Radiant Logic Wins Editor's Choice for Identity Security at the Global InfoSec Awards
SAN FRANCISCO--(BUSINESS WIRE)-- Radiant Logic, a leader in Identity Security Posture Management ('ISPM'), is proud to announce it was named Editor's Choice in Identity Security by the Global InfoSec Awards from Cyber Defense Magazine (CDM), the industry's leading electronic information security magazine.
'We're thrilled to receive this award and recognition from Global InfoSec for how we are helping organizations lay the proper data foundation to effectively drive their Identity-First Security Program,' said Dr. John Pritchard, CEO, Radiant Logic. 'This year's recognition in Identity Security helps solidify the work we have done to help enterprises gain visibility and control of their identity data and proactively identify and mitigate risks in real time.'
Radiant Logic continues to innovate in the identity security space by helping customers address the risk of identity sprawl, through enhanced integration, visibility, and intelligence across complex identity environments. In a landscape where identity data is often scattered and inconsistent, Radiant Logic unifies and streamlines identity information to give security teams a complete and accurate picture of who has access to what—across every system and application. This clarity enables faster threat detection, smarter access decisions, and stronger Zero Trust enforcement. Radiant's ability to make identity the backbone of modern security is what sets it apart as the trusted choice for the world's most complex organizations.
'We scoured the globe looking for cybersecurity innovators that could make a huge difference and potentially help turn the tide against the exponential growth in cybercrime. Radiant Logic is absolutely worthy of these coveted awards and consideration for deployment in your environment,' said Yan Ross, Global Editor of Cyber Defense Magazine.
About Radiant Logic
Radiant Logic, a leading Identity Security Posture Management (ISPM) software provider, unifies, analyzes, and secures an organization's entire identity ecosystem in real-time.
RadiantOne is the only data-driven platform that delivers identity hygiene at scale through the combination of identity data management, advanced analytics real-time observability and AI. By serving as the foundation of an organization's IAM program, RadiantOne unifies 100% of identity data—including legacy systems, cloud platforms, machine, and agentic identities—into a single authoritative source of truth. The platform also provides 360° observability with real-time risk assessments and leverages AI-powered remediation workflows to transform insights into actionable security outcomes.
We are trusted by the world's largest commercial and government organizations, to help them achieve measurable identity security improvements such as faster threat detection, streamlined compliance reporting, and reduced operational inefficiencies. Learn more at radiantlogic.com.
About Cyber Defense Magazine
Cyber Defense Magazine is the premier source of cyber security news and information for InfoSec professions in business and government. We are managed and published by and for ethical, honest, passionate information security professionals. Our mission is to share cutting-edge knowledge, real-world stories and awards on the best ideas, products, and services in the information technology industry. We deliver electronic magazines every month online for free, and special editions exclusively for the RSA Conferences. CDM is a proud member of the Cyber Defense Media Group. Learn more about us at https://www.cyberdefensemagazine.com and visit https://www.cyberdefensetv.com and https://www.cyberdefenseradio.com to see and hear some of the most informative interviews of many of these winning company executives. Join a webinar at https://www.cyberdefensewebinars.com and realize that infosec knowledge is power.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
an hour ago
- Associated Press
Province of Ontario identifies Marathon Project as Shovel-Ready Strategic Mineral Project for Investment
TORONTO--(BUSINESS WIRE)--Jun 6, 2025-- Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ( 'Gen Mining' or the 'Company' ) thanks the Province of Ontario for urging the federal government to invest in shovel-ready strategic mineral projects, including our Marathon Copper-Palladium Project (the 'Marathon Project'), that are critical to building a secure domestic supply chain. In connection with the ongoing dialogue between the Province of Ontario, the Government of Canada, and other provincial and territorial governments, on June 5, 2025, Ministers Stephen Lecce, Mike Harris, and Greg Rickford, and Associate Ministers Kevin Holland and Sam Oosterhoff of Ontario, issued an open letter to the federal Minister of Energy and Natural Resources, Tim Hodgson, identifying priority projects for Ontario, and remarked: 'Building on the investments in the Ring of Fire and the critical minerals supply chain we urge the federal government to invest in shovel-ready strategic mineral projects that are critical to building a secure, domestic supply chain including…Generation Mining's Marathon Project.' Jamie Levy, President and CEO, commented: 'I'd like to thank the Government of Ontario for their strong and ongoing support for the Marathon Project. We have maintained a very good relationship with the federal government throughout our environmental assessment and permitting process, and we continue to see strong indications of support from federal departments and agencies. Now that we are fully permitted for construction, the last hurdle is bringing together the necessary funding to build our mine and commence production. The Marathon Project promises to be a significant contributor to Canada's critical mineral supply chain, as well as the local, regional and national economies. We look forward to bringing this project to fruition with continued encouragement from the provincial and federal governments.' About the Company Gen Mining's focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square kilometers. Gen Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders. The Feasibility Study (the 'Technical Report') estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company's profile at or on the Company's website at Qualified Person The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects. Forward-Looking Information This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as 'forward-looking statements'). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'continues', 'forecasts', 'projects', 'predicts', 'intends', 'anticipates', 'targets' or 'believes', or variations of, or the negatives of, such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved, including statements relating to projected capital and operating costs (including the AISC); the timing and volume of payable metal production and revenues; and the economic analysis and results (including NPVs and payback periods).expand or alter potential mine pit designs; and the anticipated life of mine; mineral production estimates, payback period, and financial returns from the Marathon Project. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company's plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company's decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of mineral reserve and resource estimates, environmental compliance and changes in environmental legislation and regulation, the Company's relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company's annual information form for the year ended December 31, 2024, and in the continuous disclosure documents filed by the Company on SEDAR+ Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ View source version on CONTACT: For further information, please contact:Jamie Levy President and Chief Executive Officer (416) 640-2934 (O) (416) 567-2440 (M) [email protected]@ KEYWORD: NEVADA COLORADO IDAHO ARIZONA AFRICA AUSTRALIA/OCEANIA UNITED STATES CANADA NORTH AMERICA AUSTRALIA INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT NATURAL RESOURCES SUSTAINABILITY ENVIRONMENT STATE/LOCAL GREEN TECHNOLOGY OTHER NATURAL RESOURCES MINING/MINERALS SOURCE: Generation Mining Limited Copyright Business Wire 2025. PUB: 06/06/2025 07:00 AM/DISC: 06/06/2025 06:58 AM
Business Wire
an hour ago
- Business Wire
Province of Ontario identifies Marathon Project as Shovel-Ready Strategic Mineral Project for Investment
TORONTO--(BUSINESS WIRE)--Generation Mining Limited (TSX:GENM, OTCQB: GENMF) ('Gen Mining' or the 'Company') thanks the Province of Ontario for urging the federal government to invest in shovel-ready strategic mineral projects, including our Marathon Copper-Palladium Project (the 'Marathon Project'), that are critical to building a secure domestic supply chain. In connection with the ongoing dialogue between the Province of Ontario, the Government of Canada, and other provincial and territorial governments, on June 5, 2025, Ministers Stephen Lecce, Mike Harris, and Greg Rickford, and Associate Ministers Kevin Holland and Sam Oosterhoff of Ontario, issued an open letter to the federal Minister of Energy and Natural Resources, Tim Hodgson, identifying priority projects for Ontario, and remarked: 'Building on the investments in the Ring of Fire and the critical minerals supply chain we urge the federal government to invest in shovel-ready strategic mineral projects that are critical to building a secure, domestic supply chain including…Generation Mining's Marathon Project.' I'd like to thank the Government of Ontario for their strong and ongoing support for the Marathon Project. -- Jamie Levy, President and CEO Share Jamie Levy, President and CEO, commented: 'I'd like to thank the Government of Ontario for their strong and ongoing support for the Marathon Project. We have maintained a very good relationship with the federal government throughout our environmental assessment and permitting process, and we continue to see strong indications of support from federal departments and agencies. Now that we are fully permitted for construction, the last hurdle is bringing together the necessary funding to build our mine and commence production. The Marathon Project promises to be a significant contributor to Canada's critical mineral supply chain, as well as the local, regional and national economies. We look forward to bringing this project to fruition with continued encouragement from the provincial and federal governments.' About the Company Gen Mining's focus is the development of the Marathon Project, a large undeveloped copper-palladium deposit in Northwestern Ontario. The Marathon Property covers a land package of approximately 26,000 hectares, or 260 square kilometers. Gen Mining is dedicated to fostering a greener future by promoting sustainability, empowering communities, and delivering value to our stakeholders. The Feasibility Study (the 'Technical Report') estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. For more information, please review the Feasibility Study filed under the Company's profile at or on the Company's website at Qualified Person The scientific and technical content of this news release has been reviewed and approved by Daniel Janusauskas, Technical Services Manager of Generation PGM Inc., a wholly-owned subsidiary of the Company, and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects. Forward-Looking Information This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as 'forward-looking statements'). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'continues', 'forecasts', 'projects', 'predicts', 'intends', 'anticipates', 'targets' or 'believes', or variations of, or the negatives of, such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved, including statements relating to projected capital and operating costs (including the AISC); the timing and volume of payable metal production and revenues; and the economic analysis and results (including NPVs and payback periods).expand or alter potential mine pit designs; and the anticipated life of mine; mineral production estimates, payback period, and financial returns from the Marathon Project. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include the timing for a construction decision; the progress of development at the Marathon Project, including progress of project expenditures and contracting processes, the Company's plans and expectations with respect to liquidity management, continued availability of capital and financing, the future prices of palladium, copper and other commodities, permitting timelines, exchange rates and currency fluctuations, increases in costs, requirements for additional capital, and the Company's decisions with respect to capital allocation, and the impact of COVID-19, inflation, global supply chain disruptions, global conflicts, including the wars in Ukraine and Israel, the project schedule for the Marathon Project, key inputs, staffing and contractors, continued availability of capital and financing, uncertainties involved in interpreting geological data and the accuracy of mineral reserve and resource estimates, environmental compliance and changes in environmental legislation and regulation, the Company's relationships with Indigenous communities, results from planned exploration and drilling activities, local access conditions for drilling, and general economic, market or business conditions, as well as those risk factors set out in the Company's annual information form for the year ended December 31, 2024, and in the continuous disclosure documents filed by the Company on SEDAR+ at Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at
Business Wire
an hour 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
