Manchester United's profits have jumped by nearly half even though its player wages bill has soared.

Football's profit league 2002

Man Utd �32.3m profit Southampton �3.3m profit Tottenham Hotspur �0.9m profit Aston Villa �0.4m loss Celtic �2.9m loss Manchester City �13.9m loss Leeds United �28.2m loss Rangers �35.3m loss

The club has reported a 48% increase in pre-tax profits to �32.3m ($50.5m), compared with �21.8m last year.

The club said its turnover was also up, thanks to the new Premier League television deal and European Champions League prize money for reaching last season's semi-finals.

And it said it made trading profits of �17.4m by selling players such as Jaap Stam, Andy Cole and Dwight Yorke.

The acquisition of �30m England defender Rio Ferdinand was not in the balance sheet because it came after the end of the financial year.

Old Trafford dynasty

Players' wages accounted for 48% of the group's turnover for the year - up from 39% the previous year - and the wages bill grew 40% to �70m.

Part of that rise was the result of new contracts signed by David Beckham, Roy Keane and manager Sir Alex Ferguson.

The club said it was committed to controlling player wages to about 50% of turnover subject to the club continuing to reach the second phase of the Champions League.

Man Utd home games

Gate receipts �42.1m Total matchday turnover �56.3m Average attendance 67,160

Meanwhile, Manchester United chief executive Peter Kenyon has insisted that the Old Trafford dynasty is not coming to an end despite below-par performances in the Premier League and Champions League.

"We are well placed in the Champions League, fourth in the Premiership and the depth in squad terms is very good," he told BBC Radio 5 Live.

Shares climb

The results statement also revealed that, as of 31 July, the club was still owed �17.2m by other clubs for transfer fees, of which �12m was due from Lazio for the Stam deal.

In an indication of the tough times being experienced by Italian clubs, it said this payment was now being re-scheduled.

Manchester United shares finished the day up 5.25p at 105p.

This compared with 145p at the end of 2001 and a March 2000 peak of more than 400p.

In a minor fillip for investors, the company said it proposed a 1p-a-share special dividend, which would increase the total dividend to 3.1p a share from 2p a share last year.

It said it wanted to ensure shareholders benefited directly from success on the pitch and profits from player sales, and would consider more special dividends in the future.