19 Sep 2012

Manchester United revenue falls

11:34 am on 19 September 2012

The English football club Manchester United has reported a 3.3% fall in revenue to $630 million for the year to the end of June, after its early elimination from the Champions League last season.

Net profit rose 79% to $46 million, but that was boosted by a $56 million tax credit.

Revenue from sponsorship and merchandising rose by 13.7% to a record $230 million for the year.

The numbers are the first since the football club floated on the New York Stock Exchange last month at $17 a share. The price has since fallen.

Following the results announcement, shares fell by 2% to $15.

United's failure to make the knock-out rounds of the Champions League last season meant that broadcasting revenues fell 11.3% to $204 million.