Manchester United plc (NYSE:MANU) Q1 2020 Earnings Conference Call - Final Transcript

Nov 18, 2019 • 08:00 am ET


Manchester United plc (NYSE:MANU) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Manchester United Earnings Conference Call. [Operator Instructions]

I will now turn the call over to Corinna Freedman, Head of Investor Relations for Manchester United.

Corinna Freedman

Thank you, operator. Good morning everyone and welcome to Manchester United's first quarter 2020 earnings call. A corresponding press release containing our financial results was issued earlier this morning and can be accessed on our IR website. Today's call is being recorded and webcast and a replay will also be available on our site for 30 days thereafter.

Before we begin, and as a matter of formality, we would like to remind everyone that this conference call will include estimates and forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such estimates or forward-looking statements should be considered in conjunction with the cautionary note included with our earnings release as well as various other risk factors, discussions in our prior filings with the SEC.

With us on the call today are Ed Woodward; our Executive Vice Chairman; Richard Arnold; our Group Managing Director; Cliff Baty, our Chief Financial Officer; and Hemen Tseayo, our Head of Corporate Finance.

I will now turn the conference call over to Executive Vice Chairman, Ed Woodward for his opening remarks.

Edward Woodward

Thank you, Corinna and thank you everyone for joining us today. It has been a short time since our Q4 and year-end update, so prepared remarks today will be relatively brief. Before Cliff and Richard talk about our financial and operational performance for the first quarter, I thought it would be useful to provide a statement regarding our goals, how we aim to achieve them, and the progress that we've made to-date. Our ultimate goal is to win trophies playing fast, fluid attacking football, with a team that fuses graduates from our Academy along with world-class acquisitions. We know this will not be achieved overnight, however, we've made investments across the club that we believe will set us on the right path.

Three capital needs from mainland. Firstly, over the last few years, we've significantly invested in our recruitment infrastructure to augment our already strong and experienced team who are working to a clear philosophy. This is demonstrated by the signing of Maguire, James and Wan-Bissaka who have all settled in well. We will continue to have strategy to promote the best players graduating from our Academy together with material investment in the coming summer to strengthen our young squad further and challenge for trophies. As a sign of investment in use for the future, we feel that the youngest team in the Premier League this season and our game against Brighton at an average age of under 24 years old.

Secondly, we've also made investments in our Academy across recruitment facilities, analytics and these investments are now beginning to bear fruit. Last season, we led the Premier League in the most, first team