Manchester United on Tuesday reported a smaller adjusted net loss for the first quarter of 2025, helped by cost cuts and benefits from favorable exchange rates.

Adjusted net loss was 349,000 pounds ($439,007.10) for the three months ended Sept. 30, compared with a loss of 8.6 million pounds a year earlier. Revenue for the three months fell 9% to 143.1 million pounds.

Cost and headcount reductions remain on track, the club said.

The club also said a task force created in March to explore options to revitalise the Old Trafford area in Greater Manchester was still continuing its work.

"Once it has delivered its recommendations, we will then take some time to digest them and evaluate all our options in the upcoming year," CEO Omar Berrada said in a statement.

British billionaire Jim Ratcliffe, who bought a minority stake in United earlier this year, had committed 237 million pounds of his own money for improvement in infrastructure, though any project would cost considerably more and so the club will explore public-private partners.

The club have long been criticised for the declining state of their infrastructure and sub-par on-field performance under the ownership of the American Glazer family, which has left them struggling since their glory days under former manager Alex Ferguson.

United have made several changes in management and operations under the stewardship of Ratcliffe, as the new co-owners seek high level of success in return for their huge investment.

Earlier this month, United named Portuguese as head coach to replace Erik ten Hag. He is the sixth permanent manager since Ferguson retired in 2013. The 20-time English champions have failed to win the Premier League title since Ferguson's retirement.