Half year profits double at United
MANCHESTER United’s profits more than doubled in the six months to the end of December as revenues hit record levels.
The club, which is currently dogged by speculation over the future of manager Louis Van Gaal, and is fifth in the Premier League, showed it is peerless in its ability to generate revenues.
Turnover surged 32.4% to £257.4m, while adjusted earnings powered ahead 55.8% to £97.7m. Pre-tax profits of £33m came in more than twice the £15.9m declared in the first half last year.
Executive vice chairman Ed Woodward said: “Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club.
“Our solid results off the pitch help contribute to what remains our number one priority – success on the pitch.”
The club, which is controlled by the Florida-based Glazer family has listed some of its shares on the New York stock exchange. It advised investors that full year earnings will be between £178m and £188m.
In the second quarter revenue rose 26.6% to £133.8m. Commercial revenue were up 42.5% to £66.1m. Debt now stands at £322.1m, a 6.2% decrease on the 2014 level of £343.4m.
Despite the club’s early exit from the Champions League this season, United are still on course to become the first British club to earn more than £500m in one year.
