Manchester Utd Revenue Record As Debts Fall

Manchester United made record revenues of £363.2m in the club's last financial year which saw its partial flotation in New York.

In the 12 months to June 30, profits rose 282% to £17.2m as United completed seven global sponsorship partnerships including a world record shirt deal with Chevrolet.

The club's debt pile - racked up under the ownership of the Glazer family and a source of anger among fans - fell 11% over the period to £389.2m.

It believed that its improved financial performance would continue - as it forecast further revenue growth in its current financial year to between £420m and £430m - helped by new television and sponsorship deals.

David Moyes became club manager at the start of the current financial year

But United said the target - the first under new club manager David Moyes following the retirement of Sir Alex Ferguson - was based on the team finishing third in the English Premier League and reaching the quarter-finals of the Champions League and domestic cups.

Ed Woodward, Executive Vice Chairman, said: "We are very proud of our results for fiscal 2013.

"It has been a little over a year since our IPO (Initial Public Offering) and in that time we have delivered on our targets and objectives.

"Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful.

"We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter."

The IPO saw anger over a lack of voting rights but demand for shares rose

He concluded: "We look forward to a successful 2013/14, both on and off the pitch."

Analysts seized on the new forecasts and the reduction in debts.

Joe Rundle, head of trading at ETX Capital, told Sky News: "The floatation on the stock market was driven by the club's much needed task to pay down its hefty debt pile, which caused much dismay amongst fans.

"The reduction in debt for that reason should quell fears for any fans and investors who felt that listing on the market was not the right direction for the club.

"Clearly, listing on the stock market is paying off and will continue to do so."

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