English Premier League club Manchester United posted a 10 per cent fall in first quarter revenue as the absence of lucrative Champions League football this season took its toll.

United, currently seventh in the table and still struggling with what has been a dismal transition since Alex Ferguson retired as manager in May 2013, said total revenue fell to £88.7m in the three months to Sept. 30.

That compared to £98.5 million posted a year ago but was ahead of an analyst consensus forecast of £86 million.

An 8.6 per cent drop in adjusted core earnings to £20.3 million was also ahead of analyst expectations of £14.5 million, helped by a rise in sponsorship money and a lower wage bill.

“While we recognise that the 2014/15 fiscal year financial results will reflect our absence from the Champions League... we are excited to focus our efforts on the meaningful growth opportunities in sponsorship, digital media and retail and merchandising,” United executive vice chairman Ed Woodward said.

The club’s global appeal, which it says stretches to 659 million followers, continued to prove lucrative, with five sponsorship deals signed in the quarter as well as a world record £750 million kit deal with Adidas.

However, its broadcasting and matchday revenues took a hit, falling 13 and 22 per cent respectively, as the impact of last season’s failure to qualify for the Champions League was laid bare.

This season is the club’s first without European soccer for over two decades.

United, majority owned by the American Glazer family, reiterated expectations for lower full-year revenue of £385-395 million and core earnings of £90-95m.