Manchester United announced financial results for the 12 months ended June 30, 2017, with revenue up 12.8% to £581.2 million and earnings before interest, tax, depreciation and amortisation (EBITDA) up 4.1% to to £199.8 million.

Operating profit was up 17.3% to £80.8 million and net income up 7.7% to £39.2 million.

Commercial revenue for the year rose 2.7% to £275.5 million.

Broadcasting revenue for the year soared 38.2% to £194.1 million “primarily due to the new Premier League broadcasting rights agreement plus progression to, and success in winning, the UEFA Europa League final.”

Matchday revenue for the year rose 4.7% to £111.6 million primarily due to playing two more home games in the year.

Total operating expenses for the year rose 17.1% to £511.3 million.

Employee benefit expenses for the year rose 13.5% to £263.5 million “primarily due to an increase in first team salaries, following investment in the first team squad.”

Other operating expenses for the year rose 29.3% to £117.9 million “primarily due to the impact of playing more games in the year as a result of progression in domestic and European cup competitions.”

Net debt as of June 30, 2017, was £213.1 million, a decrease of £47.8 million over the year.

For fiscal 2018, Man United expects revenue to be between £575 million and £585 million and adjusted EBITDA to be £175 million to £185 million.

Manchester United executive vice chairman Ed Woodward said: “We concluded a successful 2016-17 season with a total of three trophies and a return to Champions League football.

“The year saw us set record revenues of over £581 million and achieve a record EBITDA of £199.8 million.

“We are pleased with the investment in our squad and look forward to an exciting season.”