10 September 2014 14:25
Manchester United have announced a record annual revenue of £433.2million and profits of £23.8million for 2013-14.
United ended a dismal Premier League campaign by finishing down in seventh place in May, so will not feature in Europe this season.
The Premier League giants continue to thrive off the field, though, and on Wednesday reported a 19.3 per cent increase in revenue as sponsorship income increased by 49.4 per cent to £135.8m and broadcasting revenue rose by 33.7 per cent to £135.8m.
United paid out £5.2m in compensation following the sacking of manager David Moyes and his coaching staff and the club’s failure to secure European football is not reflected in the latest set of financial figures.
Ed Woodward, the club’s executive vice-chairman, said: “We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues and EBITDA [Earnings before interest, tax, depreciation and amortization] driven by our commercial and broadcasting businesses which delivered impressive year over year growth.
“We also recently announced a record breaking deal with adidas and very much look forward to launching this partnership next summer.
“With Louis van Gaal at the helm as manager, and the recent signing of some of the world’s leading players to further strengthen our squad, we are very excited about the future and believe it’s the start of a new chapter in the club’s history.
“Louis’ footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed.”