Manchester United expects revenue growth this year
LONDON (REUTERS) - English soccer club Manchester United said it expected revenue to grow in the current financial year after paying the price of a rare barren season on the field in 2011/12.
United, floated in New York last month, forecast its underlying earnings (Ebitda) should rise to 107-110 million pounds (S$219 million) in 2012-13, while revenue was likely to be between 350-360 million pounds.
The figures were based on the assumption that United reached the quarter-finals of the European Champions League and domestic cup competitions.
United failed to make it past the group stages of the Champions League last season, prompting a 16.5 per cent fall in adjusted Ebitda to 91.6 million pounds. Total revenue dipped 3 per cent to 320.3 million pounds in the year to June 30, 2012.