Manchester United’s (MANU) revenue up 16% as fans return
15:10, 17 November 2021
Football club Manchester United reported revenues of £126.5m ($142.9m) for the three months to 30 September 2021, as fans made a return to the stadiums.
The figure was up from the £109m reported by the club at the same time last year.
Matchday income at its home stadium Old Trafford was £18.8m, up significantly from the £1.7m reported in 2020, due to all five home games being played in front of a full-capacity crowd. All five home games in the prior-year quarter were played behind closed doors.
The club said operating expenses for the 2022 fiscal first quarter were £154.1m, an increase of £30.6m, or 24.8%, over the prior-year quarter. Employee benefit expenses for the quarter were £88.5m, an increase of £16.6m, or 23.1%, over the prior-year quarter due to investment in the first team playing squad.
Other operating expenses for the quarter were £26.8m, an increase of £10.5m, or 64.4%, over the prior-year quarter. The club said the amount includes the impact of all home games being played in front of a full-capacity crowd and costs related to the increased activity at the Old Trafford Megastore.
Net debt as of 30 September this year was £439.7m, compared with £440.6m as of 30 September 2020.
The club said a semi-annual cash dividend of 9 cents per share will be paid on 7 January next year to shareholders of record on 1 December 2021.
“While these financial results today demonstrate our resilience through the pandemic, our top priority is success on the pitch. The manager, players and everyone at the club are determined to achieve that objective,” Ed Woodward, the club’s executive vice chair, said in the release.
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The club noted that due to remaining restrictions on overseas travel, it did not undertake a first team overseas tour at the start of fiscal 2022, and instead played four domestic games, two of which were held at Old Trafford.
“Whilst the nature of the ongoing pandemic may result in UK government restrictions being re-imposed in the future, the majority of such restrictions were lifted ahead of the start of the 2021/22 season, with Old Trafford stadium welcoming back fans at full capacity,” the club said.