitalised in respect of Ruben Amorim and certain members of his coaching team, compared to a profit of £2.3 million for the prior year quarter.

 

Net finance costs

 

Net finance costs for the quarter were £20.3 million, compared to £3.8 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter resulting in a £10.3 million unrealized foreign exchange loss on unhedged USD borrowings. This compares to a favourable swing in foreign exchange rates resulting in a £7.3 million unrealized foreign exchange gain on unhedged USD borrowings in the prior year quarter.

 

Income tax

 

The income tax credit for the quarter was £3.4 million, compared to a credit of £0.4 million in the prior year quarter.

 

Cash flows

 

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £16.5 million in the quarter to 31 March 2026, compared to a decrease of £22.5 million in the prior year quarter.

 

Net cash inflow from operating activities for the quarter was £27.3 million, compared to a net cash inflow in the prior year quarter of £22.3 million.

 

Net capital expenditure on property, plant and equipment for the quarter was £0.7 million, a decrease of £16.2 million over the prior year quarter, due to the significant improvements to our Carrington training facility that took place in the prior year.

 

Net cash inflow in relation to intangible assets for the quarter was £21.4 million, compared to net capital expenditure of £31.3 million in the prior year quarter. The current year quarter includes the impact of proceeds raised from the sale of future dated transfer fee receivables due from other football clubs.

 

Net cash outflow from financing activities for the quarter was £30.5 million, compared to a net cash outflow of £0.1 million in the prior year quarter. The current year quarter movement is mostly driven by a £30.0 million net repayment on our revolving credit facility.

 

4

 

 

Balance sheet

 

Our USD non-current borrowings as of 31 March 2026 were $650 million, which was unchanged from 31 March 2025. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2913 at 31 March 2025 to 1.3216 at 31 March 2026, our non-current borrowings when converted to GBP were £490.1 million, compared to £500.9 million at the prior year quarter.

 

In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2026 were £262.5 million compared to £212.3 million at 31 March 2025.

 

As of 31 March 2026, cash and cash equivalents were £60.9 million compared to £73.2 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release.

 

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 148-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers, per latest available survey data from 2019. Our large, passionate, and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

 

Cautionary Statements

 

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. 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) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

 

5

 

 

Non-IFRS Measures: Definitions and Use

 

1.Adjusted EBITDA

 

Adjusted EBITDA is defined as loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs 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 loss for the period to adjusted EBITDA is presented in supplemental note 2.

 

2.Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))

 

Adjusted profit/(loss) 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 (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on an normalized tax rate of 25)%. The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.

 

3. Adjusted basic and diluted earnings/(loss) per share

 

Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) 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/(loss) per share are presented in supplemental note 3.

 

6

 

 

Key Performance Indicators

 

   Three months ended   Nine months ended 
   31 March   31 March 
   2026   2025   2026   2025 
Revenue                
Commercial % of total revenue   43.4%   46.6%   47.1%   48.8%
Broadcasting % of total revenue   34.3%   25.7%   30.2%   26.7%
Matchday % of total revenue   22.3%   27.7%   22.7%   24.5%

 

   2025/26
Season
   2024/25
Season
   2025/26
Season
   2024/25
Season
 
Home Matches Played                
PL   5    5    15    15 
UEFA competitions   -    2    -    5 
Domestic Cups   1    2    1    4 
Away Matches Played                    
PL   7    5    16    14 
UEFA competitions   -    2    -    5 
Domestic Cups   -    1    1    2 
Other                    
Employee benefit expenses % of revenue   37.4%   44.4%   42.2%   46.6%

 

Contacts

 

 

Investors:

Roger Bell

Chief Financial Officer

Roger.Bell@manutd.co.uk

Media:

Toby Craig

Chief Communications Officer

Toby.Craig@manutd.co.uk

 

7

 

 

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
 
    2026     2025     2026     2025  
Revenue from contracts with customers     189,497       160,564       520,149       502,329  
Operating expenses     (179,190 )     (162,128 )     (525,508 )     (544,206 )
(Loss)/profit on disposal of intangible assets     (5,201 )     2,271       43,019       38,662  
Operating profit/(loss)     5,106       707       37,660       (3,215 )
Finance costs     (26,758 )     (13,783 )     (63,309 )     (44,749 )
Finance income     6,439       10,019       7,609       12,018  
Net finance costs     (20,319 )     (3,764 )     (55,700 )     (32,731 )
Loss before income tax     (15,213 )     (3,057 )     (18,040 )     (35,946 )
Income tax credit     3,436       347       3,806       6,820  
Loss for the period     (11,777 )     (2,710 )     (14,234 )     (29,126 )
                                 
Basic loss per share:                                
Basic loss per share (pence)     (6.83 )     (1.57 )     (8.25 )     (17.09 )
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share (thousands)     172,434       172,353       172,433       170,459  
Diluted loss per share:                                
Diluted loss per share (pence) (1)     (6.83 )     (1.57 )     (8.25 )     (17.09 )
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (thousands) (1)     172,434       172,353       172,433       170,459  

 

(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, 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.

 

8

 

 

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

 

    As of  
    31 March
2026
    30 June
2025
    31 March
2025
 
ASSETS                  
Non-current assets                        
Property, plant and equipment     296,289       292,334       280,008  
Right-of-use assets     3,043       7,145       7,394  
Investment properties     19,224       19,433       19,503  
Intangible assets     949,358       966,457       942,507  
Deferred tax assets     29,472       24,927       25,336  
Trade receivables     20,476       43,419       47,679  
Derivative financial instruments     57       -       191  
      1,317,919       1,353,715       1,322,618  
Current assets                        
Inventories     13,687       13,053       12,003  
Prepayments     18,401       17,438       19,460  
Contract assets – accrued revenue     77,431       19,528       40,882  
Trade receivables     100,666       133,728       123,122  
Other receivables     1,309       13,694       1,696  
Derivative financial instruments     110       472       21  
Cash and cash equivalents     60,935       86,105       73,211  
      272,539       284,018       270,395  
Total assets     1,590,458       1,637,733       1,593,013  

 

9

 

 

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

 

    As of  
    31 March
2026
    30 June
2025
    31 March
2025
 
EQUITY AND LIABILITIES                        
Equity                        
Share capital     56       56       56  
Share premium     307,345       307,345       307,345  
Treasury shares     (21,305 )     (21,305 )     (21,305 )
Merger reserve     249,030       249,030       249,030  
Hedging reserve     (628 )     223       (550 )
Accumulated losses     (355,093 )     (341,616 )     (337,161 )
      179,405       193,733       197,415  
Non-current liabilities                        
Contract liabilities - deferred revenue     12,566       5,915       6,234  
Trade and other payables     171,140       205,359       181,866  
Borrowings     490,140       471,855       500,883  
Lease liabilities     2,859       7,899       7,752  
Derivative financial instruments     660       2,599       3,272  
      677,365       693,627       700,007  
Current liabilities                        
Contract liabilities - deferred revenue     142,586       205,490       171,472  
Trade and other payables     310,983       359,246       298,435  
Income tax liabilities     651       566       1,022  
Borrowings     262,458       165,119       212,318  
Lease liabilities     485       572       836  
Derivative financial instruments     2,476       3,403       4,333  
Provisions     14,049       15,977       7,175  
      733,688       750,373       695,591  
Total equity and liabilities     1,590,458       1,637,733       1,593,013  

 

10

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

 

    Three months ended
31 March
    Nine months ended
31 March
 
    2026     2025     2026     2025  
Cash flows from operating activities                                
Cash generated from operations (see supplemental Note 4)     38,403       34,767       42,719       2,168  
Interest paid     (11,375 )     (12,952 )     (29,201 )     (31,723 )
Interest received     413       667       1,490       2,423  
Tax paid     (72 )     (165 )     (370 )     (464 )
Net cash inflow/(outflow) from operating activities     27,369       22,317       14,638       (27,596 )
Cash flows from investing activities                                
Payments for property, plant and equipment     (808 )     (16,856 )     (19,538 )     (34,091 )
Payments for intangible assets     (41,672 )     (36,063 )     (257,870 )     (239,720 )
Proceeds from sale of intangible assets     63,176       4,803       143,642       44,141  
Net cash inflow/(outflow) from investing activities     20,696       (48,116 )     (133,766 )     (229,670 )
Cash flows from financing activities                                
Proceeds from issue of shares     -       -       -       79,985  
Proceeds from borrowings     60,000       30,000       225,000       230,000  
Repayment of borrowings     (90,000 )     (30,000 )     (125,000 )     (50,000 )
Debt finance costs paid     (353 )     -       (2,455 )     -  
Principal elements of lease payments     (81 )     (102 )     (1,609 )     (293 )
Net cash (outflow)/inflow from financing activities     (30,434 )     (102 )     95,936       259,692  
Effects of exchange rate movements on cash and cash equivalents     (1,102 )     3,570       (1,978 )     (2,764 )
Net increase/(decrease) in cash and cash equivalents     16,529       (22,331 )     (25,170 )     (338 )
Cash and cash equivalents at beginning of period     44,406       95,542       86,105       73,549  
Cash and cash equivalents at end of period     60,935       73,211       60,935       73,211  

 

11

 

 

SUPPLEMENTAL NOTES

 

1General information

 

Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

 

2Reconciliation of loss for the period to adjusted EBITDA

 

   Three months ended
31 March
   Nine months ended
31 March
 
   2026
£’000
   2025
£’000
   2026
£’000
   2025
£’000
 
Loss for the period   (11,777)   (2,710)   (14,234)   (29,126)
Adjustments:                    
Income tax credit   (3,436)   (347)   (3,806)   (6,820)
Net finance costs   20,319    3,764    55,700    32,731 
Loss/(profit) on disposal of intangible assets   5,201    (2,271)   (43,019)   (38,662)
Exceptional items   16,686    2,658    16,686    25,833 
Amortization   52,352    45,867    161,104    148,560 
Depreciation   5,309    4,254    15,115    12,803 
Adjusted EBITDA   84,654    51,215    187,546    145,319 

 

12

 

 

3Reconciliation of loss for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

 

   Three months ended
31 March
   Nine months ended
31 March
 
   2026
£’000
   2025
£’000
   2026
£’000
   2025
£’000
 
Loss for the period   (11,777)   (2,710)   (14,234)   (29,126)
Adjustments:                    
Exceptional items   16,686    2,658    16,686    25,833 
Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings   5,343    (7,285)   10,258    (8,033)
Fair value movement on embedded foreign exchange derivatives   (43)   348    (51)   2,079 
Income tax credit   (3,436)   (347)   (3,806)   (6,820)
Adjusted profit/(loss) before income tax   6,773    (7,336)   8,853    (16,067)
Adjusted income tax credit (using a normalized tax rate of 25)%   (1,693)   1,834    (2,213)   4,017 
Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))   5,080    (5,502)   6,640    (12,050)
                     
Adjusted basic earnings/(loss) per share:                    
Adjusted earnings/(loss) per share (pence)   2.95    (3.19)   3.85    (7.07)
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)   172,434    172,353    172,433    170,459 
Adjusted diluted earnings/(loss) per share:                    
Adjusted diluted earnings/(loss) per share (pence) (1)   2.94    (3.19)   3.85    (7.07)
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted earnings/(loss) per share (thousands) (1)   172,658    172,353    172,658    170,459 

 

(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

 

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4Cash generated from operations

 

   Three months ended
31 March
   Nine months ended
31 March
 
   2026
£’000
   2025
£’000
   2026
£’000
   2025
£’000
 
Loss for the period   (11,777)   (2,710)   (14,234)   (29,126)
Income tax credit   (3,436)   (347)   (3,806)   (6,820)
Loss before income tax   (15,213)   (3,057)   (18,040)   (35,946)
Adjustments for:                    
Depreciation   5,309    4,254    15,115    12,803 
Amortization   52,352    45,867    161,104    148,560 
Loss/(profit) on disposal of intangible assets   5,201    (2,271)   (43,019)   (38,662)
Net finance costs   20,319    3,764    55,700    32,731 
Non-cash employee benefit expense – equity-settled share-based payments   279    419    757    1,216 
Foreign exchange losses on operating activities   471    2,883    3,385    2,731 
Reclassified from hedging reserve   150    (1,067)   1,968    1,876 
Changes in working capital:                    
Inventories   5,079    1,420    (634)   (8,460)
Prepayments   1,833    7,806    724    (1,607)
Contract assets – accrued revenue   (12,201)   18,965    (57,903)   (1,104)
Trade receivables   (6,863)   (38,112)   6,119    (87,355)
Other receivables   172    326    12,385    1,039 
Contract liabilities – deferred revenue   (15,044)   7,836    (56,253)   (26,269)
Trade and other payables     (1,633)   (13,876)   (36,881)   1,044 
Provisions   (1,808)   (390)   (1,808)   (429)
Cash generated from operations   38,403    34,767    42,719    2,168 

 

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