Manchester United on Tuesday sought to play down speculations about its takeover as success on and off the pitch boosted annual profits by 22 per cent.

Takeover rumours have intensified as high profile investors have raised their stakes in England's most successful football club of the last decade, but United said there had been no bid talks and the club's top shareholders were very happy.

"No shareholder has approached us about takeover talks or even about a board seat. The takeover talk does not ring true with us," Finance Director Nick Humby said.

Speculation has been rife that a billionaire like Chelsea buyer Roman Abramovich may be looking at the club.

Key investors such as Irish racehorse magnates John Paul McManus and John Magnier and also Malcolm Glazier, owner of Super Bowl champions Tampa Bay Buccaneers, have built up their stakes.

The club, currently third in the standings, reported pre-tax profits of £39.3 million ($64.81 million) for the year to July 31.

Cash Pile

United have been Britain's most profitable listed football club as others such as Leeds United have struggled under a debt pile. Chelsea were rescued from their debts by Abramovich. In contrast, United have a net cash pile of £28.6 million.

United said profits were underpinned by their success in winning eight premier league titles in 11 years and sponsorship deals with sportswear group Nike and mobile phone company Vodafone.

"These are a cracking set of results, but there are a lot of one-offs this year and they may struggle to match them next year on a like-for-like basis," said analyst Andrew Lee at Dresdner Kleinwort Wasserstein.

Although the Nike contract led to the sale of 2.5 million football shirts last year, and added £14.8 million to operating profits, the profit figure will come down £3.5 million this year under the terms of the contract.

Player trading profits were £12.9 million due largely to the transfer of England captain David Beckham to Real Madrid, but were down from last year's profit of £17.4 million as the club took a write down on the value of Argentine midfielder Juan Sebastian Veron before his subsequent sale to Chelsea.

The group said annual wage costs rose 12 per cent to £79.5 million, to give a wages to turnover ratio of 46 per cent, well within the club's target of 50 per cent. Humby expects to hold wage costs steady given the same level of club success in this current season.