$$曼聯財務半季結報$$

[shearer (Alan Shearer)]

http://www.ananova.com/sport/story/sm_766281.html?menu=

Man Utd announce profit

Manchester United hailed a significant improvement in their financial perfor-
mance after turnover and operating profits moved sharply ahead.

Higher media revenues and more home cup games lifted turnover in the six months
to January 31 by 13 per cent to ￡92.6million while operating profits before
player disposals rose 32 per cent to ￡31.1million.

However, bottom-line pre-tax profits were 34 per cent lower at ￡20.3million
because of the tough comparison with the previous year when the club reaped
￡16.3million from player deals, including the sale of Jaap Stam and Andy Cole.

Chief executive Peter Kenyon said: "We have significantly improved our operating
performance.

"The strength of the balance sheet and our diversified revenue streams have
increased the resilience and competitiveness of Manchester United plc."

He said the company's future strategy would concentrate on the development of
media rights and the conversion of more fans into customers.

The figures from Manchester United beat expectations in the City, which had
forecast turnover of ￡89.3million and pre-tax profits of ￡19.3million.

The fall in bottom-line profits reflects exceptional gains from player disposal
s of ￡200,000 compared with ￡16.3million a year earlier.

The club also have a debt-free balance sheet, which they said reflected strong
operating cash flow and lower expenditure as a result of the completion of the
stadium and academy facilities in the previous year.

United's wage bill for the six-month period was ￡39.7million but at 43 per cent
of turnover this is still within the club's target of 50 per cent.


Story filed: 07:45 Tuesday 1st April 2003


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