US-LISTED Premier League titan Manchester United yesterday announced record revenue for its third quarter, as the club boosts commercial income streams.
Despite having to sit by and watch its European rivals from Germany do battle for this season’s Champions League crown, United’s revenue of £91.7m for the three months to 31 March could earn it the top spot in the sport’s rich list.
Commercial revenue was up 31.9 per cent year on year, the results said, coming in at £36m in the opening three months of 2013.
Operating expenses jumped 18.6 per cent to £79m, pushed upwards by an eye-watering 25.1 per cent hike in the club’s wage bill. Staff costs totalled £44.9m, “primarily due to new player signings, existing player wage increases and growth in commercial headcount.”
United’s wage bill for the latest nine-month period was £129.4m.
Such costs in the opening three months of the year contributed to a £3.1m pre-tax loss, yet a £6.7m tax credit turned this into £3.6m profit.
For the fiscal year 2013, United expects earnings before interest, tax, depreciation and amortisation (Ebitda) of up to £110m.