The English football club Manchester United has reported a 3.3% fall in revenue to $630 million for the year to the end of June, after its early elimination from the Champions League last season.
Net profit rose 79% to $46 million, but that was boosted by a $56 million tax credit.
Revenue from sponsorship and merchandising rose by 13.7% to a record $230 million for the year.
The numbers are the first since the football club floated on the New York Stock Exchange last month at $17 a share. The price has since fallen.
Following the results announcement, shares fell by 2% to $15.
United's failure to make the knock-out rounds of the Champions League last season meant that broadcasting revenues fell 11.3% to $204 million.