Manchester United Plc(MANU) - Get Report , the sports group controlled by the family of the late U.S. billionaire Malcolm Glazer and owner of the Manchester United Football Club, boosted its full-year revenue forecast after third quarter earnings declined.
Man United plc said it sees full year revenues coming in between £530 million and £540 million ($683 million to $700 million), upping its previous forecast by 5.5%. It also sees full year profits in the region of £185 million to £195 million, an 8.3% increase from its previous guidance.
"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," said executive vice chairman Ed Woodward. "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."
The upgraded forecasts comes as the club approaches the Europa League final -- a competition previously known as the UEFA Cup -- on May 24 against Ajax of Amsterdam at the Friends Arena in Stockholm. Given that it currently sits in sixth place in the English Premier, Man U will need to win that match in order to be guaranteed a place in the lucrative European Champions League competition next year.
Manchester United's first operating quarter profits fell 33% from last year to £30 million, even as total revenues grew 3.1% to £127.2 million.
Manchester United Plc shares were marked at 163.5 pence each in mid-afternoon trading in London and have risen just under 15% since the start of the year.