Manchester United executive chairman Ed Woodward has said the club "expect to be challenging for trophies in all competitions" next season as he announced their latest financial results.

United saw a year-on-year drop of 17.7 percent in overall revenue in the club's quarterly statement up to March 31, 2015, as a result of the club's failure to qualify for Europe this season.

However, the club reported an improvement in commercial revenue of £47.8 million -- up 11.7 percent for the quarter -- with the club having signed a 10-year deal with adidas worth £750 million last year.

Woodward said in a club press release: "Our commercial revenues were up year over year and we are raising EBITDA guidance for fiscal year 2015 from £90-£95 million to £103-£110 million."

EBITDA -- earnings before interest, taxes, depreciation and amortization -- is related to operating profits and is the measure some companies use for their operating performance.

Ed Woodward praised Louis van Gaal's work as Manchester United manager this season. Press Association Images/PA Archive/Press Association Images

Woodward also expressed optimism for next season, with United all but certain to have secured a return to the Champions League.

Louis van Gaal will end his first season at Old Trafford without a trophy, having exited the Capital One Cup to League One side MK Dons and the FA Cup to Arsenal.

In the Premier League, they are currently 16 points behind champions Chelsea but are set to meet their preseason target of a top-four finish as they have a six-point advantage over fifth-placed Liverpool with two games of the season remaining.

He added: "As the season approaches its conclusion, we are pleased with the team's performance in Louis van Gaal's first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year.

"As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with adidas."

Information from the Press Association was used in this report