Manchester City report H1 profit

The Premier League club has climbed back into the black in the first half as turnover grew by 6% despite lower revenues from the Premier League TV contracts. The Ofex-traded football club, reported operating profit before player amortization of £220,000 the six months to 30 Nov 2004, compared with a loss of almost £3m last time. The return to profit followed a stabilization of operating costs following the move to the City of Manchester stadium. Turnover rose to £27.7m from £26.2m as sponsorship and non-match day revenues increased significantly.