Shares of Manchester United plc fell about 5.5% on Tuesday on the New York Stock Exchange after the company announced financial results for its 2020 fiscal second quarter ended December 31, 2019.

The firm reported lower second-quarter revenue and core profit as the club’s absence from this season’s European Champions League took its toll. 

Core earnings (adjusted EBITDA) fell 30.9% to £72.1 million for the three months and revenue for the quarter fell 19.3% to £168.4 million.

The company said its net debt at December 31 was £391.3 million, an increase of £73.6 million over the year, primarily due “to an overall decrease in cash and cash equivalents.”

In its outlook, Manchester United said that for fiscal 2020, “the company continues to expect total revenues to be in a range of £560 to £580 million and total adjusted EBITDA to be in a range of £155 to £165 million.”

Shares fell around $1 to about $17.90 to give the firm a current stock market value of around $3 billion.

Manchester United executive vice chairman Ed Woodward said: “We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season.

“We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our Academy; the foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole.”