Tuesday 23 May 2017

Manchester United post record quarterly profit

Manchester United's executive vice-chairman Ed Woodward says the club are on course for record revenues in the year ending June 30, 2017
Manchester United's executive vice-chairman Ed Woodward says the club are on course for record revenues in the year ending June 30, 2017

Manchester United are on track to achieve record revenues despite their absence from this season's Champions League.

United returned to the top of the Deloitte Football Money League for the first time since 2005 last month and on Thursday they announced record profits for any quarter in their history.

Total revenue for the fiscal second quarter ending December 31, 2016 was £157.9million - an 18 per cent improvement on the same period in 2015 - despite missing out on Champions League qualification.

Broadcasting revenue was up 40.8 per cent for the quarter to £52.5million and matchday earnings rose 27 per cent to £38.6million, due to an increase in matches.

Those figures mean United are on target to achieve record revenues of between £530million and £540million in the period from July 2016 to the end of June 2017.

Executive vice-chairman Ed Woodward said: "We are pleased to be competing for the first available trophy of the season when we travel to Wembley to face Southampton in the EFL Cup final this month.

"The robustness of our business model continues to be reflected in our strong quarterly financial results and we remain on track to deliver record revenues for the year.

"Finally, I'd like to congratulate Wayne Rooney on becoming Manchester United's all-time record goal scorer - achieving the remarkable feat of scoring 250 goals over the last 13 seasons, surpassing Sir Bobby Charlton's record which has stood for 44 years."

United's net debt has increased by 27.1 per cent to £409.3million due to the post-Brexit collapse of the pound, with the strengthening of the dollar leading to the figure rising by £87.2million.

Veteran midfielder Bastian Schweinsteiger's return to the first team has been reflected in the accounts, having been written off as an asset in the end-of-year results announced in September.

The results said: "Exceptional credit for the quarter was £4.8million, relating to a reversal of a registrations' impairment charge for a player now considered to be re-established as a member of the first team playing squad."

Amortisation for the quarter was £34.2million - an increase of £12.6million over the prior year quarter - due to the players United bought in the summer.

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