United's profits were down 84% to £23.8 million in the last financial year while revenue increased 19% to £433.2 million.
Revenue in the current financial year is expected to fall to between £385 million and £395 million. Profits are expected to be between £90 million and £95 million.
Sounds to me like their profligate spending coupled with their big sponsorship deals not being anything like as big unless they win every trophy going (including the CL which they're not even in) could leave them in a little bit of trouble with FFP somewhere down the line. Unless of course UEFA shift the goalposts in their favour...
From the BBC:
Manchester United is set to suffer financially as a result of a poor performance on the pitch.
The football club predicts that profits and revenues will fall in 2015 after failing to qualify for the Champions League for the first time in 20 years.
The prediction comes as it reports a plunge in profits, despite record revenues for 2014.
Net income fell 84% for the year to 30 June to £23.8m, down from £146m a year ago.
Manchester United said that was due in part to last year's profit being boosted by a one-off tax credit, without which it would have made a loss.
The club, majority-owned by the American Glazer family, said revenue increased 19% to £433.2m in the 2013-14 financial year, thanks to improved TV and sponsorship deals.
However, that is now predicted to fall to between £385m and £395m.
Similarly, underlying profits were £130.1m for the year to 30 June and that is now forecast to fall to between £90m and £95m.