Manchester United announced record revenues of £627 million (780 million U.S. dollars) on Tuesday as the club's executive vice-chairman Ed Woodward moved to reassure fans his priority remains on the pitch.

United have won just two of their last 11 Premier League games stretching back to last season, which saw them miss out on this season's Champions League.

The loss of income from Europe's premier club competition will be felt in next year's figures with United expecting a drop in revenue to between 560 and 580 million British pounds (between 698 and 723 million U.S. dollars).

United made just three summer signings in British talents Harry Maguire, Aaron Wan-Bissaka and Daniel James and have already found themselves short up front early in the campaign after letting Belgian Romelu Lukaku and Chilean Alexis Sanchez leave for Inter Milan.

However, Woodward defended the change in approach to target young British talent.

"We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager," said Woodward in a club statement.

"This is reflected in the recent addition of three exciting first team players, key player contract extensions and the talent we have coming through our Academy.

"Everyone at Manchester United is committed to delivering on our primary objective of winning trophies."

The Red Devils have not won the Premier League since Alex Ferguson's retirement as manager in 2013 and do not appear to have closed the gap on rivals Liverpool and Manchester City.

Premier League leaders Liverpool already enjoy a 10-point lead over United, who sit in eighth, just six games into the new campaign.

However, United still remain out in front of their Premier League rivals when it comes to making money.

City's revenue for the 2017/18 season was 500.5 million British pounds (624 million U.S. dollars), while Liverpool's income for the same season was £455 million (567 million U.S. dollars).

But United are falling behind their traditional rivals on the continent for the right to be branded the world's richest club.

Last week, Barcelona announced they expect to pass the one billion euro (1.1 billion U.S. dollars) mark for the first time this season.

United's net profit in the 12 months to June 30 was 18.9 million British pounds (23.6 million U.S. dollars) as their wage bill again increased by 12 percent to 332 million British pounds (414 million U.S. dollars).

And there was also an exceptional 19.6 million British pounds (24.4 million U.S. dollars) expense for the sacking of manager Jose Mourinho and his coaching staff in December.