Manchester United raise full-year profit forecast

first_imgEnglish Premier League football club Manchester United showed its commercial strength when it raised its core earnings expectations for the year as it posted a 26.6 per cent rise in quarterly revenue.The upgrade comes despite another mixed season on the field when United have failed to qualify for the knockout stages of the lucrative UEFA Champions League.United said it expects adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 178 million pounds to 188 million pounds for the year, compared to its earlier outlook of 165 million to 175 million.The club, league winners a record 20 times and currently fifth in the Premier League, said revenue in the three months to December 31 rose to 133.8 million pounds.United, majority owned by the American Glazer family, are currently six points adrift of fourth-placed Manchester City.Clubs need to finish in the top four of the Premier League to gain access to the Champions League in the following season.Despite a tricky transition period since the retirement of manager Sir Alex Ferguson in 2013, United’s ability to grow revenues off the pitch has increased.Commercial revenue in the quarter jumped 42.5 per cent and broadcasting revenue rose by 31.3 per cent. However matchday income was down 1.6 per cent.The club’s global appeal, which it says stretches to 659 million followers, continues to prove lucrative, with two sponsorship deals signed in the quarter.United is to pay a quarterly dividend of $0.045 per share.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *