Manchester United on Thursday announced financial results for the 2019 fiscal first quarter ended September 30, 2018, showing its revenue fell 6.1% to £135 million and profit (net income) fell 31.3% to £6.6 million.
Net debt fell 7.8% to 247.2 million.
Commercial revenue for the quarter fell 5.7% to £75.9 million, with sponsorship revenue falling 6.8% to £49.6 million primarily due to a smaller summer tour.
Broadcasting revenue rose 4.9% to £42.8 million.
Matchday revenue fell 27.2% to £16.3 million primarily due to playing two fewer home games.
For full-year fiscal 2019, Manchester United continues to expect revenue to be £615 million to £630 million and adjusted EBITDA to be £175 million to £190 million.
Manchester United executive vice chairman Ed Woodward said: “Our financial strength enables us to continue to attract and retain top players and to invest in our academy, as we look to drive the success on the pitch that the club and our fans expect.
“We remain on track to deliver our record full-year revenue guidance, underpinning our long-term, strategic plan to create sustainable growth across all areas of the club.”