Manchester United have posted revenues of £135.4million for the first quarter of 2019-20, while there net debt increased by 55.5 per cent.
The figures represent a £400,000 increase on the same period for the previous year. Commercial revenue was £80.4million, a 5.9 per cent increase on the previous year, the club said in a financial statement.
United are expecting the 2020 annual revenue to be down this year to somewhere between £560-580million, compared to £627.1million for the year ending June 30, 2019.
In part that will be due to the club’s lack of Champions League football this season. Broadcasting revenue for the quarter was £32.9million, a 23.1 per cent and £9.9million drop on the same quarter the year before.
The figures published on Monday cover the period July 1, 2019 to September 30.
One of the most eye-catching points on the balance sheet is the increase of net debt, from £247.2million to £384.5million, a rise of 55.5 per cent.
The club’s wage bill has dropped by 8.8 per cent “primarily due to reductions in player salaries as a result of non-participation in the UEFA Champions League”, the statement said.
United’s executive vice-chairman Ed Woodward said: “We have a clear vision in terms of football philosophy and recruitment.
“The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our academy are already beginning to bear fruit. “We are very proud to be shortly approaching a milestone 4,000th game featuring an academy player, and we are particularly optimistic regarding the considerable young talent currently coming through.
“Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our academy with world-class acquisitions.”
United’s on-field fortunes have improved in recent weeks after pressure had been growing on manager Ole Gunnar Solskjaer.
The team have won five of their last six matches in all competitions, and prior to that claimed a 1-1 draw at league leaders Liverpool.
They are seventh in the Premier League, nine points adrift of the Champions League qualification places.
Manchester United have announced their debt has risen close to £430 million in their latest financial figures.
The Premier League club's third quarter results revealed net debt has increased by £127.4m to £429.1m as football across Europe comes to terms with the coronavirus pandemic. The net debt rose due to foreign exchange costs and transfer fees paid for the players including Harry Maguire and Bruno Fernandes.
Executive vice-chairman Ed Woodward described the "challenges" created by the coronavirus that meant United have not played a competitive game since March 12.
United have also said they expect to pay broadcasters a rebate of around £15m because of the outbreak "following delay and broadcast schedule changes to the 2019-20 season."
"Our focus remains on the health and well-being of our colleagues, fans and partners around the world and we are extremely proud of how those connected to the club have responded during this crisis," Woodward said.
"Since the start of the pandemic, Manchester United and our Foundation have provided assistance to hospitals, charities and schools in our communities, as well as support for frontline workers and vulnerable fans.
"These actions reflect our core values as a club and the resilience through adversity that we have demonstrated many times throughout our long history and will do so again to weather these current challenges."
Elsewhere in the release of the official figures, broadcasting revenue fell by £27.8m to £26m -- a decrease of 51.7% -- and matchday revenue for the quarter was also down, by £2.6m to £29.1m.
Despite uncertainly off the pitch, Woodward has backed manager Ole Gunnar Solskjaer's team to pick up where they left off if the season is allowed to restart in June. United are on an 11-game unbeaten run and can still challenge for a place in the top four, as well as battling for silverware in the FA Cup and Europa League.
Despite football finances taking a hit, the club have also revealed a cash reserve of around £90m ahead of the next transfer window with access to another £150m.
"We look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, while taking all necessary steps to protect public health," Woodward added.
"Our thoughts remain with all those affected during this unprecedented time."