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ManU Announces Q2 Revenue Down 14% To £106M; Drop Not As Big As Expected

ManU has reported revenue down 14% for the second quarter of its financial year "as a result of being absent from the Champions League," according to Martyn Ziegler of the PA. ManU's revenues for the three months ending Dec. 31 were £105.7M compared to £122.9M a year ago -- "but not as great a drop as some analysts had predicted due to a reduction in the club's costs and a rise in commercial income." ManU Exec Vice-Chair Ed Woodward said that the club -- "currently third in the Premier League table -- was well-placed to make it back into the Champions League next season." The biggest impact on the finances has been the "lack of broadcast income from European football," down 46.9% to £28.4M (PA, 2/12). The BBC reported ManU said the decline "was offset by a 23% increase in sponsorship revenues" to £35.8M. The club announced two new sponsorship deals in the last three months, "with drinks company Chi in Nigeria and Chinese neutraceutical group IVC." Hargreaves Lansdown Stockbrokers Head of Equities Richard Hunter said, "Things may be improving on the field, but this is not a quarter to be remembered." He said the lack of Champions League football had led to a "39% decline in broadcast revenues and there had also been a 6% increase in operating expenses." Hunter added, "Even so the Manchester United marketing machine remains in full drive, with a near 10% increase in commercial revenues for the [last three-month] period and an overall profit for the half-year, albeit lower than the prior year" (BBC, 2/12). FC BUSINESS' Aaron Gourley reported matchday revenue for the second quarter was £30.9M, a decrease of £2.8M, or 8.3%, over the prior year quarter, "primarily due to no home domestic cup nor UEFA Champions League matches in the current quarter." Staff costs for the second quarter were £48.7M, a decrease of £2.9M, or 5.6%, over the prior year quarter (FC BUSINESS, 2/12).

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