Thursday, May 15 14:42:55
Manchester United today said its quarterly earnings soared as one of the world's biggest football clubs posted stronger broadcasting and commercial revenues.
The soccer team is owned by the Glazer family, headed by American businessman Malcolm Glazer. The family took on debt to purchase the team in 2005, and helped take the club public in 2012 to help reduce that borrowing.
For the quarter ended March 31, Manchester United reported a profit of GBP10.9 million, up from GBP3.6 million a year earlier. The company's per-share earnings rose to GBP6.66 from GBP2.22.
Revenue grew 26pc to GBP115.5 million.
Analysts polled by Thomson Reuters predicted per-share earnings of GBP5 on revenue of GBP111 million.
Commercial revenue rose 19pc, as 44pc-higher sponsorship revenue offset weaker retail, merchandising apparel and product licensing revenue, and new media and mobile revenue.
Broadcasting revenue increased 64pc, due to increased revenue from the Premier League domestic and international rights agreements, two additional home Premier League games, and having five additional Premier League games broadcast live, the company said. Match-day revenue, which includes ticket sales, improved 9.1pc.