Manchester United are performing better than expected off the field and are now predicting record revenues of up to £570million this year.
Jose Mourinho’s men sit sixth in the Premier League and have the Europa League final against Ajax to look forward to next week.
But despite league struggles and being without Champions League football, United have raised guidance on revenue and profit for the year ending June 30, 2017.
United have increased projected revenue in their third quarter results to between £560million to £570million – a £30million rise on the second quarter prediction.
Ed Woodward: "First season under Jose has seen Manchester United make tremendous progress on and off the pitch." #MUFC— Manchester United (@ManUtdUpdates_) May 16, 2017
The club achieved a record profit of £191.9million last year and, despite big-name acquisitions and the lack of Champions League football, are on course for earnings before interest, tax, depreciation and amortisation of between £185million to £195million.
United executive vice-chairman Ed Woodward said: “As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.
“We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year.
“We look forward to a strong finish to 2016-17, both on and off the pitch.”
Adidas goes down by £21m if united don't qualify for champions league this season - Ed Woodward in conference call to investors.— Boy Wonder Rashford (@RedRashford19) May 16, 2017
Total revenue for the fiscal third quarter ending March 31, 2017 was £127.2million and broadcasting revenues of £31.4million were up 12.9 per cent for the quarter.
Staff costs rose 18.3 per cent on the previous year quarter and net debt is £366.63million, representing a £17.6million increase over the year but US dollar debt principal remains unchanged.
Source: Press Association
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