Manchester United PLC
30 March 2004
MANCHESTER UNITED PLC
Interim Results for the six months ended 31 January 2004
Highlights
• Group turnover £92.4 million (2003: £92.6 million)
• Group operating profit which excludes player trading up 27% to £25.9
million thanks to growth in higher margin media revenue (2003: £20.4
million)
• Profit before tax increased by 32% to £26.8 million (2003: £20.3 million)
• Basic earnings per share up 33% to 7.2p (2003: 5.4p)
• Interim dividend increased to 1.25p (2003: 0.67p) - represents 50% of
total basic dividend for 2003
• Net cash inflow from operating activities rose 10% to £19.6 million
(2003: £17.9 million)
• Debt free balance sheet, net cash of £23.5 million (2003: £3.8 million)
• Reviewing possible increase in stadium capacity to 75,000
• New sponsorship deal signed with Vodafone in December worth £36m over
four years
David Gill, Chief Executive, commented:
'The recent period has presented a number of challenges for the management team,
and yet we have remained focused on the business and produced a strong set of
results. Through diversifying our revenue streams and improving our operating
performance we continue to build our financial strength.
'Looking ahead, we have strengthened our playing squad through acquisitions and
contract extensions. The Manchester United brand goes from strength to strength,
we are developing our media rights and are continuing to convert fans into
customers. '
Enquiries:
David Gill, Chief Executive Tel: 020 7251 3801 (on 30.03.04)
Nick Humby, Group Finance Director Tel: 0161 868 8000 (thereafter)
Philip Townsend, Director of Communications
Manchester United PLC
James Murgatroyd Tel: 020 7251 3801
James Leviton
Finsbury
Chairman's Statement
The first six months of this year have been an extraordinary period and I must
pay tribute to the commitment of all our staff during this challenging time. Our
best ever start to the Premiership has been overshadowed by our early exit from
the UEFA Champions League and disappointing recent form in the Premiership.
Despite a number of issues off the pitch, we have remained focused on our
business plan and produced a strong set of half-year financial results.
Financial Review
Excellent financial performance
Total turnover was £92.4 million, marginally below last year. Although there
were eight fewer home games, television media revenue from the UEFA Champions
League largely offset the lower matchday revenue. Group operating profit which
excludes player trading was £25.9 million, up 27 per cent on last year as a
result of the change in revenue mix from lower margin home games to higher
margin media revenues. Total wages were 41 per cent of turnover, compared with
43 per cent last year and are expected to remain below our target of 50 per cent
for the year.
These higher operating profits resulted in profit before tax increasing to £26.8
million (2003 £20.3 million). The effective tax rate on these profits was 30.4%
(2003 31%).
Change in revenue mix
The total revenues of £92.4 million (2003 £92.6 million) consist of Matchday
revenues of £36.3 million (2003 £42.9 million), Media revenues of £33.4 million
(2003 £26.9 million) and Commercial revenues of £22.7 million (2003 £22.8
million). In the first six months there were twelve FAPL home games (2003
thirteen games), three UEFA Champions League games (2003 five games) and no
domestic cup games (2003 five games).
Media revenues rose by 24 per cent as a result of increases in the third and
final year of the current FAPL domestic TV contract and also the significant
rise in the UEFA Champions League English Media pool, which with Sky joining ITV
in covering all the games, has increased from 62 million Swiss Francs to 87
million Swiss Francs. Manchester United's share was also higher as a result of
both winning the Premiership in 2002/3 (compared to third place in 2001/2) and
there being only three English teams competing (compared to four in 2002/3).
Commercial revenue reflects the increase in the last year of the current
four-year Vodafone deal offset by the absence of the one-off contractual
revenues from Nike in 2002/3, the first year of our new partnership.
Lower operating expenses
The total wage cost in the first six months was £37.7 million (2003 £39.7
million), a 5 per cent fall, reflecting the impact of the summer player trading
activity. Other operating expenses have reduced by 16 per cent, mainly as a
result of the absence of revenue shares on domestic cup games included in
operating costs.
The amortisation charge in the first six months was £10.6 million (2003 £10.7
million) with the elimination of charges for Veron being offset by new charges
for the players acquired in the summer. In the second half, amortisation will be
increased by the inclusion of amortisation on the acquisition of Louis Saha
although this will be partially offset by a reduced charge for Ruud Van
Nistelrooy following his contract extension to June 2008.
Strong cash balance
Net cash at 31 January 2004 was £23.5 million (July 2003 £28.6 million). Strong
operating cash flow of £19.6 million and low capital expenditure in the first
half were offset by £12.9 million of net cash outflow on transfers (2003 £1.0
million inflow) and dividend and taxation payments. In addition, £4.2 million
was received following the exercise of share options during the period. The net
cash outflow on transfers in the period is set out in note 13 to the interim
results.
Interim Dividend
In accordance with the policy set out in our results for the year to 31 July
2003, we have, commencing this year, set the interim dividend based on fifty per
cent of the total basic dividend for the previous year. As a result, an interim
dividend of 1.25 pence per share will be paid on 14 May 2004 (2003 0.67 pence).
Operational Review
New Domestic TV deals
On 8 August 2003 the FAPL announced the outcome of the new media domestic
contracts, for a total value of £1.3 billion over three seasons commencing in
2004/5 in line with the current contract. In a difficult media market we regard
this as a positive outcome for the Premiership. However, it will clearly lead to
a reduction in our domestic media revenues next year of up to 15 per cent as a
result of the increased total number of games being shown live and the even
phasing of the contract payments over the next three years, which contrasts to
the rising contract values we enjoyed over the last three years.
Vodafone Sponsorship
On 1 December 2003, we announced our new four-year shirt sponsorship deal with
Vodafone, which commences in June 2004. This new £36 million deal is worth 20
per cent more than the previous four-year deal, reflecting the success of the
partnership and the potential for further co-operation in the future. We are
jointly developing our mobile business to launch new services from the beginning
of the 2004/5 season.
Transfers Review
In January, certain transfers came under intense media speculation. All our
transactions are completed in accordance with FIFA, FA and FAPL rules and are
subject to Board review and approval where appropriate. Nevertheless the Board
requested that Nick Humby, Group Finance Director, carry out an internal review
of recent transfers with a view to recommending, if necessary, changes in our
internal procedures. The review is making good progress and we expect to
announce our conclusions before the end of the season.
Ferdinand's drug test
In September Rio Ferdinand missed a routine drugs test at our Carrington
training ground and was given an eight-month ban, which has been upheld on
appeal. The Club was disappointed with this decision, but has decided to put
this very unfortunate incident behind us and look forward to his return during
the 2004/5 season. To prevent a recurrence of this incident, which the player
and Club regret, we have refined our internal procedures and contributed to the
FA's review of their procedures and disciplinary process.
Barthez contract
Manchester United has reached agreement with Fabien Barthez to terminate his
contract with the Club with effect from 30 June 2004. Barthez joined Manchester
United in June 2000 from AS Monaco and was contracted to the Club until June
2006. As a result of this agreement, the second half results will include a
write-off of the un-amortised balance of the original registration cost and
compensation to the player on termination. The total charge will be £5 million.
Barthez has been on loan to Olympique de Marseille since 1 January 2004.
Professor Sir Roland Smith
It was with great sadness that we learned of the death of Professor Sir Roland
Smith, who passed away last November. He was PLC Chairman from 1991 when the
Club floated on the Stock Exchange until his retirement in March 2002. Sir
Roland was instrumental in shaping the Club following flotation and one of the
main driving forces behind our success. The Board would like to publicly
reiterate its appreciation of his work.
The Outlook
Our four strategies for growing the business remain unchanged.
•The playing squad has been strengthened by the acquisition of Louis Saha
for £12.8 million from Fulham, the contract extension for Ruud Van
Nistelrooy and the pre-contract agreement with Liam Miller who will join us
from Celtic in July. In addition, we were delighted to secure the new
rolling contract with our Manager, Sir Alex Ferguson, in January. These
commitments are critical to the stability of our business and to maintaining
the playing success of our squad.
•The appointment of Andy Anson, as Commercial Director, will strengthen
the delivery of our brand based commercial strategy, which was boosted in
the period by the renewal of the Vodafone sponsorship. In addition, the Nike
partnership continues to create value, as exhibited by the successful launch
of the black away and white third strips.
•The development of our own media rights was enhanced by the new deal with
Getty Pictures to distribute exclusive images from Old Trafford and by the
increase in subscribers to our broadband service mu.tv to 10,000 (4,500 at
July 2003).
•In converting fans to customers we signed up 175,000 fans to the new One
United membership annual scheme and currently provide over 100,000 fans with
MU Finance services. In addition, we are delighted to be able to return to
the USA in July 2004 for another 3 game tour.
Possible Stadium Expansion
Old Trafford continues to attract capacity crowds and we have been looking at
ways to provide access for more of our fans. We are today outlining plans,
subject to planning permission, technical development and Board approval, of
construction contracts to develop the North East and North West Quadrants of the
stadium. This will not only increase the overall capacity of the stadium to
75,000, but also increase the range and quantity of the hospitality and
executive facilities (adding an estimated 3,000 square metres of hospitality
capacity) for use on matchdays and non matchdays. If it proceeds, this project
will cost up to £45 million and take two years to complete. The earliest that
the new facilities are likely to be available is for the 2006/7 season, but we
do not anticipate any disruption to the current capacity during this time.
Offer period
Both Cubic Expression Company Limited ('Cubic') and the Malcolm I Glazer Family
Limited Partnership ('Glazer') have recently increased their shareholdings in
the Company. As at 29 March 2004, Cubic held 28.89% and Glazer held 16.69% of
the issued share capital of the Company. Glazer released an announcement on 16
February 2004 that put the Company into an 'offer period' as defined in the City
Code on Takeovers and Mergers. I wrote to shareholders on this matter on 17
February 2004. The Board can confirm that, as at 29 March 2004, it had not
received any approach by either of these major shareholders or indeed from any
other party regarding a possible takeover offer for the Company.
We are committed to maintaining constructive relationships with all our
shareholders and will continue to respond to any concerns or issues that may
arise.
Building on our success to date, and with the continued support from our
manager, players, staff and business partners alike, the Board and I remain
confident that Manchester United remains on track to continue delivering strong
performance both on and off the field.
Sir Roy Gardner
Chairman
MANCHESTER UNITED PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
12 months
Notes 6 months to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
Turnover: Group and
share of joint
venture 93,673 93,475 174,936
Less: Share of
joint venture (1,257) (901) (1,935)
Group turnover 2 92,416 92,574 173,001
Operating expenses
- other 3 (66,516) (72,162) (144,033)
Operating expenses
- exceptional costs 4 - - (2,197)
Total operating
expenses (66,516) (72,162) (146,230)
EBITDA * 39,725 34,590 55,072
Depreciation (3,266) (3,462) (7,283)
Amortisation (10,559) (10,716) (21,018)
Group operating
profit 25,900 20,412 26,771
Share of operating
profit/(loss) in:
- Joint venture (92) (282) (407)
- Associates (4) 26 (47)
Total operating
profit: Group and
share of joint
venture and
associates 25,804 20,156 26,317
Profit on disposal
of associate 63 - 409
Profit on disposal
of players 530 170 12,935
Profit before
interest and
taxation 26,397 20,326 39,661
Net interest
receivable/(payable) 430 (55) (316)
Profit on ordinary
activities before
taxation 26,827 20,271 39,345
Taxation 5 (8,160) (6,288) (9,564)
Profit for the
period 18,667 13,983 29,781
Dividends 6 (3,277) (1,740) (10,391)
Retained profit for
the period 16 15,390 12,243 19,390
Basic earnings per
share (pence) 7 7.2 5.4 11.5
Basic adjusted
earnings per share
(pence) 7 9.9 8.2 14.3
Diluted earnings
per share (pence) 7 7.1 5.4 11.5
Diluted adjusted
earnings per share
(pence) 7 9.8 8.2 14.3
There were no recognised gains and losses other than stated above and therefore
no statement of recognised gains and losses has been presented.
*Earnings before interest, tax, depreciation and amortisation of intangible
fixed assets.
MANCHESTER UNITED PLC
CONSOLIDATED BALANCE SHEET
Notes 31 January 31 July
2004 2003 2003
Restated Restated
£'000 £'000 £'000
Fixed assets
Intangible
assets 8 80,371 73,429 55,299
Tangible
assets 121,548 126,639 125,526
Investments 1,185 1,212 1,189
203,104 201,280 182,014
Current assets
Stocks 242 225 208
Debtors -
amounts
falling due
within one
year 9 34,657 18,676 30,756
Debtors -
amounts
falling due
after more
than one year 9 3,818 12,904 13,219
Intangible
asset held for
resale - - 11,941
Cash at bank
and in hand 23,496 3,789 28,576
62,213 35,594 84,700
Creditors -
amounts
falling due
within one
year 10 (36,819) (44,552) (50,202)
Net current
assets/(liabilities) 25,394 (8,958) 34,498
Total assets
less current
liabilities 228,498 192,322 216,512
Creditors -
amounts
falling due
after one year 11 (5,929) (927) (2,391)
Provision for
liabilities and
charges
Deferred
taxation (5,593) (5,362) (5,506)
Investment in joint
venture:
- Share of
gross assets 390 453 375
- Share of
gross
liabilities (4,735) (4,156) (4,641)
(4,345) (3,703) (4,266)
Accruals and
deferred
income (36,691) (33,163) (47,931)
Net assets 175,940 149,167 156,418
Capital and
reserves
Share capital 15 26,218 25,977 25,977
Share Premium
account 16 4,002 - -
Other reserves 16 600 500 500
Profit and
loss account 16 145,120 122,690 129,941
Equity
shareholders'
funds 17 175,940 149,167 156,418
MANCHESTER UNITED PLC
CONSOLIDATED CASHFLOW STATEMENT
Notes 6 months 12 months
to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
Net cash inflow from
operating activities 19,598 17,888 57,939
Returns on investments and
servicing of finance
Interest received 516 84 316
Interest paid (29) (92) (167)
Net cash
inflow/(outflow) from
returns on 487 (8) 149
investments and servicing
of finance
Taxation paid (8,107) (6,488) (10,602)
Capital expenditure and
financial investment
Proceeds from disposal
of players'
registrations 13 16,854 4,073 11,122
Purchase of players'
registrations 13 (29,766) (3,102) (18,983)
Sale of tangible fixed
assets 2,059 987 2,235
Purchase of tangible
fixed assets (1,650) (3,481) (6,425)
Net cash outflow from
capital expenditure
and financial
investment (12,503) (1,523) (12,051)
Acquisitions and
disposals
Proceeds from sale of
investment in associated
company 63 - 962
Net cash inflow from
acquisitions and
disposals 63 - 962
Equity dividends paid (8,650) (6,390) (8,131)
Cash (outflow)/inflow
before management of
liquid resources and
financing (9,112) 3,479 28,266
Financing
Issue of ordinary share
capital 4,243 - -
Purchase of shares held
through ESOP trust (211) (623) (623)
Net cash
inflow/(outflow) from
financing 4,032 (623) (623)
(Decrease)/increase in
cash in the period 12 (5,080) 2,856 27,643
Reconciliation of operating profit to net cash
inflow from operating activities
Net cash generated from
operating activities
Operating profit 25,900 20,412 26,771
Depreciation charges 3,266 3,462 7,283
Amortisation of players'
registrations 10,559 10,716 21,018
Credit in relation to
long-term incentive
awards - 104 208
Profit on disposal of
tangible fixed assets (244) (226) (691)
Grants released (78) (92) (183)
Increase in stocks (34) (29) (12)
Decrease/(increase) in
debtors 398 (2,608) (5,357)
(Decrease)/increase in
creditors and deferred
income (20,169) (13,851) 8,902
Net cash inflow from
operating activities 19,598 17,888 57,939
MANCHESTER UNITED PLC
NOTES TO THE INTERIM RESULTS
1 Accounting policies
Other than as noted below, the interim results have been prepared on the
same basis and using the same accounting policies as those used in the
preparation of the full year's accounts to 31 July 2003.
The Group has adopted the accounting treatment required by UITF abstract 38
'Accounting for ESOP trusts'. As a result, the corresponding balance sheet
amounts have been restated to reclassify the Company's own shares as a
deduction in arriving at shareholders funds. Reserves for the prior periods
have been reduced by £415,000 to reflect this change (notes 16 and 17). The
Company has also adopted the requirements of UITF abstract 17 (revised 2003)
in relation to employee share schemes. This has not had any effect on the
profit and loss account in the current or prior periods.
2 Turnover
6 months 12 months
to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
Match day 36,317 42,906 70,593
Media 33,359 26,862 56,218
Commercial 22,740 22,806 46,190
92,416 92,574 173,001
3 Operating expenses - other
6 months 12 months
to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
Operations excluding
player amortisation
Staff costs 37,730 39,658 79,517
Depreciation 3,266 3,462 7,283
Other operating 14,961 18,326 36,215
charges
55,957 61,446 123,015
Player amortisation
Other operating 10,559 10,716 21,018
charges - amortisation
of players'
registrations
66,516 72,162 144,033
4 Operating expenses -
exceptional costs
6 months 12 months
to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
OFT enquiry into price - - 1,693
fixing of replica football
kit
Share of deficit on - - 504
Football League Pension
and Life Assurance
Scheme
- - 2,197
5 Taxation
The charge for taxation at 30.4 per cent is based on the estimated effective
rate for the year as a whole.
6 Dividends
6 months 12 months
to 31 January to 31 July
2004 2003 2003
£'000 £'000 £'000
Interim of 1.25 pence 3,277 1,740 1,740
per share (2003 - 0.67
pence per share)
2003 final of 1.83 - - 4,755
pence per share
2003 special dividend of - - 3,896
1.50 pence per share
3,277 1,740 10,391
Shareholders are advised that the shares will go ex-dividend on 7 April 2004
and the dividend will be paid on 14 May 2004 to those registered on
13 April 2004.
7 Earnings per share
The calculation of basic earnings per share is based on the profit for the
period divided by the weighted average number of shares in issue, being
259,985,047 shares (period to 31 January 2003 - 259,391,397 shares, year
to 31 July 2003 - 259,276,711 shares).
The calculation of diluted earnings per share is based on the profit for the
period divided by the weighted average number of shares in issue, adjusted
for the dilutive effect of outstanding Share Awards, being 261,401,645
shares. Share awards outstanding at 31 January 2003 and 31 July 2003 had no
dilutive effect on the stated earnings per share.
An adjusted earnings per share figure has also been calculated in order to
allow the shareholders to gain a clearer understanding of the trading
performance of the Group. Details of the adjusted earnings per share are set
out below.
6 months 12 months
to 31 January to 31 July
2004 2003 2003
Earnings Basic Diluted Earnings Basic Earnings Basic
after tax earnings earning after and after and
per per tax diluted tax diluted
share share earnings earnings
per per
share share
£,000 p p £,000 p £,000 p
Earnings/
earnings per
share 18,667 7.2 7.1 13,983 5.4 29,781 11.5
Exceptional
costs - - - - - 1,538 0.6
Amortisation of
players'
registrations 7,391 2.8 2.8 7,501 2.9 14,713 5.7
Profit on disposal
of players'
registrations (371) (0.1) (0.1) (119) (0.1) (9,055) (3.5)
Adjusted
earnings per
share 25,687 9.9 9.8 21,365 8.2 36,977 14.3
8 Intangible fixed assets
Total
£'000
Cost of players'
registrations
At 1 August 2003 89,299
Additions 35,631
At 31 January 2004 124,930
Amortisation of players'
registrations
At 1 August 2003 34,000
Charge for the period 10,559
At 31 January 2004 44,559
Net book value of
players' registrations
At 31 January 2004 80,371
At 31 July 2003 55,299
9 Debtors
31 January 31 July
2004 2003 2003
£'000 £'000 £'000
Amounts falling due
within one year
Trade debtors 19,437 5,674 14,255
Other debtors 380 919 306
Prepayments and accrued income 14,840 12,083 16,195
34,657 18,676 30,756
Amounts falling due after more than
one year
Trade debtors 3,033 11,819 12,284
Other debtors 785 1,085 935
3,818 12,904 13,219
38,475 31,580 43,975
Trade debtors due within one year include transfer fees of £15,576,000
(31 January 2003 £1,150,000, 31 July 2003 £11,413,000) due from other
football clubs and includes £9,301,000 (31 January 2003 and
31 July 2003 £nil) due from SS Lazio relating to the sale of Jaap Stam.
Trade debtors due after more than one year include transfer fees of
£2,849,000 (31 January 2003 £11,819,000, 31 July 2003 £11,985,000) due from
other football clubs and includes £2,699,000 (31 January 2003 £11,819,000,
31 July 2003 £11,819,000) due from SS Lazio relating to the sale of Jaap
Stam.
31 January 31 July
2004 2003 2003
£'000 £'000 £'000
10 Creditors - Amounts falling due
within one year
Trade creditors 10,193 18,397 12,579
Corporation tax 8,482 9,498 8,516
Social security and
other taxes 2,075 5,164 8,690
Other creditors - pensions 266 260 277
Dividends proposed 3,277 1,740 8,650
Accruals 12,526 9,493 11,490
36,819 44,552 50,202
Trade creditors include transfer fees of £6,160,000 (31 January 2003
£13,000,000, 31 July 2003 £6,069,000) payable to other football clubs.
11 Creditors - Amounts falling due
after more than one year
Trade creditors 5,169 - 1,500
Other creditors - pensions 760 927 891
5,929 927 2,391
Trade creditors include transfer fees of £3,419,000 (31 January 2003 £nil,
31 July 2003 £nil) payable to other football clubs.
12 Reconciliation of net cash flow to
movement in net funds
(Decrease)/increase in
cash in the period (5,080) 2,856 27,643
Opening net funds 28,576 933 933
Closing net funds 23,496 3,789 28,576
13 Net cash outflow from (purchase)/sale
of player registrations in the period
ended 31 January 2004
Total
£'000
Beckham 11,075
Veron 5,122
Yorke 500
Others 157
Proceeds from disposal of players' registrations 16,854
Ronaldo (5,161)
Kleberson (5,530)
Bellion (2,205)
Djemba Djemba (1,209)
Ferdinand (2,400)
Saha (12,075)
Others (1,186)
Purchase of players' registrations (29,766)
Net cash outflow from player registrations (12,912)
14 Analysis of changes in net funds
At 1 August Cash At 31 January
2003 flows 2004
£'000 £'000 £'000
Cash at bank and in hand 28,576 (5,080) 23,496
15 Share capital
31 January 31 July
2004 2003 2003
£'000 £'000 £'000
Authorised:
350,000,000
ordinary
shares of 10p
each 35,000 35,000 35,000
Allotted,
called up and
fully paid:
No' £'000 No' £'000 No' £'000
At 1 August 259,768,040 25,977 259,768,040 25,977 259,768,040 25,977
Shares issued
during the
period 2,411,456 241 - - - -
At end of
period 262,179,496 26,218 259,768,040 25,977 259,768,040 25,977
16 Reserves
Share Premium Other Profit
account reserve and loss
account
£'000 £'000 £'000
At 1 August
(as previously
stated) - 500 130,356
Prior year
adjustment
(note 1) - - (415)
As restated - 500 129,941
Retained
profit for
the period - - 15,390
Share of
increase in
joint venture
reserve - 100 -
Premium on
share
issues 4,002 - -
Consideration paid for purchase of
shares held by ESOP trust - - (211)
At 31 July 4,002 600 145,120
17 Reconciliation of movements
in shareholders' funds
31 January 31 July
2004 2003 2003
£'000 £'000 £'000
Profit for
the period 18,667 13,983 29,781
Consideration
paid for
purchase of
shares held
by ESOP trust (211) (623) (623)
Credit in relation to
long-term incentive
awards - 104 208
Dividends (3,277) (1,740) (10,391)
Issue of
Ordinary
Shares 4,243 - -
Share of
increase in
joint venture
reserve 100 - -
Net addition
to
shareholders'
funds 19,522 11,724 18,975
Opening
shareholders'
funds (as
restated) 156,418 137,443 137,443
Closing
shareholders'
funds 175,940 149,167 156,418
Shareholders funds at 31 July 2003 were originally £156,833,000 before
deducting a prior year adjustment of £415,000 (note 1).
18 Additional information
a. The financial information given does not constitute statutory accounts
within the meaning of Section 240(5) of the Companies Act 1985. The
financial information for the year ended 31 July 2003 is extracted from
the statutory accounts for the year then ended which have been delivered
to the Registrar of Companies. The audit report on these accounts was
unqualified and did not contain a statement under Section 237(2) or (3)
of the Companies Act 1995.
b. These results were announced to the London Stock Exchange on 30 March
2004 and will be posted on 2 April 2004 to all registered shareholders.
Copies will be available from the Company's registered office,
Sir Matt Busby Way, Old Trafford, Manchester, M16 0RA.
c. Shareholders have the opportunity to reinvest their cash dividend in
existing shares through a Dividend Reinvestment Plan. Enquiries
concerning the Plan should be addressed to the Plan Administrator,
Computershare Investor Services PLC, PO Box 82, The Pavilions,
Bridgwater Road, Bristol BS99 7NH, telephone number 0870-702-0000. In
respect of the forthcoming dividend, all applications to join the Plan
or to amend existing instructions under it must be received by the Plan
Administrator by 5.00 p.m. on 24 April 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
