LONDON: Manchester United chief executive Omar Berrada highlighted the “positive financial impact of our off-pitch transformation” after the club recorded a profit increase following their recent job cuts.
United generated an operating profit of £32.6 million ($44 million) in the first six months of the fiscal year, compared with a £3.9 million loss for the same period last year.
The operating profit for the most recent quarter, over the last three months, was £19.6 million, compared to £3.1 million in the same period last year.
Those numbers come after United minority owner Jim Ratcliffe, who heads the club’s football operation, oversaw a redundancy and restructuring program that saw around 450 jobs cut.
In announcing their latest figures on Wednesday, United said they had seen “the positive impact of operating cost and headcount reduction programs implemented in the prior year.”
United’s total revenues for the second quarter of the financial year were £190.3 million, down from £198.7 million for the equivalent period the previous year.
Commercial revenue dropped from £85.1 million to £78.5 million and match-day revenues down from £52 million to £49.5 million.
The fall in total revenues can be linked to United’s failure to qualify for the Champions League or Europa League last season, denying them the income from European matches this season.
But with United up to fourth place in the Premier League this term under interim boss Michael Carrick, and the women’s team through to the Champions League quarter-finals, the club believe they are well placed for a further rise in profits.
United say they remain on track to record revenues of between £640 million and £660 million for the full fiscal year.
“We are now seeing the positive financial impact of our off-pitch transformation materialize both in our costs and profitability,” Berrada said.
“Today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men’s and women’s teams.”