Manchester United has revealed a steady year in its latest annual financial results – the first yearly announcement since the Glazer family took control of the club.
Operating profit for the 12 months to 30 June 2006 was £49.7m – a small rise from the £46.1m profit in the prior reporting period, which only covered 11 months.
The financials were not as strong due to the impact of exiting the Champions League at the first stage – the club citing that the early exit from the tournament cost it £2.8m in revenue.
CEO David Gill said the club was now poised for 'dramatic revenue growth' due to an increase in sponsorship funds following the shirt deal with AEG and improved revenue from the FA Premier League’s latest round of TV rights deals.
Profit before tax was £30.8m, up from £10.8m, with turnover at £165.4m, against £157.2m in the period before.
The club announced that during the 2005/06 period it paid £1.8m in fees to agents, against £2.6m in the previous 11 month period.