Core earnings fell 31% to £72 million for the three months ended Dec 31. Revenue came in at £168 million, down 19%.

United manager Ole Gunnar Solskjaer has relied heavily on the club’s academy graduates, such as Mason Greenwood and Brandon Williams, with the team sitting fifth in the Premier League table, three points behind fourth-placed Chelsea.

“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,” Executive Vice-Chairman Ed Woodward said in a statement.

“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.”

The 20-time English champions maintained their financial guidance for the 2019-20 year ending in June.