Manchester United have posted yet another significant rise in commercial revenue - although executive vice-chairman Ed Woodward has confirmed this season's on-field performance has been disappointing as the club announced their second quarter results on Wednesday.
United have confirmed commercial income of £42.3million, up 18.8% for the quarter and 30% for the year so far.
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In the quarter to December 31, United activated six new sponsorship deals, with the prospect of more to come, even though Woodward concedes David Moyes' first season in charge has not gone to plan.
"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," said Woodward.
"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.
"We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact."
Broadcasting revenue for the period was £46.9million, an increase of 18.7 per cent, due to a rise in revenue from the Premier League domestic and international rights agreements, and increases in share of the Champions League fixed pool distributions given United won the league title last term.
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, as seems almost certain.
However, as Woodward is due to speak with shareholders later on Wednesday, he may offer some guidance then.