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Manchester United Raise Profit Forecast, With Champions League In Sight
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Manchester: English Premier League soccer club Manchester United raised its full-year revenue and profit forecast for 2016-17 as it prepares for the Europa League final next week.
United, whose best known players include Paul Pogba and Wayne Rooney, said it expected to report full-year revenue between 560-570 million pounds, better than its previous forecast of between 530-540 million pounds.
The club also increased its forecast for earnings before interest, tax, depreciation and amoritisation (EBITDA) to 185-195 million pounds for 2016-17. Its previous forecast was for a figure of between 170 and 180 million pounds.
United are currently only in sixth spot in the 20-team Premier League but have reached the final of the Europa League.
Victory over Ajax Amsterdam in the final on May 24 would be rewarded with a place in next season's Champions League, Europe's most lucrative club competition.
Controlled by the American Glazer family, United have won the English league title a record 20 times but had slipped from their own lofty standards in recent seasons.
However, the club lifted its first title under its new coach Jose Mourinho, winning the League Cup in February by beating Southampton 3-2 at Wembley.
Broadcasting revenue grew 12.9 percent to 31.4 million pounds ($40.5 million) for the quarter ended March 31, primarily due to the impact of the new Premier League broadcasting agreement, the club said.
Total revenue for the quarter grew 3.1 percent to 127.2 million pounds.
However, EBITDA for the three months fell to 30 million pounds from a record 44.9 million pounds a year earlier.
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