Manchester United has announced a pre-tax loss of £4.7m on falling revenues in the year to June, just a month after the club floated on the New York Stock Exchange.

The loss falls short of a £12m profit from the previous year. However, a one-off tax credit of 28 million pounds boosted post-tax profits to 23.4 million pounds.

Revenue fell by 3.3per cent over the period to £320m, although the club predicts income of between £350m and £360m next year, if the team reaches the quarter finals of the UEFA Champions League.

Matchday revenue fell 10.9 per cent to £98.7m as a result of playing four fewer home games than in the previous season, and broadcasting income dropped 11.3 per cent to £104m after the club was knocked-out at the group stages of the Champions League.

TV broadcast rights for the Premier League are expected to bring in £1bn a year from next year to 2015/2016 for BSkyB and BT Vision, of which Manchester United will receive a share.

The club also signed a new shirt sponsorship deal this year with General Motors which will generate income of $559m over the next seven years, including $37m to be received this season before the appearance of the new shirts for “pre-sponsorship support”.

Manchester United completed its stock market flotation in New York in August to bring in £68m that was used to reduce the club’s debt. As of June this year the business owed £436.9m. Shares floated at $14 but have fallen as low as $12.18.