Manchester United Football Club’s poor start to the post-Ferguson area on the pitch doesn’t appear to have hampered the club’s finances so far, after it reported record revenue of £433.2m (US$702m, €544m) in the year to the end of June.

Despite a disappointing campaign under David Moyes, finishing seventh in the Premier League last year, the club turned a "core profit" of £130m (US$211m, €163m) thanks to TV rights, merchandise sales, matchday revenue and competition bonuses. However, this year is expected to be a slightly different story, with the club absent from the lucrative Champions League for the first time in 20 years.

United forecasts that revenue and profit will fall in 2014-15 as a result – down to £395m (US$640m, €496m) and £95m (US$154m, €119m) respectively – while it remains unclear how the nigh-on £200m (US$324m, €251m) spent in the summer transfer market will affect the club's books.

Executive vice chair Ed Woodward was quick to talk up the results and suggested the appointment of Dutch manager Louis van Gaal – in place of Moyes – would lead to a reversal in on-field fortunes.

"We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues," he said.

"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' 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."