Manchester United's revenues fell by 12.2 percent to £194.4m (€262.3m) in the six months to the end of 2014.
A drop in match day revenues and a 39 percent decline in payments from broadcasters mean that profits fell by £8.9m (€12m) - a 52 percent drop over the two quarter period.
This is the first year that Manchester United is not playing in the UEFA Champions League since the 1995-96 after it lost out to Blackburn on the last day of the season.
The team's failure to quality has hit the club's balance sheet - it has missed out on a number of payments.
The club increased sponsorship revenues by 23 percent - up to £35.8m (€48m). It announced new deals with drinks company Chi in Nigeria, and the Chinese nutrition company IVC.
Club vice-chairman Ed Woodward commented on the results:
"Notwithstanding [having] no European football this season, our revenues remain strong."
He added that the team is challenging to return to the Champions League in the 2016-17 season.
Next year will also see the beginning of a lucrative new kit deal with Adidas.
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