Manchester United recorded an operating loss of £36.9m last season due to the impact of Covid-19.
In their previous annual results, the Old Trafford giants' revenue dropped from £627.1m to £509m - figures that incorporated just a three-month hit of the coronavirus pandemic.
The economic ramifications continued in the year ending June 30, 2021, with United seeing revenue drop down to £494.1m.
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The net loss of £92.2m - up 297.4 per cent from £23.2m in 2020 - was largely down to the accounting impact of a £66.6m non-cash tax charge.
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Net debt was down from £474.1m to £419.5m year-on-year, thanks in no small part to season ticket revenues and favourable exchange rate.
Champions League participation was a key reason behind wages increasing by 13.6 per cent to £322.6m.
United executive vice-chairman Ed Woodward said: "It has been an exciting start to the season at Old Trafford, with capacity crowds in attendance for the first time in almost 18 months.
"We were delighted to welcome back Cristiano Ronaldo to the club, along with Raphael Varane, Jadon Sancho and Tom Heaton, to further reinforce the progress that our first team has been making under Ole.
"This was made possible by the strength of our operating model, with sustained investment in the team underpinned by robust commercial revenues.
"Everyone associated with Manchester United can be proud of the resilience we have shown through the challenges created by the pandemic, and we look forward to the rest of the season and beyond with great optimism."
United are reeling from Tuesday's shock 2-1 loss at Young Boys in their Champions League opener, but they sit top of the Premier League and Woodward is sure Ole Gunnar Solskjaer's side are on the right track.
"We have been clear in our strategy to build a squad with a blend of top-class recruits and home grown talent, comprising a balance of youth and experience, with the aim of winning trophies and playing attacking football the Manchester United way," Woodward will tell investors on a call on Friday afternoon.
"As part of this, we have continued to strengthen our recruitment and scouting processes, and we have also increased our investment in the academy to ensure that this success is sustainable.
"While squad-building is a constant process, we are more confident than ever that we are on the right track."