Kieran Maguire not impressed by 'misleading' £6m Man United news - 'I wouldn’t be cheering'
The £6million net profit recorded in the latest financial accounts at Man United is 'misleading' and the club continue to make day-to-day losses.
That is the view of finance expert Kieran Maguire, who spoke exclusively to Football Insider about United's second-quarter financial results.
While most clubs provide their yearly financial accounts, United report theirs each quarter as per the rules of the New York Stock Exchange.
In their recent second-quarter results, United recorded a net profit of £6.3million despite revenue dropping 10 per cent to £167million.
In contrast, United made a loss of £1.4million during the same period last season.
United stated that ticket sales for the 2022/23 season have broken the previous club record set in 2016/17 with 2.3million sold.
However, Maguire is hesitant to praise United's profit and suggested that very favourable exchange rates are behind the figure.
"I think we have to take a lot of caution regarding the £6million profit figure that is being quoted at Man United," Maguire told Football Insider's Sean Fisher.
"That particular figure is a net profit figure that has been calculated after a very favourable movement in the exchange rate.
"United actually lost money on an operational basis in terms of their day-to-day activity and if you look at the amount of cash consumed in its operational cash flows it’s considerably higher than last year.
"So I wouldn’t be cheering at all, it’s a misleading figure."