London: English Premier League soccer champions Manchester United reported an increase of almost eight percent in first half earnings on Tuesday, boosted by strong increases in commercial and media revenues.
United, the most successful club in the English game, said EBITDA (earnings before tax, interest, depreciation and amortisation) increased by 7.7 percent to 64.2 million pounds in the six months to the end of December.
United put plans for a $1 billion flotation in Singapore on hold last September because of volatility in global markets.
The American Glazer family, who bought the club in 2005, had been expected to use some of the proceeds from the listing to bring down debt that supporters believe has held back United.
Gross debt was 439 million pounds as of the end-December, down from 508 million pounds a year earlier.
United are currently second in the English Premier League, behind local rivals Manchester City who have spent heavily on players thanks to the backing of their owners from Abu Dhabi.
Total revenue grew to 175 million pounds in the period, up by 11.8 percent. Media revenues contributed 60.9 million pounds, up 13 percent, while commercial revenues rose 16 percent to 58.6 million pounds, both totals exceeding matchday revenues.
United's second half performance is certain to be hit by their early exit from the Champions League this season after they reached the final last May.
They have also been eliminated from the FA Cup, the main domestic knockout competition.
Published Date: Feb 21, 2012 19:02 PM | Updated Date: Feb 21, 2012 19:08 PM