MANCHESTER: Manchester United have reported record revenues of £433.2m for last season but expect these to drop by more than £40m as a result of failing to qualify for Europe.

annual figures also show that the club made a £23.8m profit and paid out £5.2m in compensation payments to sacked manager David Moyes and some members of his coaching team.

The results also report that United expects “revenue to be £385m to £395m ” for the 2014/-15 season, a drop of around 10pc.

United’s executive vice-chairman Ed Woodward hailed the growth in revenues and the potential impact of recent signings including Radamel Falcao and Angel di Maria.

He said in a statement: “We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues.

“With Louis van Gaal at the helm as manager, and the recent signing of some of the world’s leading players to further strengthen our squad, we are very excited about the future and believe it’s the start of a new chapter in the club’s history.

“Louis’s footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed.”

United’s wage bill rose 19 per cent to £214.8m, an increase of £34.3m “primarily due to the impact of player acquisitions and renegotiated player contracts”, according to the annual report.

The figures reveal United’s sponsorship income increased by 49pc last year with a number of new deals coming on stream.