LONDON: Manchester United’s form on the pitch is troubling the fans but off the pitch the club remain as healthy as ever after recording a record £627.1m in revenues for the year to July despite
However, executive vice-chairman Ed Woodward has predicted a downturn next year after the Premier League club missed out on qualification to the Champions League.
United, eighth in the Premier League, forecast revenues of between £560m and £580m with an adjusted core profit between £155m and £165m, down from the £185.8m filed in July 2019.
During the 2018-19 financial year, broadcast revenue soared by 18pc to £241.2m thanks to a new Champions League broadcasting deal but commercial income was flat. This resulted in an operating profit of £50m.
The club also announced 10 new or renewed global sponsorship deals during that period, taking their annual sponsorship revenue to £173m . The club brought in less tour revenue, as a result of a shorter summer excursion, but that was offset by an increase in underlying sponsorship revenues.
Retail and merchandise income was £102.1m, a decrease of £700,000 or 0.7pc over the prior year.
The biggest expenditure was staff wages for the year, where the club spent more half of its income on players. The annual wage bill up until July was £332.3m, an increase of £36m or 12.3 per cent, on the previous year.
Woodward insisted United have a “primary objective of winning trophies” after announcing the record revenues.
He added: “We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager.”
The financial update also included a metric from measurement specialists Kantar, which put United’s total number of fans and followers globally at 1.1 billion.
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