15 Feb 2013

Man U profit continues to rise

11:30 am on 15 February 2013

The English football club Manchester United has reported a 74% rise in profits for the second half of 2012, on the back of rising revenues.

The Premier League leaders says pre-tax profits for the last six months of the year total $41 million.

Total revenues were up, with income from sponsors particularly strong, though broadcast revenues were down.

The club, owned by the Glazer family, listed on the New York Stock Exchange last year at a flotation price of $16 a share.

The shares are now trading at nearly $22, giving the company a valuation of over $3.5 billion.

Commercial revenue from sponsors such as Nike and Aon rose 26.4 percent to $144 million for the six months.

The club also announced that it had signed a new eight-year sponsorship deal for its training kit, having bought out the last two years of DHL's existing contract in the expectation of striking a better deal.