Manchester United recorded an operating profit of £32.6 million ($44 million) in the first six months of the fiscal year, a sharp turnaround from a £3.9 million loss during the same period last year.
The most recent quarter alone saw an operating profit of £19.6 million, compared to £3.1 million in the corresponding quarter of the previous year.
Omar Berrada highlighted the “positive financial impact of our off-pitch transformation,” following a restructuring programme overseen by minority owner Jim Ratcliffe that led to around 450 job cuts.
Total revenues for the second quarter stood at £190.3 million, down from £198.7 million previously, with commercial revenue falling from £85.1 million to £78.5 million and match-day revenues from £52 million to £49.5 million. The decline reflects United’s absence from European competitions last season.
Despite the revenue drop, the club remains optimistic, with the men’s team currently fourth in the Premier League under interim manager Michael Carrick, and the women’s team reaching the Champions League quarter-finals. United projects full-year revenues of £640 million to £660 million.
Berrada said, “We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability. Today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men’s and women’s teams.”
