Manchester United executive vice chairman Ed Woodward has revealed that the club is targeting a third-place finish in the Premier League this season.

The businessman said during a conference call to investors following the release of the Red Devils' latest financial results that he has budgeted for the top three this term.

"We assume third [place] in our budgets," he told reporters when asked about his expectations for the current campaign.

United, who finished in seventh place last season, reported record annual revenue of £433.2m but a drop in profits of 84% for 2013-14 during the earnings call.

The club invested £150m in new recruits over the summer in a bid to help manager Louis van Gaal bring Champions League football back to Old Trafford.