Man United swings to £3.8m loss

Manchester United said on Tuesday that it swung to a loss in the three months to the end of March but lifted its revenue and profit guidance for the full year.

The football club made a loss of £3.8m compared to a profit of £13.7m in the same period a year ago and the loss on disposal of intangible assets for the quarter came in at £1.5m compared to a profit of £2m.

Total operating expenses for the quarter rose 27% from the same quarter last year to £129.8m, while employee benefit expenses rose 18.3% to £66.5m.

Still, total revenues were up 3.1% to £127.2m and the group bumped up its fiscal 2017 revenue guidance to between £560m and £570m from a previous forecast of £530m to £540m and its adjusted earnings before interest, taxes, depreciation and amortisation to between £185m and £195m.

Executive chairman Ed Woodward said: "As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.

"We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year. We look forward to a strong finish to 2016-17, both on and off the pitch.”