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Manchester United say on track to meet financial targets
February 12, 2015 / 12:16 PM / 3 years ago

Manchester United say on track to meet financial targets

LONDON, Feb 12 (Reuters) - English Premier League soccer club Manchester United said it remained on track to meet full-year financial targets as it posted a 14 percent fall in second quarter revenue, hurt by the absence of Champions League income this season.

The 20-times English champions, currently third in the Premier League, said total revenue in the three months to Dec.31 fell to 105.7 million pounds ($162.1 million), as the club missed out on midweek European soccer and related income after a dismal seventh place finish last season.

Despite a downturn in their playing fortunes in what has been a tricky transition period since the retirement of manager Alex Ferguson in 2013, United’s ability to grow revenues off the pitch has strengthened, making them the world’s second richest club behind Spain’s Real Madrid.

Matchday revenue in the quarter fell 8.3 percent and broadcasting revenue tumbled by 39 percent. However commercial income grew 9.7 percent, with the club signing two sponsorship deals during the period.

That followed the signing of a world record 750 million pound kit manufacturer deal with Adidas which takes effect next season.

United, majority owned by the American Glazer family, reiterated expectations for lower full-year revenue of 385-395 million pounds, down from 433 million pounds last year, and core earnings of 90-95 million pounds, down from 130 million pounds. ($1 = 0.6520 pounds) (Reporting by Neil Maidment; Editing by Keith Weir)

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