Ed Woodward
Woodward says January additions are not expected.Getty Images/Michael Regan

Manchester United executive vice-chairman Ed Woodward has ruled out significant spending in the January transfer window despite reports suggesting new manager Louis van Gaal would be supported to make further additions.

United spent a record-breaking £150m during the summer on six players including Angel di Maria and Radamel Falcao and early indications were that Van Gaal would be backed in the market again.

But as United announced record annual revenue of £433.2m for 2014, with projections for 2015 down to £395m, Woodward has said the club have no plans to make substantial signings in January similar to that made last season with the recruitment of Juan Mata.

"We don't intend to significantly increase player capital expenditure in January," he told a conference call with investors.

"We will continue to monitor, along with Louis, his view of the squad and continue to make assessments as to what areas of the squad we will look to strengthen and which areas we would look to settle on.

"We feel we have got to a point now where we have a stable number. We have guided usually that it's a normal three in, three out is par for the course in terms of numbers of ins and outs every year and those are typically in the summer.

"I wouldn't sit here I have expectations around January but as we have demonstrated if there is a willingness from the manager to do something we will gauge with him and look to see if that is something we can deliver.

"If January gives the opportunity then you have to take it when it comes like we did with Juan Mata."

In the midst of the announcement United confirmed that the cost of David Moyes' premature departure from Old Trafford last April totalled £5.2m, while the expected shortfall in revenue in 2015 from not qualifying for Europe could approach £40m

Despite United's increased commercial success, those profits are unable to prop up the club's finances should they continue to fail to qualify for the Champions League, and Woodward has confirmed that remains the minimum target for Van Gaal in his first season in charge.

"We are confident we will back competing for the title and trophies," he added. "We have one of the world's best managers in Louis van Gaal, who has already begun to reinvigorate the club with new faces and methods while embracing the history and traditions of Manchester United.

"His record at delivering world class teams at domestic and European level speaks for itself and we are excited to have him leading our first team squad. There is a real feeling, not just among the coaching staff and players, that we are at the start of something special.

"We assume third in our budgets, so that's our guideline."