Manchester United announced a record revenue for third quarter of the 2013/14 season on Thursday, with club executive vice-chairman Ed Woodward stating that profit is up 26% to £115.5 million and debt is down to £351.7m.

Woodward also reiterated the club will compete for trophies next season after announcing a 60% increase in quarterly profits.

“We once again generated record revenues as all of our businesses delivered impressive year over year growth,” Woodward said.

“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.”

United’s revenue in the three months to March rose by 26% to £115.5million and operating profit reached £40m.

This increase was primarily driven by a rise in income from Premier League broadcasting money and sponsorship deals.

Broadcasting revenue was up by £13.9m to £35.6m while sponsorship income rose 43.5%.

United’s absence from European competition next season is expected to cost the club somewhere in the region of £30m in revenue.

That impact will be offset by a new shirt sponsorship deal with American car manufacturer Chevrolet worth a record-breaking £53m per season.

A miserable campaign by United’s high standards saw the 2012/2013 champions finish seventh in the Premier League last season.

David Moyes was sacked as manager last month with Netherlands national team coach Louis van Gaal expected to be named as his replacement next week, with player/coach Ryan Giggs to be appointed his No 2.

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