Rolling 2013/14 Financials...

1st Quarter (Jul-Sep) results filed:

76.3 --> 98.5 Total revenue (+29.1%)

  1. 43.0 --> 59.9 Commercial revenue (+39.3%)
  2. 13.7 --> 19.3 Broadcasting revenue (+40.9%)
  3. 19.6 --> 19.3 Matchday revenue (-1.5)%

52.5 --> 83.6 Cash (59.2%)

Commercial revenue was up mostly for this:

- Sponsorship revenue for the quarter was £45.2 million, an increase of £17.4 million, or 62.6%, over the prior year quarter primarily due to a significant increase from the pre-season tour, higher renewals and the activation of new global and regional sponsorships.

Licensing was up a bit, but the significant increase there will come with the new deal which will hit in future fiscal years.

Broadcasting revenue up for the obvious reason we've talked about a lot in the past:

Broadcasting revenue for the quarter was £19.3 million, an increase of £5.6 million, or 40.9%, over the prior year quarter, due to increased revenue from the Premier League domestic and international rights agreements, one additional live Premier League game compared to the prior year quarter, and increases in share of UEFA Champions League fixed pool distributions as we finished 1st in the Premier League in season 2012/13 compared to 2nd in the 2011/12 season.

Broadcasting revenue will increase significantly as the fiscal year goes on because very few EPL games were played in the 1st Qtr (Jul-Sep) in contrast to how many will in the balance of the FY (Oct-Jun). A 40.9% increase in Broadcasting Revenue from last season would drive it from 101.6M to 143.2M. That 40.9% is a quick and dirty. It could be more if we get to the QF in CL, which is one round deeper. Could be a bit less. But we were generally talking about 30M/40M in growth of TV revenue, and that appears to be reasonable now that we're starting to see the TV money roll in. Might be conservative in fact.


Net finance costs for the quarter were £9.8 million, a decrease of £2.6 million, or 21.0%, over the prior year quarter. The decrease was primarily due to a £4.1 million reduction in interest payable on our secured borrowings and a £7.8 million reduction in premium paid and accelerated amortization related to the senior secured note repurchases in the prior year quarter; partially offset by a £7.6 million gain on re-translation of our US dollar borrowings in the prior year quarter.

6.3M --> 9.3M Operating profit
-6.1M --> -0.5M Loss Before Tax
20.5M --> -0.3M Net Profit

The net profit last year was due to all those tax credits crammed into the books last year, 26.5M in the first quarter alone. The shift in the Operating Profit to Loss Before Tax is the financing costs.

Pretty much the expected growth.

Operating expenses are up, and if you read between the lines, a full quarter of RVP's wages (as opposed to just 1 month), along with other wage increases and pre-season travel making up the largest chunk of it.

Anyway... good quarter.

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