Manchester United profits fall but club is optimistic

Manchester United's profits and revenues for its last financial year have disappointed, but the club is optimistic its performance will pick up.

The team saw its pre-tax profits for the 12 months to the end of June slide by 16.5 per cent to £91.6 million, while total revenues slumped by just over three per cent to £320.3 million.

Manchester United – which floated in New York in August – has forecast, however, that its underlying earnings should rise to between £107 million and £110 million in the 2012-13 period, while revenue is likely to be between £350 million and £360 million.

These figures are based on the assumption the club reaches the quarter-finals of the European Champions League.

United did not succeed in making it past the group stages of the Champions League last season, prompting a 16.5 per cent fall in underlying earnings to £91.6 million.

At 15:35 BST today (September 18th), the football club lost 1.9 per cent on the New York Stock Exchange to $12.71.

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