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Manchester United post increased profits amid concern over on-field performances

Image: Ed Woodward (left): On-field performances are disappointing

Manchester United executive vice-chairman Ed Woodward admits this season's on-field performances have fallen short of expectations although off-field activities continue their upward trend.

Staff costs were £51.6million, an increase of 16.7 per cent, primarily due to the impact of player acquisitions and renegotiated player contracts. As Mata's arrival did not fall within the accounting period, the main signings over the 12 months concerned were Marouane Fellaini, who joined from Everton on deadline day for £27.5million, and Wilfried Zaha, the winger who was signed from Crystal Palace, immediately loaned back to the Eagles and has just joined Cardiff after failing to impress Moyes. The gross debt has been reduced by 2.7 per cent to £356.6m, although United do have an additional £72million in the bank which fans will expect to be invested in Moyes' squad given this season's performances. As expected, there was no mention within the results of ongoing discussions over a new kit manufacturing deal. The current contract with Nike expires at the end of next season and there has been speculation Adidas, Puma and Warrior are all considering a massive offer in order to get their names on one of the most recognisable shirts on the planet. In addition, whilst United still anticipate overall revenue for the year to reach between £420million and £430million, there is no mention of any contingency next year should the club fail to qualify for the Champions League.

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