Manchester United scores revenue record but warns on season ahead
Manchester United reported record annual revenues on Tuesday but warned that it expected revenue and profit to fall in 2019-20, after the team failed to qualify for the Champions League.
The Premier League team booked revenue of £627.1m for the year ended 30 June, 6% higher than the year before, while profit before tax climbed 6% to £27.5m.
It said the increase in revenue was primarily due to an 18% jump in broadcasting which that stemmed from the new UEFA Champions League rights agreement.
However, the Red Devils were competing in the less lucrative UEFA Europa League this year, after failing to secure a top four domestic league finish in the 2018-2019 season.
Meanwhile, qualification for next year's edition of Europe's top club competition remained highly uncertain, as a lackluster start to the new Premier League season saw the team pick up just eight points from six games, leaving it in eighth position.
The lack of Champions League revenue was expected to be partially offset by the impact of a new English Premier Leage broadcasting cycle, with improved international distribution.
Even so, the club said it was anticipating total 2019-2020 revenues to be in the range of £560m to £580m, with total adjusted EBITDA to be between £155m and £165m.
Ed Woodward, executive vice chairman of the club, said he was focussed on rebuilding the team in line with the philosophy of manager Ole Gunnar Solskjaer, adding that everyone at the club was committed to winning trophies.
Manchester United's shares were down 3.71% at $16.60, as at 1549 BST.