Manchester United predicting record revenues for the year as club releases latest financial results
United have increased projected revenue in their third quarter results to between £560million to £570million - a £30million rise on the second quarter prediction.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Manchester United are performing better than expected off the field and are now predicting record revenues of up to £570million this year.
Jose Mourinho's men sit sixth in the Premier League and have the Europa League final against Ajax to look forward to next week.
But despite league struggles and being without Champions League football, United have raised guidance on revenue and profit for the year ending June 30, 2017.
United have increased projected revenue in their third quarter results to between £560million to £570million - a £30million rise on the second quarter prediction.
The club achieved a record profit of £191.9million last year and, despite big-name acquisitions and the lack of Champions League football, are on course for earnings before interest, tax, depreciation and amortisation of between £185million to £195million.
United executive vice-chairman Ed Woodward said: “As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.
“We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year.
“We look forward to a strong finish to 2016-17, both on and off the pitch.”
Total revenue for the fiscal third quarter ending March 31, 2017 was £127.2million and broadcasting revenues of £31.4million were up 12.9 per cent for the quarter.
Staff costs rose 18.3 per cent on the previous year quarter and net debt is £366.63million, representing a £17.6million increase over the year but US dollar debt principal remains unchanged.
PA
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments