The Barclays Premier League champion’s financial results for the year ending June 2011 outlined annual operating profits of £110.9 million, while revenue increased to £334.1 million, up £45 million on the previous year. Headline pre-tax profit came in at £29.7 million, compared with a loss of £15 million last year.
Turnover in all three major business areas increased over last year with the most marked improvement coming in commercial revenue, which rose from £81.4 million to £103.4 million. This was assisted with the introduction of United’s £80 million shirt sponsorship deal with Aon and is likely to increase again thanks to significant recent deals such as DHL’s £40 million training kit partnership.
In March, Red Football, the parent company of United’s owners the Glazer family, revealed a loss of £108.9 million in the year ending June 30, 2010. The loss included one-off costs from establishing a £526 million bond scheme to replace outstanding debts of £509 million. United’s new figures, announced on Thursday, added that net debt fell to £308.3 million from £376.9 million a year earlier.
The Glazer family are planning to reduce their stake in the club, according to widespread reports in recent weeks. It is believed that an initial public offering (IPO) could raise US$1 billion for a 25% to 30% stake in the club with the flotation viewed as a method to reduce United’s debt, which has been a continual source of anger to its fans. Although United has refused to comment on the reports, it is believed a listing on the Singapore Exchange could be approved by the end of the year.
The Florida-based Glazer family acquired United for £790 million in 2005 in an agreement that saw the club de-listed from the London Stock Exchange.
