Manchester United announce record revenue of £581million
Football
By
Mirror
| Sep 21, 2017
Manchester United have released their full year accounts for 2016-17, announcing record revenue of £581million.
Profit stood at £39.2million and the results are a major plus for United, who had announced the club’s overall debt had risen in May - to £366million - after the US dollar had strengthened against the pound post-Brexit.
The net debt has now been substantially reduced, standing at £213million (down from £260.9m), as the club announced earnings of more than half a billion pounds for the second successive year. United’s gross debt remains the same.
Ed Woodward, United's executive vice-chairman, said: "We concluded a successful 2016/17 season with a total of three trophies and a return to Champions League football.”
"The year saw us set record revenues of over £581million and achieve a record EBITDA [Earnings before interest, tax, depreciation and amortization] of £199.8million."
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United's trophy successes came against the clubs staff costs jumping by 13.5 per cent, to £263.5million, thanks largely to the big-money arrivals of Zlatan Ibrahimovic, Henrikh Mkhitaryan and, in particular, Paul Pogba.
Woodward also announced their revenue projections for 2017-18, projecting that it will stabilise at somewhere between £575million and £585m.
In their last quarterly report back in May, United announced commericial revenue of £66.5million, £700,000 up on the previous period. Woodward has now revealed that, across the season, the overall figure stood at £275.5million.
Woodward had proffered in May that the full year financial performance would be better than had been expected, and has backed that up with a pre-tax profit of £57million.
"We are pleased with the investment in our squad and look forward to an exciting season."
United brought in £194.1million in broadcasting revenue - an increase of £53.7million, thanks largely to the Premier League's new rights agreement and their Europa League success. The club paid out dividends of £23.3million during the 2016-17 campaign also.