Man United set for record revenues despite Champions League exit

Manchester United remain on course to become the first Premier League club with an annual turnover in excess of half a billion pounds, despite their early Champions League exit this season.

United announced record second-quarter revenues of £133 million -- a rise of 26 percent on last year -- and still expect their income for the current financial year to be between £500 and £510m. That will represent an increase of at least £105m on the 2014-15 financial year.

The Red Devils posted an £18m profit for the three-month period as their commercial revenues rose by 42.5 percent to £66.1m, while broadcasting income also rose dramatically by 31.3 percent to £37.3m.

While they only finished third in their Champions League group and are fifth in the Premier League this season, executive vice-chairman Ed Woodward believes United have the financial might to invest in the side.

He told a conference call: "Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club.

"Our solid results off the pitch help contribute to what remains our number one priority -- success on the pitch."

United's staff costs rose 14.4 percent to £55m, which they attributed in part to paying bonuses for Champions League participation.

Their net finance costs declined by a quarter to £4.7m, while United's debt now stands at £322.1m.