Man United CEO Omar Berrada makes statement as club announces profit in latest results

Manchester United have announced operating profits of £13.3m in their latest financial results.

United have posted a decent profit despite commercial, broadcast and matchday revenues declining due to the absence of European football following last season’s disastrous 15th-placed finish.

Sir Jim Ratcliffe’s ruthless cost-cutting measures have helped United improve on this time last year, when it made a £6.9m loss.

Upon assuming operational control of the club in February last year, the INEOS billionaire implemented a raft of changes at Old Trafford including making hundreds of staff redundant, cancelling Sir Alex Ferguson’s ambassadorial contract, doing away with corporate cards and slashing staff bonuses, just to name a few.

Reduced player wages and staff costs saw United increase earnings to £26.9m.

The Red Devils’ sponsorship revenue has fallen by 9.3 per cent to £47m, largely due to a lack of a training kit partner after the deal with Tezos was prematurely terminated.

Commercial revenue dipped 1.3% year-on-year to £84.2m while broadcasting revenue declined 4.5% to £29.9m, and matchday revenue was down 1.1% to £26.2m.

United insist they are on track to record revenues of between £640m and £660m.

In a statement, United CEO Omar Berrada hailed the club’s “strong progress.”

Berrada said, “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.”

He added, “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.”

The financial statement added that United continue “to see the impact of operating cost and headcount reduction programmes implemented during the previous year.”

Ruben Amorim and his players are next in action on Monday when they host Bournemouth.

Featured image Christopher Furlong via Getty Images

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