""These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. "The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term. "That has helped us to invest in our men's and women's teams, sitting in sixth and third places in the Premier League and Women's Super League respectively.""
""to see the impact of operating cost and headcount reduction programmes implemented during the previous year""
Manchester United posted a £13m operating profit in the first quarter, reversing a £6.9m loss from the same period last year. Total revenue declined 2% to £140.3m, primarily because the men's team lacked continental competition. Restructuring and redundancy measures produced £8.6m of exceptional items, and employee benefit expenses fell £6.6m to £73.6m due to reduced player wages. Sponsorship revenue decreased 9.3% to £47m, partly because of the absence of a training kit partner. The men's team sits sixth in the Premier League and the women's team sits third and competes in the Women's Champions League.
Read at www.standard.co.uk
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