Manchester United are expected to announce record revenues on Wednesday of around €525 million (£420m) for last season with a €31.2m (£25m) profit helped by sales of two million replica shirts worldwide.

The annual results should also include details of pay-offs to the 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.

The prospectus states that total revenue is expected to be approximately €536m to €542m (£429m to £434m), an increase of 18 to 19 per cent. By comparison Real Madrid’s turnover was €600m (£480m) but that includes player sales.

Profit for the year is expected to be €28.7 to €31.2m (£23m to £25m) – significantly down from the €183m (£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 €237.3m (£190m) due to pre-season tours and higher sponsorship renewals.

Operating costs are due to be up 20 per cent to €466m (£373m) mainly due to expenditure on transfer fees and higher player wages.

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 (€437.3m), 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 (€33.1m to €35.6m).”

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