United signings hit Plc profits

PROFITS at the world's richest soccer company Manchester United dropped by 34% last year as the company spent heavily on new players.

However, the market reacted well after the company announced pre-tax profits for the six months to January 31 of £20.3m, slightly ahead of analysts' forecasts. The club's shares rose as much as 4.7%.

First-half net income was £14.0 million, down 40% from the year-earlier period as gains from player sales declined.