Manchester United upbeat on future despite suffering £11.8m loss in first quarter

Red Devils secured Champions League for next season, leaving CEO 'very positive about the club's progress'

Manchester United manager Michael Carrick secured Champions League football next season. Picture: PA 

Manchester United reported a loss of £11.8m (€13.6m) in the first quarter of the year but raised annual revenue and core profit forecast for the year to June, helped by a third-place finish in the Premier League and as fans snapped up merchandise as the team's fortunes improved on the pitch.

The club's New York-listed shares rose 5% to $20.71 in premarket trade. "We feel very positive about the club's progress this season and the continuing positive impact of our business transformation initiatives," CEO Omar Berrada said in a statement.