November 15, 2018 / 12:27 PM / a month ago

Man Utd remain on course to hit financial targets

Soccer Football - Champions League - Group Stage - Group H - Manchester United v Juventus - Old Trafford, Manchester, Britain - October 23, 2018 Manchester United players pose for a team group photo before the match Action Images via Reuters/Jason Cairnduff

(Reuters) - English Premier League soccer club Manchester United stuck to its full-year forecast for revenue and core earnings, even as it posted a drop in first-quarter revenue, partly due to playing fewer home games early in the season.

The 20-time English champions expect revenue of 615-630 million pounds and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 175-190 million pounds for 2018-19.

“Our financial strength enables us to continue to attract and retain top players and to invest in our academy, as we look to drive the success on the pitch that the club and our fans expect,” Executive Vice Chairman Ed Woodward said in a statement.

United, whose squad features French World Cup winner Paul Pogba and Spanish goalkeeper David de Gea, are currently eighth in the Premier League, already 12 points behind leaders and cross-town rivals Manchester City.

Revenue for the three months ended Sept. 30 came in at 135 million pounds, compared with 143.7 million pounds a year earlier, the club said on Thursday.

Matchday revenue fell 27.2 percent to 16.3 million pounds, as the team played two fewer games at Old Trafford than at the same stage last year.

Reporting by Shashwat Awasthi in Bengaluru; Editing by Keith Weir

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