PROFIT, TURNOVER, HALF YEAR INTERIM RESULTS

• Group turnover £92.4 million (2003: £92.6 million)

• Group operating profit which excludes player trading up
27% to £25.9 million thanks to growth in higher margin media
revenue (2003: £20.4 million)

• Profit before tax increased by 32% to £26.8 million (2003:
£20.3 million)

• Basic earnings per share up 33% to 7.2p (2003: 5.4p)

• Interim dividend increased to 1.25p (2003: 0.67p) –
represents 50% of total basic dividend for 2003

• Net cash inflow from operating activities rose 10% to
£19.6 million (2003: £17.9 million)

• Debt free balance sheet, net cash of £23.5 million (2003:
£3.8 million)

• Reviewing possible increase in stadium capacity to 75,000

• New sponsorship deal signed with Vodafone in December
worth £36m over four years

David Gill, Chief Executive, commented:

“The recent period has presented a number of challenges for
the management team, and yet we have remained focused on the
business and produced a strong set of results. Through
diversifying our revenue streams and improving our operating
performance we continue to build our financial strength.

“Looking ahead, we have strengthened our playing squad
through acquisitions and contract extensions. The Manchester
United brand goes from strength to strength, we are
developing our media rights and are continuing to convert
fans into customers.”