United announced club-record revenue of £627.1m for the year ending June 30, 2019, up 6.3 per cent from 12 months ago, despite Ole Gunnar Solskjaer’s side performing poorly on the pitch, with just eight Premier League points from six games this season.
The club spent almost £150m in the summer on the three significant signings of Harry Maguire, Aaron Wan-Bissaka and Daniel James, yet their financial prominence still continues to grow.
Speaking to club investors, Woodward said: “Returning to the roots of our club’s ethos of youth-led, attacking football is the right way forward and everyone at the club: the board, the manager, the squad and all of the staff remain resolute in our desire to get Manchester United back to the top of English football.
“We’ll continue to make the necessary investments to make this happen across our first-team players, our academy and our recruitment department. This long-term approach to building a squad is the right one.”
However, revenue is forecast to significantly drop over the next financial year, after missing out on Champions League qualification due to their sixth-place Premier League finish last season.
United expect adjusted core profit of £155-£165m, down from £185.8m last year and will not be able to fully capitalise on UEFA’s broadcasting revenue distribution system.
Woodward said: “We and our growing global fan-base demand success. Success means winning trophies. That target and that standard has never changed for Manchester United.
“The progress we’ve made on the business side underpins the continued investment in the football side.
“Much of the progress made around that investment in the academy, the recruitment department and the training ground facilities is behind the scenes and therefore isn’t immediately apparent to those on the outside looking in.
“These investments, together with the commitment we’ve made to Ole and his coaching staff in March have given us the building blocks for success.
“Whilst we’re confident this investment will deliver results, it’s important that we are patient while Ole and his team build for the future.
“We will continue to focus on the long-term strategy and won’t be influenced by short-term distractions. We’re optimistic for the future.”