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Manchester United posted sliding quarterly profits Thursday as the team paid the price for failing to qualify for the lucrative UEFA Champions League.
Operating profit dived one third to £6.2 million (7.2 million euros, $7.7 million) in three months to September 30, or the first quarter of the club’s 2016/2017 financial year.
That compared with £9.5 million in the same period a year earlier, the group said in a results statement.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 25 percent to £31.2 million.
“Our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League,” said executive vice chairman Ed Woodward.
But he added: “We are pleased that we remain on track to deliver record revenues revenues for the coming year.
Operating profit dived one third to £6.2 million (7.2 million euros, $7.7 million) in three months to September 30, or the first quarter of the club’s 2016/2017 financial year.
That compared with £9.5 million in the same period a year earlier, the group said in a results statement.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 25 percent to £31.2 million.
“Our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League,” said executive vice chairman Ed Woodward.
But he added: “We are pleased that we remain on track to deliver record revenues revenues for the coming year.