MANCHESTER United produced another winning performance yesterday, reporting first half profit of £19.45 million.

Bigger crowds at the club's redeveloped Old Trafford stadium and higher television revenue helped the English champions to lift turnover by 68 per cent to £50.1 million in the six months to the end of January.

Chief executive, Mr Martin Edwards, said the club's run to the semifinals of the European Champions' League had earned it around £7.5 million.

Interim dividend was raised to 1.9 pence per share from 1.6p a year ago. Shares in the club, which has a market capitalisation of over £400 million, were unchanged at 641p by 10.30 a.m. yesterday.

United floated in 1991 and have become the example to emulate for the growing number of British and European clubs either joining the stock market or planning a listing. Pre tax profit of £19.45 million was a 27 per cent rise on last year's £15.28 million. This year's profit was boosted by transfer income of £3.8 million.

The club's gate receipts increased to £18.4 million from £10.4 million following the completion of rebuilding at Old Trafford.

Mr Edwards said that United was considering opening new club shops in London, Dublin and Belfast.