Manchester United Produce Annual Financial Report with Record Turnover

Manchester United have reported record annual revenue of of £331.4 ($537m) million up from £45 ($73m) million from last year.

The main reason for the 15.7% revenue growth has been due to commercial revenues increasing 27.0% from £81.4m ($131.9m) to £103.4m ($167.5m).

This has led to a healthy profit margin with annual operating profit of £110.9m ($179.8m).

They also reduced their debt but it is still a worrying figure £308.3m ($499.5m).

It comes as the Old Trafford club prepares to launch a partial flotation on the Singapore Stock Exchange, generic a move which could raise up to £600m.

In the 2010-11 season, Manchester United won the Premier League and also reached the final of the Champions League at Wembley against Barcelona.

Manager Sir Alex Ferguson has spent heavily over the summer to replenish an ageing team.

Manchester United was bought by the US-based Glazer family for £800m ($1.29 billion) in 2005.

Manchester United have net assets of £810.6m ($1.31bn).