Man Utd's revenue drops 19.5% to £109 million in Q1

Thursday, 12. November 2020 22:02

English football club Manchester United announced on Thursday its revenue in the first quarter of fiscal 2021 dropped 19.5% to £109 million, compared with the same period of the previous year. The jump in the total broadcasting income by 44.7% to £47.6 million was not enough to balance the 92.3% loss of the current season 2020-21 season and matchday tickets advance cash receipts, due to the COVID-19 restrictions. Moreover, the club's commercial revenue went down by 25.7% to £59.7 million.

The overall operating loss was £27.1 million, while in the previous year an £11 million profit was reported. Also, the loss per share was £18.58, compared to last year's £0.69 profit per share.

The net debt increased by 14.6% to £440.6 million, while the quarterly loss reached £30.3 million. Manchester United's Executive Vice-Chairman Ed Woodward expressed his optimism despite the "significant disruption" the club is currently facing. The results were published one day before they were scheduled, due to an error by the publishers of its filings.

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