Manchester United have announced that the club has generated a record revenue of £433.2m for the 2013-14 financial year, despite last season's woes on the pitch.

The club fell from champions to seventh place in the Premier League under former manager David Moyes, who cost the club £5.2m to end his contract and pay off his coaching staff in April.

Figures released by the North-West outfit show that income has increased by 19%, but the club expects revenue to fall to between £385m and £395m due to the lack of Champions League income this season.

Executive vice chairman Ed Woodward 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."

The club's debt has decreased by 12% to £341.8m.