As part of the financial statement, executive vice-chairman Ed Woodward has reiterated his commitment to the ongoing rebuilding project at the club, which he has said includes continuing to implement a long-term vision with current manager Ole Gunnar Solskjaer in charge.
“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,” Woodward declared.
“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.”
As a result of the drop in revenue for the period, United’s operating profit has also fallen from £44m this time last year to £36.5m. Net debt for the three months in question is also sharply up by 23% to £391.3m from the same period 12 months ago.
Where revenue is concerned, United have brought in close to £40m less than the same three-month period last season. That figure topped £100m in 2018/19, compared to £64.7m now, because of the value of competing in the Champions League over the Europa League.
Matchday revenue is also down by just under £6m (15%) as a result of playing two fewer home games in the Premier League and UEFA competition, which was only partially offset by an additional Carabao Cup game at Old Trafford.
By the time this season finishes, United have projected a total annual revenue of between £560m and £580m, which is significantly down from the club record £627.1m earned in 2018/19. The drop was always expected after failing to secure Champions League qualification and it further highlights the lucrative importance of playing in Europe’s elite club competition.
United have shaved £7m (9%) off the wage bill compared to the same three months last year, which is down to a reduction in salaries as a result of not competing in the Champions League.