CTP N.V. announces Moody's Ratings affirmed CTP's Baa3 rating, outlook changed to positive
AMSTERDAM--(BUSINESS WIRE)--Regulatory News:
CTP N.V. ('CTP', 'the Group' or the 'Company'), Europe's largest listed owner, developer and manager of logistics and industrial real estate by gross lettable area, announces that Moody's Ratings ('Moody's') has affirmed its Baa3 long-term issuer rating and senior unsecured rating of CTP. The outlook changes from stable to positive.
The positive change of the outlook reflects CTP's strong and resilient business profile and robust occupier demand. In Q1-2025, CTP signed 24% more leases than in the same period last year at an average 3% higher rents. The CEE region benefits from long-term secular demand drivers, like nearshoring – which is further accelerated by increasing trade tariffs – strong growth in purchasing power and e-commerce, and continued professionalization of supply chains.
The positive outlook is also a testament to CTP's robust capital structure and disciplined financial policy. Thanks to the Group's long-term track record of achieving an industry leading YoC of over 10% and high spread compared to the Group's marginal cost of debt, each euro that CTP invests in its pipeline actually deleverages and improves the Group's ICR and Net Debt to EBITDA. This allows CTP to grow at a 10-15% rate per annum, while maintaining leverage ratios, an attractive proposition for shareholders as well as bondholders. This further cements CTP's strong access to both capital markets and the loan markets, helping to preserve the Group's attractive average cost of debt.
Against this backdrop, the Group targets to deliver 1.2 to 1.7 million sqm of new GLA in 2025 at a pre-let ratio of 80-90% at delivery, consistent with CTP's track record. This is in line with CTP's target to deliver 10 – 15% new space per year, driving annual double digit NTA growth.
From the Moody's press release:
'The outlook change from stable to positive reflects CTP's enhanced business profile, consistent growth in operating performance, and the potential for improved credit metrics over the next 12 to 24 months.
'We view CTP's business profile, noteworthy its absolute scale, market position and diversification as a key credit strength. CTP has developed a leading market position in the Central and Eastern European (CEE) light-industrial and logistics real estate markets that it has developed through a combination of acquisitions and own developments, with a strong foothold in core CEE markets plus a growing presence in Germany. CTP owns a well-performing asset portfolio that benefits from a diversified and good-credit-quality tenant base and ongoing structural demand drivers.
' The company has a strong track record in asset management and development projects on a very sizeable, largely owned landbank. CTP has delivered consistent growth of operating performance, driven by these development activities and further rental growth of its assets, with largely stable vacancy rates.'
Full Moody's press release on CTP ratings can be accessed here.
About CTP
CTP is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.4 million sqm of GLA across 10 countries as at 31 March 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP's corporate website: www.ctp.eu
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 hours ago
- Yahoo
India's Modi says he has received invitation for G7 summit in Canada
NEW DELHI (Reuters) -India's Prime Minister Narendra Modi said he looked forward to meeting his Canadian counterpart Mark Carney during the Group of Seven summit, after the latter invited him to the gathering over a phone call on Friday. India is not a part of the grouping but can be invited as a guest to its annual gathering, which will be held this year in Kananaskis in the Canadian province of Alberta, from June 15 to 17. "Glad to receive a call from Prime Minister (Carney)...thanked him for the invitation to the G7 Summit in Kananaskis later this forward to our meeting at the Summit," Modi said in a post on X. The invitation suggests that both sides want to rebuild ties, which have nosedived in the last two years after Canada accused India of involvement undefined in a Sikh separatist leader's murder, and of attempting to interfere in the country's 2019 and 2021 elections. New Delhi denied both allegations. Modi also stated in his post that India and Canada would work together "with renewed vigour, guided by mutual respect and shared interests". India is Canada's 10th largest trading partner and Canada is the biggest exporter of pulses, including lentils, to India. Ottawa holds the rotational G7 presidency this year.
Yahoo
13 hours ago
- Yahoo
Jim Cramer Slams U.S. Stock Market For 'Hideously Underperforming' In Comparison To European Exchanges
The U.S. has some of the world's most well-known and profitable stock exchanges, but they aren't the only game in town. Many nations have well-run, lucrative stock exchanges that offer compelling investment opportunities. Some are making investors so much money that CNBC's Jim Cramer recently slammed U.S. exchanges for "hideously underperforming" compared to their rivals. Is this the beginning of a global shift or just a blip on the radar? "The money keeps going into these European stocks, and it's rather amazing,"Cramer told CNBC's "Squawk on the Street." The recent trend of high-performing European exchanges traces back to President Donald Trump's tariffs, which have roiled America's stock and bond markets. According to CNBC, Germany's DAX is up 19% this year. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest where it hurts — and help millions heal:. By contrast, CNBC noted that the S&P 500 is only up 1% in 2025. That doesn't necessarily mean it's time to abandon the S&P 500. No one can deny it has delivered incredible returns for investors, especially over the last decade. However, the index's strengths conceal a big potential weakness. The S&P 500's gains have mostly been in the tech sector, which dominates the Magnificent Seven stocks at the top of the index. The tech sector depends heavily on components and raw materials from China, and those products are now subject to the Trump administration's tariffs. Although negotiations between Trump and President Xi Jinping are ongoing, the uncertainty surrounding the long-term picture has rattled investor confidence in the U.S. tech sector. The uncertainty surrounding big tech is not the only headwind for U.S. stocks. U.S. debt is also a concern for global investors and credit ratings agencies. Moody's downgraded U.S. credit rating only a few hours after Trump proposed a 50% tariff on EU goods. That coincided with a jump in bond yields, which caused investors worldwide to cool on the U.S. market. Trending: Maximize saving for your retirement and cut down on taxes: . Adverse market conditions and instability are not unique experiences on U.S. exchanges. They've happened before, but investors tended to hedge their bets by making commodities trades or alternative investments on U.S.-based exchanges. The game is very different now, and ironically, much of the change is due to big tech's influence on global commerce. Investing on foreign exchanges used to be complicated. Now, all it takes is an internet connection and a few clicks on a mobile phone or computer. "What's happening that didn't happen then is there is an alternative," said Cramer. Increasingly, investors are turning to Europe. CNBC notes that many European stocks offer better price-to-value ratios and stronger returns. That's in addition to the ECB's more investor-friendly interest rate policy. It's not just individual investors moving their money to Europe. CNBC also sighted research from investment firm KKR (NYSE:KKR), which said, "Many [chief investment officers] are considering moving assets out of the United States towards other parts of the world." The fact that large institutional investors are also moving their money to Europe means it's more than just a question of offers solid options if you're an investor searching for an alternative to U.S. exchanges. Cramer believes Europe is "safer and more predictable" and says it "can continue to climb given the momentum." Despite that, the recent productivity in the European markets doesn't necessarily mean a permanent power shift is in the cards. CNBC noted that the U.S. market is still twice as large as Europe's, and still has quality options for investors. It may seem counterintuitive, but moments of market instability often carry the best opportunities for investors to buy stocks with upside at a discounted price. Despite his criticism, Cramer still believes in the U.S. market and its long-term potential. "There are tons of stocks I would like to buy if the prices come down," he said. Read Next: Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? KKR (KKR): Free Stock Analysis Report This article Jim Cramer Slams U.S. Stock Market For 'Hideously Underperforming' In Comparison To European Exchanges originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
18 hours ago
- Business Wire
Manchester United Plc Reports Third Quarter Fiscal 2025 Results
MANCHESTER, England--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the 'Company,' the 'Group' and the 'Club') today announced financial results for the 2025 fiscal third quarter ended 31 March 2025. Management Commentary Omar Berrada, Chief Executive Officer, commented, 'We were proud to reach the final of the UEFA Europa League, but ultimately, we were disappointed to finish as runner-up in Bilbao. We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season. We have been pleased with the performance of our women's team, with a third placed league finish, enabling us to qualify for the UEFA Champions League and once again reaching the FA Cup Final. We followed this by reaching the final of the inaugural World Sevens Series. We extended the contract of Head Coach, Marc Skinner, reflecting the excellent work he has done with the team this season. 'We remain focused on infrastructure, with the redevelopment of our Carrington Training Complex continuing and on track, which will be the heart of our club, providing world class facilities for all our teams and our staff. We have also announced our aspiration to pursue a new 100,000 seat stadium, sitting at the heart of the regeneration of the Old Trafford area, which would be a catalyst for growth and investment in our local community. We are continuing to work with all the relevant stakeholders, including central Government, to support their vision for growth.' Outlook For fiscal 2025, the Company tightens its revenue guidance to £660m to £670m and expects to be at the higher end of this range. The Company also raises its Adjusted EBITDA guidance to between £180 million and £190 million. The club remains committed to, and in compliance with, both the Premier League's Profit and Sustainability Rules and UEFA's Financial Fair Play Regulations. Key Financials (unaudited) (1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See 'Non-IFRS Measures: Definitions and Use' on page 6 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group's financial condition and results of operations. (2) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2025 was £210.0 million and total current borrowings including accrued interest payable was £212.3 million. Expand Revenue Analysis Commercial Commercial revenue for the quarter was £74.7 million, an increase of £5.1 million, or 7.3%, over the prior year quarter. Sponsorship revenue was £42.5 million, an increase of £1.8 million, or 4.4%, over the prior year quarter, primarily due to the new Qualcomm front of shirt sponsorship agreement, partially offset by other changes in our commercial agreements. Retail, Merchandising, Apparel & Product Licensing revenue was £32.2 million, an increase of £3.3 million, or 11.4%, over the prior year quarter, primarily due to the launch of our new e-commerce model in partnership with SCAYLE. Broadcasting Broadcasting revenue for the quarter was £41.3 million, an increase of £3.8 million, or 10.1%, over the prior year quarter, primarily due to the men's first team playing 4 additional matches in UEFA competitions in the current year quarter, partially offset by 1 less match played in domestic cup competitions versus the prior year quarter. Matchday Matchday revenue for the quarter was £44.5 million, an increase of £14.9 million, or 50.3%, over the prior year quarter, due to playing 4 more home matches compared to the prior year quarter, alongside strong demand for our hospitality offering. Other Financial Information Operating expenses Total operating expenses for the quarter were £162.1 million, a decrease of £41.6 million, or 20.4%, over the prior year quarter. Employee benefit expenses Employee benefit expenses for the quarter were £71.2 million, a decrease of £20.0 million, or 21.9%, over the prior year quarter. This is primarily due to the impact of transactions made during the January transfer window, the men's first team participating in the UEFA Europa League rather than the UEFA Champions League in the prior year and reduced non-playing staff costs as a result of the club's restructuring process. Other operating expenses Other operating expenses for the quarter were £38.1 million, an increase of £6.3 million, or 19.8%, over the prior year quarter. This is primarily due to increased matchday costs associated with playing 4 more home games in the quarter, compared to the prior year quarter and additional costs associated with our new e-commerce model, partially offset by a reduction in costs as a result of the company's focus on improving operating efficiency. Depreciation and amortization Depreciation for the quarter was £4.2 million, compared to £4.1 million in the prior year quarter. Amortization for the quarter was £45.9 million, a decrease of £0.4 million, or 0.9%, over the prior year quarter. The unamortized balance of registrations on 31 March 2025 was £513.7 million. Exceptional items Exceptional items for the quarter were a cost of £2.7 million, as a result of compensation for loss of office costs incurred in relation to the restructuring of the club's operations. Exceptional items for the prior year quarter were a cost of £30.3 million. This comprised costs incurred in relation to the sale of 27.7% of the Group's voting rights to Trawlers Limited, an entity wholly owned by Sir Jim Ratcliffe. These voting rights have been subsequently transferred from Trawlers Limited to INEOS Limited. Profit on disposal of intangible assets Profit on disposal of intangible assets for the quarter was £2.3 million, compared to a profit of £0.8 million for the prior year quarter. Net finance costs Net finance costs for the quarter were £3.8 million, compared to £17.3 million in the prior year quarter. The movement was primarily driven by a favourable swing in foreign exchange rates in the current quarter (gain on re-translation of £7.3 million), compared to an unfavourable swing in foreign exchange rates in the prior year quarter (loss on re-translation of £2.6 million). Income tax The income tax credit for the quarter was £0.4 million, compared to a credit of £12.1 million in the prior year quarter. Cash flows Overall cash and cash equivalents (including the effects of exchange rate movements) decreased by £22.5 million in the quarter to 31 March 2025, compared to an increase of £4.2 million in the prior year quarter. Net cash inflow from operating activities for the quarter was £22.3 million, compared to a net cash outflow in the prior year quarter of £15.1 million. This is primarily due to increased matchday and broadcasting income compared to the prior year quarter, in addition to a reduced cost base, as described above. Net capital expenditure on property, plant and equipment for the quarter was £16.9 million, an increase of £13.9 million over the prior year quarter, due to the improvement works taking place to our Carrington training facility. Net capital expenditure on intangible assets for the quarter was £31.3 million, an increase of £15.5 million over the prior year quarter due to investment in the first team playing squad. Net cash outflow from financing activities for the quarter was £0.1 million, compared to a net cash inflow of £38.4 million in the prior year quarter. The prior year quarter saw £158.5 million of proceeds from the issue of shares as part of the transaction agreement with Trawlers Limited, partially offset by a £120.0 million repayment of our revolving facilities. Balance sheet Our USD non-current borrowings as of 31 March 2025 were $650 million, which was unchanged from 31 March 2024. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2632 at 31 March 2024 to 1.2913 at 31 March 2025, our non-current borrowings when converted to GBP were £500.9 million, compared to £511.3 million at the prior year quarter. In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2025 were £212.3 million compared to £143.0 million at 31 March 2024. As of 31 March 2025, cash and cash equivalents were £73.2 million compared to £67.0 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release. About Manchester United Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 147-year football heritage we have won 69 trophies, enabling us to develop what we believe is one of the world's leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club. Cautionary Statements This press release contains forward‑looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company's operations and business environment, all of which are difficult to predict and many are beyond the Company's control. These statements often include words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'seek,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue,' 'contemplate,' 'possible' or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the 'Risk Factors' section and elsewhere in the Company's Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company's Annual Report on Form 20-F (File No. 001-35627) as supplemented by the risk factors contained in the Company's other filings with the Securities and Exchange Commission. Non-IFRS Measures: Definitions and Use 1. Adjusted EBITDA Adjusted EBITDA is defined as loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs and tax. Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit on disposal of intangible assets and exceptional items), capital structure (primarily finance costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of loss for the period to adjusted EBITDA is presented in supplemental note 2. 2. Adjusted loss for the period (i.e. adjusted net loss) Adjusted loss for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on a normalized tax rate of 21%; 2024: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate. In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a 'normalized' tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2024: 21%) applicable during the financial year. A reconciliation of loss for the period to adjusted loss for the period is presented in supplemental note 3. 3. Adjusted basic and diluted loss per share Adjusted basic and diluted loss per share are calculated by dividing the adjusted loss for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the 'Equity Plan'). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year. Adjusted basic and diluted loss per share are presented in supplemental note 3. (1) For the three and nine months ended 31 March 2025 and the three and nine months ended 31 March 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded. Expand CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands) As of 31 March 2025 30 June 2024 31 March 2024 ASSETS Non-current assets Property, plant and equipment 280,008 256,118 254,908 Right-of-use assets 7,394 8,195 7,913 Investment properties 19,503 19,713 19,783 Intangible assets 942,507 837,564 877,283 Deferred tax assets 25,336 17,607 11,010 Trade receivables 47,679 27,930 24,694 Derivative financial instruments 191 380 667 1,322,618 1,167,507 1,196,258 Current assets Inventories 12,003 3,543 3,757 Prepayments 19,460 18,759 17,235 Contract assets – accrued revenue 40,882 39,778 53,887 Trade receivables 123,122 36,999 37,673 Other receivables 1,696 2,735 1,835 Derivative financial instruments 21 1,917 1,539 Cash and cash equivalents 73,211 73,549 66,994 270,395 177,280 182,920 Total assets 1,593,013 1,344,787 1,379,178 Expand CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands) As of 31 March 2025 30 June 2024 31 March 2024 EQUITY AND LIABILITIES Equity Share capital 56 55 55 Share premium 307,345 227,361 227,361 Treasury shares (21,305) (21,305) (21,305) Merger reserve 249,030 249,030 249,030 Hedging reserve (550) (1,000) (308) Accumulated losses (337,161) (309,251) (271,628) 197,415 144,890 183,205 Non-current liabilities Contract liabilities - deferred revenue 6,234 5,347 6,834 Trade and other payables 181,866 175,894 188,581 Borrowings 500,883 511,047 511,296 Lease liabilities 7,752 7,707 7,603 Derivative financial instruments 3,272 4,911 3,648 700,007 704,906 717,962 Current liabilities Contract liabilities - deferred revenue 171,472 198,628 102,643 Trade and other payables 298,435 249,030 218,042 Income tax liabilities 1,022 427 851 Borrowings 212,318 35,574 142,960 Lease liabilities 836 934 730 Derivative financial instruments 4,333 2,603 1,830 Provisions 7,175 7,795 10,955 695,591 494,991 478,011 Total equity and liabilities 1,593,013 1,344,787 1,379,178 Expand CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands) Three months ended 31 March Nine months ended 31 March 2025 2024 2025 2024 Cash flows from operating activities Cash generated from/(used in) operations (see supplemental Note 4) 34,767 (2,584 ) 2,168 (14,725 ) Interest paid (12,952 ) (13,082 ) (31,723 ) (31,838 ) Interest received 667 281 2,423 853 Tax (paid)/refunded (165 ) 268 (464 ) 5,524 Net cash inflow/(outflow) from operating activities 22,317 (15,117 ) (27,596 ) (40,186 ) Cash flows from investing activities Payments for property, plant and equipment (16,856 ) (3,109 ) (34,091 ) (14,949 ) Payments for intangible assets (36,063 ) (18,453 ) (239,720 ) (186,395 ) Proceeds from sale of intangible assets 4,803 2,684 44,141 36,266 Net cash outflow from investing activities (48,116 ) (18,878 ) (229,670 ) (165,078 ) Cash flows from financing activities Proceeds from issue of shares - 158,542 79,985 158,542 Proceeds from borrowings 30,000 - 230,000 160,000 Repayment of borrowings (30,000 ) (120,000 ) (50,000 ) (120,000 ) Principal elements of lease payments (102 ) (180 ) (293 ) (680 ) Net cash (outflow)/inflow from financing activities (102 ) 38,362 259,692 197,862 Effects of exchange rate movements on cash and cash equivalents 3,570 (182 ) (2,764 ) (1,623 ) Net (decrease)/increase in cash and cash equivalents (22,331 ) 4,185 (338 ) (9,025 ) Cash and cash equivalents at beginning of period 95,542 62,809 73,549 76,019 Cash and cash equivalents at end of period 73,211 66,994 73,211 66,994 Expand SUPPLEMENTAL NOTES 1 General information Manchester United plc (the 'Company') and its subsidiaries (together the 'Group') is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands. 2 Reconciliation of loss for the period to adjusted EBITDA 3 Reconciliation of loss for the period to adjusted loss for the period and adjusted basic and diluted loss per share Three months ended 31 March Nine months ended 31 March 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Adjustments: Exceptional items 2,658 30,340 25,833 39,935 Foreign exchange (gains)/losses on unhedged US dollar denominated borrowings (7,285 ) 2,641 (8,033 ) 3,062 Fair value movement on embedded foreign exchange derivatives 348 (777 ) 2,079 8,332 Income tax credit (347 ) (12,069 ) (6,820 ) (12,271 ) Adjusted loss before income tax (7,336 ) (51,365 ) (16,067 ) (37,825 ) Adjusted income tax credit (using a normalized tax rate of 21% (2024: 21%)) 1,834 10,787 4,017 7,943 Adjusted loss for the period (i.e. adjusted net loss) (5,502 ) (40,578 ) (12,050 ) (29,882 ) Adjusted basic loss per share: Adjusted loss per share (pence) (3.19 ) (24.47 ) (7.07 ) (18.22 ) Weighted average number of ordinary shares used as the denominator in calculating adjusted basic loss per share (thousands) 172,353 165,823 170,459 164,040 Adjusted diluted loss per share: Adjusted diluted loss per share (pence) (1) (3.19 ) (24.47 ) (7.07 ) (18.22 ) Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted loss per share (thousands) (1) 172,353 165,823 170,459 164,040 Expand (1) For the three and nine months ended 31 March 2025 and the three and nine months ended 31 March 2024, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded. Expand 4 Cash generated from operations Three months ended 31 March Nine months ended 31 March 2025 £'000 2024 £'000 2025 £'000 2024 £'000 Loss for the period (2,710 ) (71,500 ) (29,126 ) (76,883 ) Income tax credit (347 ) (12,069 ) (6,820 ) (12,271 ) Loss before income tax (3,057 ) (83,569 ) (35,946 ) (89,154 ) Adjustments for: Depreciation 4,254 4,144 12,803 12,399 Amortization 45,867 46,262 148,560 143,602 Profit on disposal of intangible assets (2,271 ) (790 ) (38,662 ) (30,670 ) Net finance costs 3,764 17,320 32,731 52,214 Non-cash employee benefit expense – equity-settled share-based payments 419 431 1,216 1,907 Foreign exchange losses on operating activities 2,883 411 2,731 888 Reclassified from hedging reserve (1,067 ) 2 1,876 - Changes in working capital: Inventories 1,420 267 (8,460 ) (592 ) Prepayments 7,806 9,522 (1,607 ) (1,311 ) Contract assets – accrued revenue 18,965 7,932 (1,104 ) (10,555 ) Trade receivables (38,112 ) 41,849 (87,355 ) (2,506 ) Other receivables 326 230 1,039 8,093 Contract liabilities – deferred revenue 7,836 (48,225 ) (26,269 ) (66,806 ) Trade and other payables (13,876 ) 1,980 1,044 (29,859 ) Provisions (390 ) (350 ) (429 ) (2,375 ) Cash generated from/(used in) operations 34,767 (2,584 ) 2,168 (14,725 ) Expand
