LONDON: Manchester United have posted revenues of £135.4M for the first quarter of 2019-20, an increase of £400,000 on the same period last year.
Despite the revenue increase, the club’s net debt for the quarter climbed 55pc from £247.2m to £384.5m.
United’s latest financial figures, which cover the period from 1st July 2019 to 30th September, show that commercial revenue for the quarter was up 5.9 per cent to £80.4m.
A £4m increase in sponsorship revenue helped contribute some £53.6m to that figure, owing in part to new partnerships with Visit Malta, Lego, Konami and Yabo Sport.
However, broadcasting revenue was down nearly 25pc to £32.9m over the prior year quarter, which the club attributed directly to their non-participation in this season’s UEFA Champions League, European club soccer’s premier competition.
Overall, United reported adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) of £34.8m for the quarter and an operating profit of £11m.
United posted record revenues of £627.1m for the 2018-19 financial year, but Ed Woodward, the club’s executive vice-chairman, warned at the time that United were expecting that figure to fall significantly during 2019-20.
Woodward said: “We have a clear vision in terms of football philosophy and recruitment. The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our academy are already beginning to bear fruit.
“Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our academy with world-class acquisitions.”
United are seventh in the Premier League, nine points off the qualifying places for the Champions League. They travel to play Sheffield United at the weekend.
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