Manchester United plc announced financial results for its 2017 fiscal third quarter and raised its revenue and profit guidance for the year.

For fiscal 2017, Manchester United now expects revenue to be between £560 million and £570 million, up from its previous forecast of between £530 million and £540 million.

The club also increased its forecast for adjusted EBITDA (earnings before interest, tax, depreciation and amortization) to £185 million-£195 million, above its previous forecast of between £170 million and £180 million.

Total revenue for the quarter grew 3.1% to £127.2 million, but Manchester United made a loss of about £3.8 million as expenses rose significantly.

Net debt rose 5% to £366.3 million compared to the same period last year.

Total operating expenses for the quarter were £129.8 million, an increase of £27.6 million or 27% over the prior year quarter.

Employee benefit expenses for the quarter were £66.5 million, an increase of £10.3 million, or 18.3%.

Manchester United executive vice chairman Ed Woodward said: “As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.

“We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year.

“We look forward to a strong finish to 2016-17, both on and off the pitch.”