Manchester United executive vice-chairman Ed Woodward has said that the club has made “progress” despite weathering a 12 per cent fall in revenue over the six months to December 2019.
Broadcasting revenue was down by 33.4 per cent over the six-month period, amid a 6.5 per cent rise in commercial revenue.
For the previous six months spanning the year to July 2019, the club had declared a record revenue figure of £627 million, while its total revenue over the six months to December 2019 was reported at a significantly reduced £303.8 million.
The sharp drop was put down to a loss in broadcasting revenue as a result of the club’s absence from Europe’s premier club competition, the UEFA Champions League, in the latter half of the year.
However, Woodward expects the club to be among Europe's elite again next season and pushing revenues back up.
He 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”.
Woodward also hailed the club’s "progress" on its "squad rebuild”, adding that recent player recruitment strategies and a renewed emphasis on developing academy players has provided the “foundation for delivering the long-term success that we are all working towards”.
The club reports that its expectations for total revenue throughout 2020 are between £560 million and £580 million.