Failure to qualify for European soccer next season will cost Manchester United more than £30 million pounds (€37 million), the club said today, though it still had the financial muscle to boost its squad.

There was no word from the club, owned by the American Glazer family, on the identity of a new manager after the departure of David Moyes last month following a failed first season in charge.

United, English champions a record 20 times, are set to confirm Dutch national team coach Louis van Gaal as their new manager, according to media reports, after Moyes was ousted.

Speaking to financial analysts, Woodward said only that the club would make an announcement in "due course" on the new manager and remained active in the transfer market.

“Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season,” Woodward said in a statement as the club released its latest financial results. Woodward added that United had generated record revenue and profit in the three months to the end of March, despite the problems on the pitch.

"This puts us in a healthy financial position to continue to invest in the squad," he said. United have already been linked with a multi-million pound move for 18-year old Southampton full-back Luke Shaw, whose form this year has just earned him a callup to the England national squad for next month's soccer World Cup in Brazil, though the club on Thursday also made no comment on possible signings.

Revenue in the three months to March rose 26 per cent to £115.5 million and operating profit reached £40 million.

For the year as a whole, the club stuck to its forecast for revenue of between £420 and £430 million and EBITDA (operating profit) of £128 to £133 million.