Ed Woodward is "more confident than ever" Manchester United are "on the right track" after one of the most challenging financial periods in the club's history.
United reported a revenue decrease to £494.1million, with an operating loss of £36.9m last season when they revealed their last financial results on Friday.
In the previous annual results, revenue had dropped from £627.1m to £509m.
The coronavirus pandemic and a lack of supporters at Old Trafford took a big toll on the club.
However, with they have invested significantly to bring in Cristiano Ronaldo, Jadon Sancho and Raphael Varane and are now playing in front of a full capacity crowd.
Executive vice-chairman believes these are exciting times for United despite the losses.
"We said during the depths of the pandemic that the club would emerge in a stronger relative position, and I believe we are now seeing that borne out as we build towards recovery from a very solid foundation," Woodward said in a statement.
"We significantly strengthened the squad over the summer, with the addition of Cristiano Ronaldo, Raphael Varane, Jadon Sancho and Tom Heaton.
"These signings have demonstrated our continued ability to attract some of the world’s best footballers to Old Trafford, and our firm commitment to helping Ole [boss Gunnar Solskjaer]deliver success on the pitch.
"We have been clear in our strategy to build a squad with a blend of top-class recruits and homegrown talent, comprising a balance of youth and experience, with the aim of winning trophies and playing attacking football the Manchester United way.
"While squad-building is a constant process, we are more confident than ever that we are on the right track."