Omar Berrada issues Michael Carrick statement as United confirm £37.7m boost | OneFootball

Manchester United have announced an operating profit of £37.7million for the nine months to March 31 this year.

Financial results

This represents a huge turnaround for United, compared to the £3.2m operating loss they posted for the nine months to the same date last year.

United note that their significantly improved performance is down to the brutal cost-cutting measures that were implemented by Sir Jim Ratcliffe upon his resumption of operational control, as well as improved Premier League performances that have helped stimulate revenue growth.

United’s EBITDA for those nine months rose to £187.5m, up from £145.3m a year earlier.

But the Red Devils remain burdened by $650m of debt from the Glazer era, and short-term borrowing now stands at £262.5m. This is around £50m higher than the same quarter last year.

Cash and cash equivalents are at £60.9m, down from £73.2m a year earlier, with £30m paid out in the quarter toward a revolving credit facility.

Meanwhile, matchday revenue for the quarter was £42.2m, down 5.2% (£2.3m) from the same quarter last year, with United playing three fewer home matches than in the prior-year quarter.

United also note that the cost of sacking Ruben Amorim and his coaching staff cost £16.7m.

Berrada’s statement

United CEO Omar Berrada said in a statement, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives.”

“Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch.”

“Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as head coach.”

“Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series.”

“On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”

United also explain that “work continues behind the scenes on our ambition to build a new 100,000 seater stadium.”

Featured image Carl Recine via Getty Images

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