As we expected, higher costs, driven by H2 on-field recovery, ensured that FY15 pre-transfer EBITDA increased only thanks to a Champions League revenue loss insurance claim (€11.8m). However, we continue to be encouraged by top-line buoyancy and the prospect of underlying profit resilience in FY16, despite no Champions League. Victory in all six competitive games this season shows a very favourable reaction to new coach Thomas Tuchel. We will fully review our forecasts on confirmation of Europa League group stage participation and release of the annual report.
