Manchester United posts £2.9m loss

20:05 • 14.05.15
Sports

Manchester United has reported a loss for the first three months of the year, hit by a decline in broadcasting and matchday revenue.

It lost £2.9m between January and March. That compares with an £11m profit in the same period last year.

The loss will put added pressure on the club's debt burden, which increased 12.4% in the quarter to £395.4m.

However the club did raise its financial guidance for 2015.

It now expects to make £103m - £110m in the year to June 2015 compared with a previous forecast of £90m - £95m.

Manchester United shares rose 1.16% on the news.

The club, which is owned by the American Glazer family, is currently fourth in the Premier League, 16 points behind leaders Chelsea.

Revenue from sponsorship deals rose 22.1% to £37.5m, but retail sales and product licensing fell 9.5% to £7.6m.

Broadcasting revenue fell 39% and matchday sales fell by 31.3%.

Manchester United blamed fewer broadcast and home games in the quarter, as well as the team's absence from the Uefa Champions League, for the decline.

"As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with Adidas," said executive vice chairman Ed Woodward.

Manchester United will spend around £101m on players in the year to the end of June he added on a conference call.

Player spending in the previous year stood at £90m. It will spend more on players next season than this year as a higher volume of contracts will be up for renewal.

"There are several players - eight or nine - out of contact next season," said Mr Woodward. "A number will be offered new contracts."

LATEST NEWS

Videos

15:20 • 24.05.21

Interview with Francis Malige, EBRD Managing Director

11:39 • 24.04.21

Armenians Commemorating 106th Anniversary of Genocide

09:40 • 23.04.21

Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News

15:34 • 22.04.21

Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank

14:09 • 21.04.21

'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide

12:37 • 03.04.21

Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24

17:33 • 11.03.21

Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors

17:57 • 26.01.21

Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan

13:33 • 22.01.21

Rep Adam Schiff Says Congress Should Recognize Artsakh

09:42 • 29.12.20

UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'

18:41 • 24.12.20

NASA's Mars 2020 Perseverance Rover Landing Animations

13:33 • 31.10.20

Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video

16:37 • 30.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies

11:25 • 28.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Drone

13:45 • 24.10.20

Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan

11:51 • 24.10.20

Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment

11:40 • 24.10.20

Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan

10:39 • 24.10.20

Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital

12:41 • 23.10.20

President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace

12:16 • 23.10.20

Artsakh Defense Army Neutralizes Azerbaijani Military Hardware

12:02 • 22.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures

10:35 • 22.10.20

President Armen Sarkissian Meets with NATO Secretary-General in Brussels

10:51 • 17.10.20

Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling

15:09 • 15.10.20

Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy

13:13 • 13.10.20

Artsakh Defense Army Units Destroying Azerbaijani Tank

12:56 • 12.10.20

Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements

12:23 • 12.10.20

Armenians Protest Outside Turkrish Embassy in Los Angeles

17:23 • 09.10.20

Losses in Azerbaijan's Military Featured in Defense Army Footage

15:53 • 09.10.20

Artsakh Defense Army Neutralizing Adversary's Transport Column

14:11 • 09.10.20

Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh

15:52 • 08.10.20

Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)

10:57 • 08.10.20

Artsakh Defense Army Continues High-Precision Strikes

14:24 • 07.10.20

War Situation in Karabakh on European Parliament's Agenda

19:31 • 05.10.20

Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks

16:17 • 04.10.20

Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression

12:39 • 04.10.20

Nagorno-Karabakh's Capital Under Azerbaijani Strikes

13:49 • 03.10.20

Armenian Armed Forces Neutralize Azerbaijani Defense Positions

10:12 • 29.09.20

ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline

23:42 • 28.09.20

There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR

18:45 • 28.09.20

EU calls for Immediate End to Hostilities over Nagorno-Karabakh

Show all

Most popular articles Today Yesterday For a week

Politics

Law

Economy

Event

Press digest

Science/tech

Sports

Culture

Entertainment