Manchester United's operating losses slumped by almost 90% during its latest quarter, forcing the Premier League club into the red for the first half of their financial year.
The Old Trafford club have posted operating losses of £4.8m for the six months to December 31, 2021, compared to the £21.4m profit they achieved during the same period in 2020.
However, United's total revenue for the half year increased from £281.8m to £311.9m but their adjusted EBITDA fell from £91.1m to £69.1m.
The club's commercial revenue increased from £122.3m to £128.8m, with matchday revenue rising from £3.2m to £53.4m but broadcasting revenue dipped from £156.3m to £129.7m.
For United's second quarter, the club's total revenue increased from £172.8m to £185.4m while their commercial revenue went from £62.6m to £64.4m and matchday income rose from £1.5m to £34.6m.
However, their broadcasting revenue fell from £108.7m to £86.4m, operating profits slumped from £48.5m to £5.4m and their adjusted EBITDA decreased from £70.3m to £57.9m.
United also confirmed an exceptional item of £10m was paid as compensation to former first team manager Ole Gunnar Solskjaer, who was sacked towards the end of 2021, alongside "certain members" of the coaching staff.
The results are the first since the club announced Richard Arnold as their new chief executive.
In a statement, he said: "Everyone associated with Manchester United should have belief in the opportunities that lie ahead of us, both on the pitch and in the way we engage and serve our fans.
"We have a clear vision and we are implementing a strategy to win with an empowered leadership team to drive that forward.
"We will foster a culture of excellence through a world-class football environment, while strengthening the role of fans at the heart of the club and harnessing the power of Manchester United to make a positive impact on people, the environment and society.
"All of this will be supported by a sustainable operating model that ensures the club is strong for the present and secure for the future."
Chief financial officer Cliff Baty added: "For the second fiscal quarter of 2022, we achieved robust revenue growth of 7.3% despite the postponement of two matches in the quarter due to Covid-19.
"Results reflect the continued strength of our sponsorship revenues, supported by record-breaking digital fan engagement, in addition to the return of more normalised matchday operations.
"We look forward with optimism to the remainder of the fiscal year."
In November 2021, United revealed their losses were slashed and revenue jumped during the first quarter of their new financial year as they continued to recover from the impact of the Covid-19 pandemic.
The figures, for the three months to the end of September 2021, show United's total revenue increased to £126.5m compared to the £109m they posted during the same period in 2020.
Their operating losses were cut from £27.1m to £10.2m but the club's adjusted EBITDA fell from £20.8m to £11.2m.
