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Manchester United profits rise Manchester United profits rise
(about 1 hour later)
Manchester United has reported a 74% rise in profits for the second half of 2012, on the back of rising revenues.Manchester United has reported a 74% rise in profits for the second half of 2012, on the back of rising revenues.
The Premier League club said pre-tax profits for the last six months of the year were £22.3m.The Premier League club said pre-tax profits for the last six months of the year were £22.3m.
Total revenues were up, with income from sponsors particularly strong, though broadcast revenues were down.Total revenues were up, with income from sponsors particularly strong, though broadcast revenues were down.
The club, owned by the Glazer family, listed on the New York Stock Exchange last year. It still has debts of £366.6m. The club, owned by the Glazer family, listed on the New York Stock Exchange last year at a flotation price of $14 a share.
Manchester United has had a successful campaign on the pitch so far this season. They currently sit top of the Premier League and are in the last 16 of the Champions League. The shares are now trading at nearly $19 giving the company a valuation of over $3bn.
On Wednesday evening they drew 1-1 in the first leg of their Champions League match with Real Madrid. Sponsors
Staff costs rose by more than 10%. The club said it spent a total of £84.5m, mainly on signing new players, player wage increases and on increasing its commercial staff numbers.
Ed Woodward, Manchester United's executive vice chairman, said the club's commercial operation "continues to experience extremely strong growth particularly in sponsorship".Ed Woodward, Manchester United's executive vice chairman, said the club's commercial operation "continues to experience extremely strong growth particularly in sponsorship".
Commercial revenue from sponsors such as Nike and Aon rose 26.4% to £78.6m for the six months to 31 December 2012.
The club also announced that it had signed a new eight-year sponsorship deal for its training kit, having bought out the last two years of DHL's existing contract in the expectation of striking a better deal.
The new sponsor would be announced "in the near future", it said.
The Old Trafford club still has debts of £366.6m and staff costs rose by more than 10% to £84.5m, mainly thanks to new player signings and player wage increases.
Manchester United has had a successful campaign on the pitch so far this season, currently topping the Premier League.
They are also in the last 16 of the Champions League, drawing 1-1 with Real Madrid in the first leg of their match on Wednesday evening.
The club claims to have 650 million supporters worldwide.