United Upbeat As Half-Year Profits Double

Manchester United said it was on track for full-year revenues of £500m for the first time as surging commercial and broadcasting earnings helped it double half-year profits.

Pre (Shanghai: 600048.SS - news) -tax profit in the six-months to 31 December came in slightly above £33m on revenue growth of 32% totaling £257.4m.

While the Old Trafford club failed to qualify for the knock-out stages of European football's top club competition this season, the results demonstrated how valuable the Champions League is after United (Shenzhen: 000925.SZ - news) missed out completely the previous season.

They are currently fifth in the Premier League table - six points adrift of local rivals Manchester City who hold fourth spot and therefore, as things stand, the final chance of a Champions League spot next season.

The team's performance has left United manager Louis van Gaal's position under threat amid speculation Jose Mourinho is gunning to replace him.

Off the pitch, the club's finances were bolstered by a 33% rise in commercial revenue to £137.3m over the six months, compared to the same period in 2014.

Broadcasting revenue was up 44% at £65m.

However matchday sales fell over 1% in the final quarter.

Ed Woodward, United's executive vice chairman, said: "Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club.

"Our solid results off the pitch help contribute to what remains our number one priority - success on the pitch."