Manchester United have seen their turnover and operating profit decline after posting their fiscal first quarter results, and the club’s debt has increased nearly 20 per cent to £338m due to the post-Brexit effect on the foreign exchange rate.

It means that United’s debt has increased by £51.5m in three months, with the collapse in the value of the pound following the vote to leave the European Union behind the sizeable increase.

But despite the results – for the three months ending 30 September 2016 – and United’s failure to qualify for the Champions League, executive vice-chairman Ed Woodward confirmed on Thursday that the Premier League club are still on course to post record revenue of between £530m and £540m this year.

The club announced that first quarter net profits fell 76% to £1.2m from £5m in the same period last year, although this is partly due to a lower number of home matches, and operating profits were down 35%.

Woodward was also keen to stress that despite United’s European failure last season, the club have still demonstrated their global appeal by signing players like Zlatan Ibrahimovic and £89m world record transfer Paul Pogba in the summer.

"We added a number of top quality players to our squad, which once again demonstrates our determination to challenge for trophies,” Woodward said.

The club cited the change in the sterling exchange rate as a major factor in the debt increase, although it will not go down well with fans who have shown frustration and anger at the clubs debt levels since the Glazer family took control of the club in 2005.

Gary Neville's Manchester United team Show all 11 1 /11 Gary Neville's Manchester United team Gary Neville's Manchester United team <b>Goalkeeper:</b> David De Gea Gary Neville's Manchester United team <b>Right-back:</b> Antonio Valencia Expected return: 17 December vs West Brom Getty Gary Neville's Manchester United team <b>Centre-back:</b> Chris Smalling Expected return: 17 December vs West Brom Getty Gary Neville's Manchester United team <b>Centre-back:</b> Eric Bailly Getty Gary Neville's Manchester United team <b>Left-back:</b> Daley Blind Getty Gary Neville's Manchester United team <b>Central midfield:</b> Michael Carrick Getty Gary Neville's Manchester United team <b>Central midfield:</b> Ander Herrera Herrera walks off the Old Trafford pitch after receiving a second yellow card Getty Gary Neville's Manchester United team <b>Central midfield:</b> Paul Pogba Martial and Pogba scored a penalty each at Old Trafford Getty Gary Neville's Manchester United team <b>Right midfielder:</b> Henrikh Mkhitaryan Getty Gary Neville's Manchester United team <b>Left midfielder:</b> Antony Martial Getty Gary Neville's Manchester United team <b>Striker:</b> Marcus Rashford Getty