Manchester United are expected to announce record revenues on Wednesday of around £420million for last season with a £25m profit helped by sales of two million replica shirts worldwide.

The annual results should also include details of pay-offs to former manager David Moyes and his coaching team, but the figures will not reflect any financial losses incurred from failing to qualify for Europe for this season.

The key results have already been flagged up in a prospectus released in August for a new release of shares on the New York Stock Exchange.

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The prospectus states that total revenue is expected to be approximately £429m to £434m, an increase of 18 to 19 per cent. By comparison Real Madrid's turnover was £480m but that includes player sales.

Profit for the year is expected to be £23m to £25m - significantly down from the £146.4m for 2012-13 but that was mainly due to a one-off tax credit.

Approximately five million Manchester United-branded licensed products were sold last year including two million replica shirts.

Commercial revenue is expected to be up 25 per cent to around £190m due to pre-season tours and higher sponsorship renewals.

Operating costs are due to be up 20 per cent to £373m mainly due to expenditure on transfer fees and higher player wages.

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Revealed: The annual results should also include details of pay-offs to former manager David Moyes

SHIRT SALES 2009/10-2013/14 (CLUB AVERAGE A YEAR) 1 - Real Madrid 1,580,000 2 - Manchester United 1,490,000 3 - Barcelona 1,190,000 4 - Bayern Munich 945,000 5 - Chelsea 875,000 6 - Arsenal 825,000 7 - Liverpool 805,000 8 - Marseille 385,000 9 - Juventus 375,000 10 - PSG 335,000 11 - Fenerbahce 325,000 12 - Inter Milan 300,000 Source: PR Marketing Advertisement

The prospectus states: 'The Manchester United jersey and training wear are completely redesigned for each season. The annual launch of the new jersey is always a much-anticipated day for our global community of followers.

'The result is a robust wholesale apparel business that sold approximately five million items of Manchester United branded licensed products, including approximately two million replica jerseys, around the world in the last year.'

The debt should be confirmed as £350m, with the cost of paying off the debt a similar level to the profits.

The prospectus said: 'We currently estimate that our net finance costs will be approximately £26.5m to £28.5m.'

Manchester United executive vice-chairman Ed Woodward will take part in a conference call with investors after the results are released.

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