Manchester United hailed a significant improvement in its financial performance after turnover and operating profits moved sharply ahead.
Higher media revenues and more home cup games lifted turnover in the six months to January 31 by 13 per cent to £92.6m while operating profits before player disposals rose 32 per cent to £31.1m.
However, bottom-line pre-tax profits were 34 per cent lower at £20.3m because of the tough comparison with the previous year when the club reaped £16.3m from player deals, including the sale of Jaap Stam and Andy Cole.
The club also has a debt-free balance sheet, which it said reflected strong operating cash flow and lower expenditure as a result of the completion of the Old Trafford stadium and academy facilities in the previous year.
United's wage bill for the six-month period was £39.7m, but at 43 per cent of turnover, this is still within the club's target of 50 per cent.
The second half of the financial year includes the close season.
United said it expects the percentage to rise to 50 per cent later in the year.
The club said it was not exposed to the financial uncertainties experienced by some other clubs in the Premiership, and chief executive Peter Ken-yon said: "We have significantly improved our operating performance.
"The strength of the balance sheet and our diversified revenue streams have increased the resilience and competitiveness of Manchester United plc."
The figures from Manchester United beat expectations in the City, which had forecast turnover of £89.3m and pre-tax profits of £19.3m.
The fall in bottom-line profits reflects exceptional gains from player disposals of £200,000 compared with £16.3m a year earlier.
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