Manchester United Plc (NYSE:MANU) said it’s relying on new co-owner Jim Ratcliffe to help the club “deliver success on the pitch”, while management continues to deliver record revenues.
Sales during the group’s second quarter, which covered the three months to 31 December 2023, reached a record £225.8 million as the football team continues to enjoy the financial benefits of UEFA Champions League participation.
Additionally, all the club’s teams experienced record attendance, helping matchday revenue in the period jump by close to 60% to around £47.5 million.
Underlying profits jumped close to 90% in the quarter, reaching £91.4 million, leaving management confident in achieving fiscal full-year guidance of between £125 million and £150 million.
Revenues are expected to also keep within forecasts, reaching between £635 million and £665 million.
Management was forced to lower guidance in January, weeks after the men’s team were dumped from the Champions League, having undergone their worst-ever campaign in the tournament.
Cliff Baty, chief financial officer at the club, said: "We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year.
“This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch."
Last month, the INEOS owner finalised his £1.25 billion purchase, taking up a 27.7% stake and control over football operations.