Annual revenue at the club, controlled by the American Glazer family and listed in New York, rose 18% to 583 million pounds in the year to the end of June.
Net debt, a bone of contention for the fan base, grew nearly 23% to 514.9 million pounds, hurt by a weaker sterling. The 20-time English champions have seen several changes this year, including welcoming CEO Richard Arnold, who effectively replaced Executive Vice-chairman Ed Woodward. “While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders,” Arnold said in a statement.
The club forecast total revenue for the 2022-23 period to be between 580 million and 600 million pounds and is targeting adjusted core profit between 100 million to 110 million pounds.The English Premier League soccer club reported a net loss of 70.7 million pounds for the three months to June 30, compared with a loss of 107.7 million pounds a year earlier.