- Premier League
Man United announce 74% profit rise
Manchester United's profits rose by 74% for the second half of 2012 as the Premier League leaders announced financial results that included an increase in income and a reduction in the club's debt.
United's debts stood at £366.6 million on December 31, down from £439 million 12 months earlier, partly because of the club's partial flotation on the New York Stock Exchange in an Initial Public Offering (IPO).
Their pre-tax profit for the six months up until December was £22.3 million, whereas it had been £12.8 million for the corresponding period in 2011.
United's revenue rose 8.7% to £110.1 million, with commercial revenue up 29% and sponsorship revenue up 48% as the club gained six new sponsors.
However, matchday revenue decreased from £36 to £35 million and staff costs rose by more than 10% to £84.5 million after a period in which United signed Robin van Persie and Shinji Kagawa, awarded players new contracts and increased their commercial staff.
United also gained complete control of their television channel, MUTV, by buying out their partners, BSkyB.
Ed Woodward, the club's executive vice-chairman, said: "Manchester United achieved record revenue and record adjusted EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] in the second quarter driven by our commercial operation, which continues to experience extremely strong growth particularly in sponsorship.
"In addition, our acquisition of BSkyB's one-third stake in Manchester United's global television channel, MUTV, will be key in expanding our media business in the future."
United expect to record revenue of between £350 million and £360 million for the 2013 fiscal year.