Revenues and profits at Manchester United rose during the first three months of the year.
Performance of the Premier League football club has been much better off the pitch in the last few months, with the team finishing in seventh place in the final league table, a sharp fall after it won the championship just 12 months ago.
Profits for the January-March period at Manchester United were reported to be £11 million, which the company stated was up from £3.6 million a year ago. As well as this impressive improvement in profits, the club also revealed record revenues of £115.5 million for the period.
Club executive vice chairman Ed Woodward said: "We once again generated record revenues as all of our businesses delivered impressive year-over-year growth. This puts us in a healthy position to continue to invest in the squad. Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."
Louis van Gaal is expected to be announced as the new Manchester United manager in the next few days, before he takes his national team Holland to the World Cup in Brazil. He will be replacing club legend Ryan Giggs in the dugout, with the former Wales international in turn replacing David Moyes, who was sacked a few weeks ago.
It was a difficult season on the pitch for Manchester United, as Moyes struggled to adapt to taking over from Sir Alex Ferguson in the manager's office. United ended the season with just one trophy success – the Community Shield – and were knocked out of the Champions League at the quarter-final stage by Bayern Munich.
Following the announcement of the sharp rise in profits and record revenues in the first three months of the year, the share price of Manchester United fell slightly on the New York Stock Exchange yesterday. Stocks in the Premier League club were 0.18 per cent down at the end of yesterday's trading session in the US.
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