Manchester United's executive vice chairman Ed Woodward has confirmed that the club has "achieved a record revenue quarter" in commercial profit.

Woodward revealed that the total commercial income reached £42.3m, which is up by 18.8% for the quarter up to December 31 and 30% for the year so far.

"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," he told the club's shareholders.

"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."

The boost in finances has been aided by new sponsorship deals with Unilever, Hong Kong Jockey Club, Banif Bank, Fuji TV, SPOTV Korea and STC.