Manchester United's broadcasting revenue sinks 20%
- Manchester United's fourth-quarter revenues were down 16%.
- The English club forecasts a higher revenue in fiscal 2019.
- Watch Manchester United trade here in real-time.
The English soccer club Manchester United reported lower earnings due to a dip in commercial and broadcasting revenue.
It reported a net loss of 16.3 million pounds during its fiscal fourth quarter after reporting a profit of 24.3 million pounds a year earlier. Revenue fell 16% to 147.6 million pounds versus 175.9 million in the same period last year. Commercial and broadcasting revenue dropped by 6.5% and 20.2% respectively.For the year, the company reported a net loss of 37.3 million pounds and a revenue of 590 million pounds.
Looking ahead at fiscal 2019, Manchester United forecasts revenue to climb to between 615 million pounds and 630 million pounds. It sees its adjusted earnings before interest, tax, depreciation, and amortization to be between 175 million pounds and 190 million pounds.
"Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market," Manchester United Executive Vice Chairman Ed Woodward said in a statement.
Manchester United shares were up 19.8% this year through Monday.