MANCHESTER: Premier League champions Manchester United have posted a 29pc increase in their revenue for the first quarter of the financial year.

The Red Devils posted revenue of £98.5m for the three months up to September 30, 2013, which is up from £76.3m  in the same period in 2012.

Commercial revenue also rose by 39pc to £59.9m with broadcast revenue increasing by 41pc to £19.3m.

Ed Woodward, executive vice chairman, said: “We are pleased to have achieved another record first quarter, driven by the strength of our commercial business and increased broadcasting revenues. Our unique approach to the commercial business will continue to drive future growth.

“We are also excited by the continuing rise in the value of sports content, evidenced, amongst other things, by the recently announced BT deal for the UK rights to broadcast the Champions League and Europa League matches for three seasons from 2015-16. This deal represents a meaningful increase over the current arrangement, which should translate into higher broadcasting revenues for the participating clubs.”

Despite the positives, United reported a loss of £293,000  compared with a profit of £20.5m  in 2012.

Finance costs were at £9.8m which was a drop of 21pc.