Manchester United's Debt Pile Drives Loss

The cost to Manchester United of servicing its debts has helped plunge the club into a third quarter pre-tax loss.

The Premier League champions for the 2012/13 season said they achieved a 23% increase in underlying profit in the three months to March.

But when certain expenses were included in the figures, including net finance costs of more than £18.3m, the club swung to a pre-tax loss of £3.15m from a £2.8m profit in the same period last year.

It said that the addition of £6.7m in tax credits ensured a profit of £3.6m and insisted it was on course to hit revenue and profit targets for the financial year, which runs to the end of June.

Revenues in the quarter rose 30% to £91.7m, with the commercial sector, which includes sponsorship, showing the strongest growth of 52% thanks to new deals in Asia and Europe.

The club's debt - a source of anger among fans since the Glazer family bought United - had fallen 16% since June last year to £367.6m, United said.

Manchester United listed on the New York Stock Exchange last August, with the proceeds of the 10% stake sale helping efforts to cut the debt pile at Old Trafford.

Shares have recovered from an initial dip to trade at $18.41, up from a flotation price of $14.

Ed Woodward, United's executive vice chairman, said of the results: "Each of our three primary sectors – Commercial, Broadcasting and Matchday – delivered strong top-line gains and helped us achieve a record third quarter for both revenue and adjusted EBITDA.

"In addition, we are delighted to be continuing and deepening our relationship with Aon, as our new Training Kit, Training Centre and Tour Partner, for an additional eight years."

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