Shares in Manchester United (NYSE:MANU) soared said it returned to profit in its latest quarter as it looks set to break the UK record for revenue received by a football team in one year.
The football behemoth said it expects revenue for the year to hit between £500-510mln, a feat no UK club has managed.
Shares were heading in the right direction, up 8.3% to US$14.77 in early deals.
Its revenues have been buoyed in recent quarters by its return to the UEFA Champions League, having fallen out of the competition the previous season for the first time since the mid-1990s.
United announced a record second-quarter revenue total of £133.8mln, some 26.6% higher than last year, though debt is up 6% to £322.1mln.
Commercial revenue for the second quarter was £66.1m – an increase of 42.5% on the previous year while broadcasting revenues were also up 31.3%.
Executive vice-chairman Ed Woodward said: “Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club.”
The club has around £121.6mln in cash, up from £37mln a year ago, which could offset the loss of income from Champions League football should they fail to qualify for it this season.