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United post record results
Published : 18 Sep 2013 14:02:01Rss feed
Manchester United's latest annual results confirm the club's rapid commercial expansion.
With new deals being announced on almost a weekly basis, it is no surprise commercial revenues have risen a staggering 29.7% to £152.5million for the year ended June 30, 2013.
It is the most significant rise in an overall 13.4% increase in turnover to a club record of £363.2million. The club's debt has fallen by 10.9% to £389.2million.
The adjusted profit for the period is £17.2million.
Wages have risen 11.6% to £180.5million, partly as a result of the club taking on more staff to work on its new digital operation, but also an increase in player salaries.
United have reported a rise in sponsorship revenue alone of 44.1% to £90.9million.
However, broadcast revenue has dipped 2.3% to £101.6million as United gained only a 25% share of Champions League revenue paid to England's four competing clubs in last season, due to a second-place finish behind Manchester City in the previous campaign.
An increase in matchday revenues of 10.5% to £109.1million was mainly due to Old Trafford being a host Olympic venue.
The club confirmed "exceptional items" costs of £6.2million were partly due to costs incurred with the flotation in New York, but also contracts of coaching staff - Mike Phelan, Rene Meulensteen and Eric Steele - being paid up following the summer departure of manager Sir Alex Ferguson.
It was also stated in the results than net finance increased £21.3 million to £70.8 million primarily due to a £22million premium paid to buy back some of its bonds, which will save interest payments in future years.
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