Manchester United profits rise

Manchester United has reported a 74% rise in profits for the second half of 2012, on the back of rising revenues.

The Premier League club said pre-tax profits for the last six months of the year were £22.3m.

Total revenues were up, with income from sponsors particularly strong, though broadcast revenues were down.

The club, owned by the Glazer family, listed on the New York Stock Exchange last year at a flotation price of $14 a share.

The shares are now trading at nearly $19 giving the company a valuation of over $3bn.

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