Manchester United's gross debt was cut to £359.7million during the first financial quarter after their owners 'retired' £62.6million-worth of bonds, reports Teamtalk A 32.4% increase in sponsorship revenues, underpinned by a massive shirt deal with Chevrolet, contributed to commercial revenues rising by 24% to £43million over the quarter and an overall profit of £20.5million.
United estimate overall income will reach between £350million and £360million over the entire financial year to June 30, 2013.
"Manchester United had a record first quarter driven by our commercial operation, which continues to experience extremely strong global revenue growth in new media & mobile, retail merchandising & sponsorship," said United executive vice-chairman Ed Woodward.
"The team has also made a strong start to the 12/13 season - currently 1st place in the Premier League and 1st place (and undefeated) in our Champions League Group."
United confirmed the 'exceptional item' of £3.1million related to professional advisor fees in connection with the IPO.
United also confirmed they received £1.3million due to their players being selected for Euro 2012.
United also pocketed around £2million as a result of Old Trafford being an Olympic venue given a 13.3% rise in matchday revenue to £19.6million.