Manchester United announced record revenues and profits on Thursday in the club’s latest set of annual figures.

The club turnover was $784 million with profits of $109 million, accounts for the year ending June 2017 show, reports Xinhua news agency.

Both figures smash previous records which were set last year.

The report projects that United’s revenue for 2018 will be around $780 million at current exchange rates.

United’s wage bill, which includes player acquisitions up to June 30, rose by $42.2 million to just over $355 million, which represents the biggest outlay in the English Premier League (EPL).

The club’s executive vice chairman Ed Woodward said: “We concluded a successful 2016-17 season with a total of three trophies and a return to Champions League football. 

“The year saw us set record revenues. We are pleased with the investment in our squad and look forward to an exciting season.”

United’s commercial revenue during the year was $372 million, an increase of $9.7 million on the previous year.

The club also brought in $262 million in broadcasting revenue, an increase of $72.4 million over the previous year. This was largely due to the EPL’s new rights broadcasting agreement and United’s progression to the Europa League final.

The report also shows that United’s gross debt has dropped this year to $287.5 million, compared to the previous year’s $352 million.