Manchester United lifts full-year revenue and profit guidance

Students carry backpacks with logos of Manchester United Football Club (left) and Royal Madrid Football Club while looking at photos of famous football players at Evergrande football academy in Qingyuan December 3, 2015. The club has raised its full-year revenue and profit for 2016-2017. — Reuters pic
Students carry backpacks with logos of Manchester United Football Club (left) and Royal Madrid Football Club while looking at photos of famous football players at Evergrande football academy in Qingyuan December 3, 2015. The club has raised its full-year revenue and profit for 2016-2017. — Reuters pic

LONDON, May 16 — English Premier League football club Manchester United raised its full-year revenue and profit forecast for 2016-17 as it prepares for the Europa League final next week.

United, whose best known players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between £560 million to £570 million (RM3.11 billion to RM3.17 billion), better than its previous forecast of between £530 million to £540 million.

The club also increased its forecast for earnings before interest, tax, depreciation and amoritisation (EBITDA) to £185 million to £195 million for 2016-17. Its previous forecast was for a figure of between £170 million and £180 million.

“We look forward to a strong finish to 2016-17, both on and off the pitch,” said Executive Vice Chairman Ed Woodward.

United are currently only in sixth spot in the 20-team Premier League but have reached the final of the Europa League.

Victory over Ajax Amsterdam in the final on May 24 would be rewarded with a place in next season’s Champions League, Europe’s most lucrative club competition.

Controlled by the American Glazer family, United have won the English league title a record 20 times but had slipped from their own lofty standards in recent seasons.

However, the club lifted its first title under its new coach Jose Mourinho, winning the League Cup in February by beating Southampton 3-2 at Wembley.

Broadcasting revenue grew 12.9 per cent to £31.4 million for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said.

Total revenue for the quarter grew 3.1 per cent to £127.2 million.

However, EBITDA for the three months fell to £30 million from a record £44.9 million a year earlier. — Reuters