Fresh from winning a record 20th English league title, Manchester United is also keeping up its success off the field by producing record revenues while reducing its debts.

United said on Thursday it is on course to generate more than STG350 million ($A533.54 million) in revenue this season after earning a record STG91.7 million in the three months to March 31.

But the title triumph has come at a price, with the player payroll rising 25 per cent year-to year at STG44.9 million in the third quarter.

The club, which is owned by the American Glazer family, has reduced its debt to STG367.6 million – a drop of 16 per cent in nine months – in part by using the proceeds of an initial public offering on the New York Stock Exchange in August. United shares, which made a lacklustre market debut at $14, closed at $18.41 on Wednesday.

Net profit more than tripled year-to-year to STG3.6 million pounds in the third quarter.

While United already has clinched the league title, it was eliminated in the second round of the Champions League by Real Madrid.

“I wouldn’t expect there to be a need for a major retooling of the squad, we have fantastic depth,” vice chairman Ed Woodward said on a conference call with investors. “We are very comfortable with the makeup of the team and the squad. … We could put two first teams out with 11 internationals.”