08:46 AM EDT, 09/11/2024 (MT Newswires) -- Manchester United ( MANU ) reported a wider fiscal fourth-quarter loss on Wednesday amid revenue declines in two of its three reportable segments, while the British soccer club expects its restructuring initiatives to impact results in fiscal 2025.

The franchise posted an adjusted loss of about 0.16 pound ($0.21) a share for the quarter ended June 30, compared with 0.06 pound the year before. Overall revenue fell 15% to 142.2 million pounds. Manchester United's ( MANU ) New York Stock Exchange-listed shares slipped 3.1% in premarket activity.

Revenue from broadcasting dropped 41% to 38.4 million pounds due to the men's first team finishing eighth in the English Premier League in the 2023-2024 season, as well as playing five fewer matches versus the prior-year period. Matchday revenue decreased 7.9% to 32.6 million pounds amid two fewer home matches in the quarter. Commercial revenue improved 5.6% to 71.2 million pounds.

Operating expenses widened to 181.4 million pounds from 173.2 million pounds year-over-year. "We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance," Chief Executive Omar Berrada said in a statement.

For fiscal 2025, the club anticipates to record revenue of 650 million pounds to 670 million pounds, while three analysts polled by Capital IQ expect 730.4 million pounds. In the prior fiscal year, the franchise logged a 2.1% increase in revenue to 661.8 million pounds.

Adjusted earnings before interest, taxes, depreciation and amortization is pegged at 145 million pounds to 160 million pounds for the fiscal year. The company's adjusted EBITDA declined 4.6% to 147.7 million pounds in fiscal 2024.

The full-year guidance "reflects a partial year impact of the transformative cost-savings and organizational changes that we have been busy implementing over the summer," according to Berrada.

Manchester United ( MANU ) said it launched an employee redundancy program in July that was completed last month and led to the elimination of 250 roles across all of its departments. The club expects to incur severance charges of about 10 million pounds from the headcount reductions. It projects to generate annualized cost savings of about 40 million pounds to 45 million pounds, before the 10 million pound-implementation costs, over its 2025 and 2026 fiscal years.

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