MANCHESTER UNITED are targeting a top-three Premier League finish this season, the club's executive vice-chairman Ed Woodward has revealed.

Woodward said third place was what club chiefs had budgeted for - and he also played down the possibility of further new signings in January to boost Louis van Gaal's squad.

He said the club are "at the start of something special" under van Gaal, despite admitting income will fall by up to £48million as the price for missing out on Europe.

Woodward announced record revenues of £433.2m for last season, while it was revealed the club paid out £5.2m in compensation payments to sacked boss David Moyes and members of his coaching team.

The United vice-chairman said in a conference call with club investors: "Our budgets assume a third-placed finish, as is ordinarily the case.

"The 2013-14 season was a very challenging and disappointing one. But under Louis there is a real feeling that we are at the start of something special.

"We are very excited about the future and believe it's the start of a new chapter in the club's history.

"I'm confident with Louis as our manager, with a clear philosophy and a reinvigorated squad, we will get back to challenging for the title and trophies.

"His track record for delivering top level teams speaks for itself. We've had an excellent summer having signed Angel Di Maria, Daley Blind, Luke Shaw, Ander Herrera, Marcos Rojo and Radamel Falcao on a one-year loan."

Asked about the prospect of more 'cap-ex' -capital expenditure on new players - in January. Woodward played down the likelihood.

He said: "We don't intend to significantly increase cap-ex in January. We will continue to monitor in association with Louis his view of the squad and which areas we want to strengthen and which areas we want to sell.

"The usual three in, three out is par for the course in the numbers in and out each year, typically in the summer."