The football club is preparing a partial flotation on the Singapore Stock Exchange to raise up to £600m.
Last season, Manchester United won the Premier League and reached the final of the Champions League against Barcelona.
Turnover in all three major areas of the business increased against a year earlier, with matchday revenue rising to £108.6m from £100.2m, media revenue climbing to £119.4 from £104.8m, and commercial revenue growing to £103.4m from £81.4m.
The club was bought by the US-based Glazer family for £800m in 2005.
Critics say the family has saddled the club with massive debts, which led to high-profile protests by supporters’ groups last season.
The latest figures show that net debt has fallen to £308.3m, down from £376.9m a year earlier.
Earlier this month, and after the period covered by the latest set of accounts, the club signed two new commercial deals.
One saw logistics company DHL becoming the club’s first training kit sponsor, in a four-year deal the BBC understands is worth £40m to the club.
Manchester United also signed a deal with Vietnamese mobile phone group Beeline, with the club having an estimated 16 million fans in the South East Asian country.
In March, Manchester United’s parent company said it had made a loss of £108.9m in 2009-10. Red Football Joint Venture is the Glazer family parent company that owns the Old Trafford club.
Its loss, for the year to the end of July 2010, included one-off costs from setting up a £526m bond scheme last January to replace outstanding debts of £509m.