Man Utd quarterly profit falls by a quarter on lower matchday revenue
Club's adjusted earnings fell to £31.2 million from a record £41.6 million a year earlier in same quarter
PHOTO: REUTERS
Premier League club Manchester United posted a 25 percent fall in quarterly core earnings as its absence from the lucrative Champions League competition and fewer home games at the start of the season hit its matchday revenue.
United, whose players include Paul Pogba and Zlatan Ibrahimovic, are currently sixth in the English Premier League.
The team failed to reach the Champions League for the current 2016-17 season after finishing only fifth in the Premier League in the last campaign.
They are currently playing in the Europa League, Europe's second-tier competition. "Our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year," United Executive Vice-Chairman Ed Woodward said in a statement.
The club's adjusted earnings before interest, tax, depreciation and amortisation for the three months to September 30 fell to £31.2 million from a record £41.6 million a year earlier.
The team played 3 fewer home games at Old Trafford in the period compared to a year earlier, partly down to the scheduling of Premier League fixtures.
Revenue came in at £120.2 million falling from £123.6 million a year ago.
Commercial revenue rose 4.4 per cent to £74.3 million and now makes up about 62 percent of total income, the club said.
The club, controlled by the American Glazer family, maintained its revenue and profit forecasts for the 2016-17 year as a whole.
The period to the end of September is the first quarter of its financial year.
United, whose players include Paul Pogba and Zlatan Ibrahimovic, are currently sixth in the English Premier League.
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The team failed to reach the Champions League for the current 2016-17 season after finishing only fifth in the Premier League in the last campaign.
They are currently playing in the Europa League, Europe's second-tier competition. "Our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year," United Executive Vice-Chairman Ed Woodward said in a statement.
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The club's adjusted earnings before interest, tax, depreciation and amortisation for the three months to September 30 fell to £31.2 million from a record £41.6 million a year earlier.
The team played 3 fewer home games at Old Trafford in the period compared to a year earlier, partly down to the scheduling of Premier League fixtures.
Revenue came in at £120.2 million falling from £123.6 million a year ago.
Commercial revenue rose 4.4 per cent to £74.3 million and now makes up about 62 percent of total income, the club said.
The club, controlled by the American Glazer family, maintained its revenue and profit forecasts for the 2016-17 year as a whole.
The period to the end of September is the first quarter of its financial year.