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United post record turnover figures
Published : 02 May 2013 13:17:38Rss feed
Manchester United posted a record third-quarter turnover of £91.7million in figures released to the New York Stock Exchange on Thursday.
United also outlined an increase of 52.2 per cent in sponsorship revenue and have adjusted expectations of overall annual income to £360million.
Red Devils executive vice-chairman Ed Woodward said: "Each of our three primary sectors - commercial, broadcasting and matchday - delivered strong top-line gains and helped us achieve a record third quarter for both revenue and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)."
United's powerful commercial arm made a massive contribution to the results.
A rise of 31.9 per cent on the corresponding three months last year means overall commercial income has gone up by 27.9 per cent to £114.5million over the full nine-month period.
The broadcast and matchday sectors show a 21.7 per cent and 34 per cent increase on the corresponding three months respectively.
Gross debt stands at £367.6million, which while still a vast sum, represents a decrease of 15.9 per cent since June 30 last year.
However, total operating expenses for the third quarter increased 18.6 per cent year-on-year to £79million.
Wages have also risen 25.1 per cent to £44.9million due to the impact of new signings - including Robin van Persie and Shinji Kagawa - renegotiated contracts and the growth of United's commercial team, which also has a base in Hong Kong.
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