United report sharp fall in profits

MANCHESTER. – Manchester United has reported a sharp fall in annual profits despite record revenues for the year.
The English Premiership football club said net income plunged 84 percent for the year to June 30 to £23,8 million, from £146 million a year ago.
Manchester United said its 2013 net income benefited from a tax credit of £155,2 million, which it received from “US deferred tax assets”.
Had it not received that tax credit, the club would have made a loss of £8,8 million in 2013.

The club, majority-owned by the American Glazer family, said revenue increased 19 percent to £433,2 million, compared with £363,2 million a year earlier. It expects revenue in 2015 to fall to between £385 million and £395 million, suggesting its failure to qualify for the Champions League for the first time in 20 years may be to blame.

Underlying profits were £130,1 million for the year to June 30, compared with £108,6 million a year earlier.
It said it expected annual profits would fall next year to between £90 million and £95 million. – BBC Sport.