Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Man United reports 47.9% rise in pre-tax profits

Man United reports 47.9% rise in pre-tax profits

Manchester United has reported a 47.9% rise in pre-tax profits in the fourth quarter while commercial revenues rose by 29% over the same period.

The three-time European champions completed six new sponsorship deals increasing its footprint across Asia and also announced it has signed a new eight year sponsorship deal with a new training kit partner after buying out DHL from its previous arrangement.

Pre-tax profits rose from £19.2 million to £28.4 million year-on-year, despite staff costs rising by 14.2% to £44.2 million over the same timeframe. Commercial revenue hit £35.6 million, up from £27.6 million, but broadcasting revenue remained the biggest source of income, up 4.8% to £39.5 million over the three months, contributing to total revenue growth of 8.7% from £101.3 million to £110.1 million.

Following United’s partial stock market flotation last August, £62.6 million of senior secured notes were bought back, reducing the company’s net finance costs by 25.2% to £9.2 million. Gross debt has fallen by 16.1% to £366.6 million from £438.9 million at the end of June.

The club, which is riding high in the Premier League with a 12 point cushion from neighbour’s City, expects revenue for fiscal 2013 to come in between £350 million to £360 million.

United’s shares were down 0.64% at $18.59 on the announcement in midday trading, but remain 31.76% up since flotation in August.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Nick Hayes: finding good bonds in negative yield world

Nick Hayes: finding good bonds in negative yield world

Why do some bonds offer 'negative yields' and how do you avoid them? Nick Hayes of AXA Investment Managers explains.

Play Neil Gregson: gold is prettiest in ugly contest

Neil Gregson: gold is prettiest in ugly contest

The JP Morgan Natural Resource fund manager talks about the prospects for gold with plenty of uncertainty in the global economy.

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter