Manchester United are counting the cost of failing to qualify for the UEFA Champions League.
In the six months to December 2014, the club saw revenues fall 12.2% to £194.4million.
The Reds also lost out on payments from Nike for failing to qualify for the UEFA Champions League while falls in broadcast and matchday revenues saw profits fall to £8.9m from £18.7m in the corresponding period last year, a 52% drop.
United said the decline was offset by a 23% increase in new sponsorship revenues to £35.8m.
Executive vice chairman Ed Woodward said: “Notwithstanding no European football this season, our revenues remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year.
“On the pitch, the team is well positioned to challenge for a top four finish in the Premier League and we look forward to the rest of the season.”
The club said it continues to expect revenue to be between £385m to £395m for the whole year..