Premier League club Manchester United revealed its financial results for the first quarter ending September 30, showing revenue of £143 million ($180 million at current exchange rates), reflecting an 8.9% decrease from the previous year.
The club achieved a net profit of $1.7 million, a turnaround from a loss of $32.5 million in the same quarter of 2023. This marks the first instance since 2019 where Manchester United has recorded a profit in any quarter outside of the second quarter, which concludes each fiscal year on December 31.
For the fiscal year that concluded on June 30, Manchester United experienced a loss of $148 million after accounting for financing costs and including a $23 million tax credit on total revenue of $867 million.
Commercial revenue reached $107 million, down 5.6%, a decrease the club attributed to alterations in sponsorship agreements and a reduction of three matches during their preseason tour compared to 2023. Matchday revenue also fell by 3.3% to $33 million. Broadcasting faced the largest decline, with revenue of $39 million down 20%, driven by the team’s participation in the UEFA Europa League instead of the UEFA Champions League as in the prior year.
In this quarter, commercial revenue constituted 60% of total revenue, broadcasting accounted for 22%, and matchday represented 18.5%.
The 20-time champions of England maintained their previous full-year revenue forecast of between $820 million and $845 million, with adjusted EBITDA projected between $183 million and $202 million.
CEO Omar Berrada indicated that the company’s plan to reduce costs and staff by approximately 250 jobs is progressing and reaffirmed their commitment to restoring Manchester United to the top of domestic and European football.
The start to the 2024-25 Premier League season has been challenging for Manchester United, currently sitting in 12th place in the standings after 12 matches. The club parted ways with manager Erik ten Hag last month and appointed Ruben Amorim as his successor. In the previous season, the team finished eighth, its lowest position since the Premier League’s inception in 1992.
In May, United topped Sportico’s annual ranking of the world’s most valuable soccer teams, valued at $6.2 billion.
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