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May 2, 2013

United post record third-quarter figures

Manchester United have announced record levels of income with their highest-ever revenue in their third quarter of the financial year.

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The new Premier League champions made £91.7 million in the three months up until March 31, with sponsorship up 52.2% and commercial revenue up 31.7% year on year.

United now have a projected turnover for £360 million for the 2013 fiscal year and they made a profit of £3.6 million over three months.

Commercial revenue went up from £27.3 million to £36 million, broadcasting revenue increased from £16.9 to £21 million and matchday income went from £26.6 million to £34 million, compared to the same period of last year.

United's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) - a measure of how profitable a company is - improved to £25 million over the same period and they expect it to be between £107 million and £110 million over the whole year.

Executive vice-chairman Ed Woodward said: "Each of our three primary sectors - Commercial, Broadcasting and Matchday - delivered strong top-line gains and helped us achieve a record third quarter for both revenue and adjusted EBITDA."

The rise in broadcasting revenue is in part because, whereas United dropped out of the Champions League in the groups stage in the 2011-12 season, they reached the last 16 this year and they played three more home games than in the same period last season, a factor in their greater matchday income.

United also announced three new sponsorship deals and extended an existing partnership with shirt sponsor Aon.

However, United also announced that staff costs increased 25% over the year, partly due to player recruitment after Robin van Persie and Shinji Kagawa were added to the wage bill and others were given improved or extended contracts.

Net finance costs - incurred because of the debt the Glazers took on when they bought the club - also increased from £14.8 million to £18.3 million.

United's overall debt now stands at £367.6 million, down from £423.3 million 12 months ago.

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