Thursday 17 May 2018 13:13, UK
Manchester United are on course to meet their financial targets for the current year despite an early exit from the Champions League after posting an eight per cent increase in revenue in the last quarter.
The club's adjusted earnings before interest, tax and depreciation and amortisation for the three months to March 31 rose to £36.1 million ($48.71 million) from £30m a year ago. Revenue for the period rose 8.1 per cent to £137.5m.
Manchester United Plc is listed on the New York Stock Exchange and controlled by the American Glazer family.
United say they continued to target between £575-585m of revenue and an adjusted core earnings of between £175-185m for the year to the end of June.
The club's net debt is down to £301.3m but only due to exchange rate which was 1.24 dollars to the pound 12 months ago but was 1.4 for these results.
The club's wage expenditure is up by £8.9m (12.9%) due to Champions League qualification last year.
Matchday revenue in the third quarter rose 6.1 per cent to £31.1 m whereas broadcasting revenue came in 26.4 per cent higher thanks to extra games in the period.
United finished runners-up to local rivals Manchester City in the Premier League this season and face Chelsea in the FA Cup final on Saturday.
"As another season nears its close, we have achieved our highest number of points and finish since 2012/13 and we look forward to another trip to Wembley," said executive vice-chairman Ed Woodward.
