Manchester United profits fall but club is optimistic

<p>Manchester United’s profits have slipped, bringing down its share price.</p>

Manchester United's profits and revenues for its last financial year have disappointed, but the club is optimistic its performance will pick up.

The team saw its pre-tax profits for the 12 months to the end of June slide by 16.5 per cent to £91.6 million, while total revenues slumped by just over three per cent to £320.3 million.

Manchester United – which floated in New York in August – has forecast, however, that its underlying earnings should rise to between £107 million and £110 million in the 2012-13 period, while revenue is likely to be between £350 million and £360 million.

These figures are based on the assumption the club reaches the quarter-finals of the European Champions League.

United did not succeed in making it past the group stages of the Champions League last season, prompting a 16.5 per cent fall in underlying earnings to £91.6 million.

At 15:35 BST today (September 18th), the football club lost 1.9 per cent on the New York Stock Exchange to $12.71.

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