Manchester United boost profit forecast after Europa League run lifts ticket sales

Manchester United raised their annual core profit forecast on Friday as the club’s strong performance in the Europa League drove ticket sales and broadcast revenue.

United forecast adjusted core profit of between 180 million pounds ($244 million) and 190 million pounds for the year ending June, up from an earlier projection of between 145 million and 160 million pounds.

Ticket sales jumped more than 50% to 44.5 million pounds in the three months to March as the club had a good run in the Europa League, before losing the finals to Tottenham Hotspur.

United had their worst Premier League season since they were relegated in 1974 and hopes of participating in a European competition next season were dashed after they lost the Europa League final.

“We had a difficult season in the Premier League, which we all know fell below our standards and we have a clear expectation of improvement next season,” CEO Omar Berrada said in a statement.

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United’s absence from European competitions, which are lucrative sources of broadcasting revenue, deals a huge blow to the club’s future finances and has drawn anger and disappointment from fans worldwide.

Jim Ratcliffe, who holds a stake of about 29% in the club and runs their football operations, has taken steps to revive the club’s fortunes, including by cutting jobs, raising ticket prices and stopping free lunches at staff canteens.

Those benefits are expected to be realised from the first quarter of the new fiscal year starting July, the club said on Friday.

United reported a net loss of 2.7 million pounds for the three months ended March 31, compared with a loss of 71.5 million pounds a year earlier.