Sky Sports News' Football Correspondent Rob Dorsett:
"The Manchester United bosses will be pleased with these figures, which they will feel show real progress towards cutting costs and growing revenues.
"But theirs is a long-term plan to rejuvenate and regenerate the club, and whilst record revenues show that the club still has a huge commercial pull as one of the biggest clubs in world football, fans shouldn't think that will mean bumper spending in the January window, or next summer.
"There is still much more work to do to sort out the finances, which will mean more tough decisions and compromises going forward, as United strive to once again be a force at the top end of the Premier League table.
"INEOS are starting to have an impact in cost-cutting and revenues – the greatest the club has ever seen, but that hasn't translated to success on the pitch yet. They will hope that it can happen in time.
"The message to fans is that despite these numbers looking very good. They haven't got millions of pounds to spend in January, for example.
"There's no doubt that they are still trying to strengthen the team and if the team does well on the pitch, that earns huge revenues.
"The fact that they were in the Europa League, got to the final, they lost £40-50m in effect of what they could have got if they were in the Champions League.
"They are very aware that success on the pitch can help boost the finances off the pitch.
"But at the moment, the focus has very much been on getting the finances in order, some tough cost-cutting, which I think will continue to happen.
"They have spent £50m on a new training ground. It's a world-class facility now, which it wasn't 12 months ago.
"Sir Jim Ratcliffe his team and Omar Berrada would say they are going into this with a long-term plan; there's no quick fix.
"No quick fix to the finances or no quick fix to the club's unbalanced squad, which will take more transfer windows to solve.
"They feel that if they can get the finances right off the pitch and make United the goliath that it's always been commercially, then they can start investing in the squad and that in turn lead to some improved results on the pitch.
"We should also be aware of the huge debt which Manchester United still holds, as a result of the Glazer buy-out in the early 2000s.
"These latest figures show that debt has reduced somewhat (by around £39m to £471.9m), but that is because of a change in the exchange rate between the British pound and the US Dollar, rather than any of the debt being specifically paid off.
"The "revolving credit facility" that the club has (in effect, like a personal credit card) now has £165.1m of additional debt on it – up from £35.6m last year."
My podcast on spreaker :