But the gross debt that hit 716.5 million pounds (then $1.1 billion) in 2008-09 stands at 389.2 million pounds ($622 million), having dropped 11 percent in the last year alone. But the cost of serving those liabilities rose to 71 million pounds ($113 million) in the year.
"We are comfortable with the leverage levels where we are," Woodward told investors.
He said the club delivered on its targets and objectives during its first year listed on the New York Stock Exchange.
"Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful," Woodward said in a statement. "We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter."
Commercial income alone grew by 30 percent during the year to 152.5 million pounds ($244 million) as 20 sponsorship deals , mainly region-specific backers.
United hopes to profit from the appeal of the Red Devils branding in the U.S. where Woodward claims the number of TV viewers watching United is growing 30 to 35 percent each year.
"It's underpenetrated ...it's the most developed sports market in the world," Woodward said, adding: "We don't want to do deals that are quick and wrong and tie us up."
The Premier League has been buoyed by new television deals which are set to generate $8.5 billion over the next three seasons.
United received 60.8 million pounds ($97 million) in broadcast revenue from the Premier League last season while winning the title. On the back of new TV deals, Woodward expects a 35 to 38 percent increase for the club this season.
