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Man United third-quarter profits up 60 per cent

On the field, United endured a dismal 2013-14 season, finishing seventh in the Premier League having disposed of the services of David Moyes.

However, Woodward was able to deliver more positive news from a financial perspective and hoped the club would be more competitive next season.

"We once again generated record revenues and EBITDA (Earnings before interest, taxes, depreciation and amortization) as all of our businesses delivered impressive year over year growth," he said in a statement. "This puts us in a healthy financial position to continue to invest in the squad.

"Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."

Revenues in the three months to March rose by 26 per cent to £115.5 million, while profits are up to £40 million.

This was, in no small part, down to a 64.1 per cent increase in broadcasting income, with sponsorship revenue also up 43.5 per cent.

Despite an increase in earnings, wages climbed £8.5 million to £53.4 million, and United's failure to qualify for next season's UEFA Champions League is predicted to see the club take a significant financial hit.