Manchester United reckons it’ll hit a new revenue record

Manchester United Plc (NYSE:MANU) told investors it is expecting to bank record revenue for its financial year, but today it marked a net loss of £71.4 million for its third quarter.

The club, meanwhile, was confident that it will comply with the Premier League's profitability and sustainability rules - which allows clubs to make a loss of up to £105 million over three seasons.

Fewer home fixtures in the quarter – because of the early exit from European competition – saw revenue for the three-month period down 19.6% year-on-year, at £136.7 million.

Improved commercial revenue saw a slight increase, up 0.3% to £69.6 million in the quarter, and sponsorship revenue was down 0.7%.

Manchester United reported that the 27.7% stake sale to INEOS founder Sir Jim Ratcliffe had incurred £30.3 million of costs.

Following the deal, the club has been working on a wide-ranging reform of its operations, its internal structures and has involved significant changes to its executive management.

A cost-cutting drive inside the club, will see around 250 job cuts.

Looking ahead, meanwhile, the club has upgraded its full-year revenue guidance pitched at a record level of £660 million.

Manchester United’s New York listed shares rose by 79 cents or 4.96% to trade on Wednesday at $16.73 each.