Manchester United chief Ed Woodward insists a disappointing season hasn't hurt the bottom line.

Despite their problems on the pitch, Woodward was optimistic that the club are still going in the right direction.

Speaking as the Reds revealed another record quarter of financial figures , he said: "We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the Team Manager down has acknowledged is disappointing.

"We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued broadcasting revenue growth - all of which bodes well for the long-term stability and financial strength of our business. We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact."