Manchester United are on track to achieve record revenues despite their absence from this season’s Champions League, although their net debt has increased by 27.1% due to the post-Brexit collapse of the pound.

United returned to the top of the Deloitte Football Money League for the first time since 2005 last month and on Thursday they announced record profits for any quarter in their history. Total revenue for the fiscal second quarter ending 31 December 2016 was £157.9m – an 18% improvement on the same period in 2015 – despite missing out on Champions League qualification.

United’s net debt, however, has spiralled to £409.3m due to the referendum result’s impact on the pound, with the club blaming “the strengthening dollar” on the figure rising by £87.2m.

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Bastian Schweinsteiger’s return to the first team has also been reflected in the accounts, having been written off as an asset in the end-of-year results announced in September. The results said: “Exceptional credit for the quarter was £4.8m, relating to a reversal of a registrations’ impairment charge for a player now considered to be re-established as a member of the first team playing squad.”

Broadcasting revenue was up 40.8% for the quarter to £52.5m and matchday earnings rose 27% to £38.6m, due to an increase in matches. Those figures mean United are on target to achieve record revenues of between £530m and £540m in the period from July 2016 to the end of June 2017.

Executive vice-chairman Ed Woodward said: “We are pleased to be competing for the first available trophy of the season when we travel to Wembley to face Southampton in the EFL Cup final this month. The robustness of our business model continues to be reflected in our strong quarterly financial results and we remain on track to deliver record revenues for the year.”

Amortisation for the quarter was £34.2m – an increase of £12.6m over the prior year quarter – due to the players United bought in the summer.