New York-listed Manchester United announced financial results for the 12 months ended June 30, 2019, saying it made record revenues of £627.1 million.

However, the company warned that for fiscal 2020 it expects revenues to fall to between £560 million and £580 million because “the team will compete in the UEFA Europa League contributing to a reduction versus fiscal 2019 due to the absence of Champions’ League competition revenues.”

The company reported fiscal 2019 adjusted EBITDA earnings of £185.8 million but warned it expects fiscal 2020 adjusted EBITDA to fall to between £155 million and £165 million.

Manchester United executive vice chairman Ed Woodward said: “We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager.

“This is reflected in the recent addition of three exciting first team players, key player contract extensions and the talent we have coming through our Academy.

“Everyone at Manchester United is committed to delivering on our primary objective of winning trophies.”