United finished a woeful campaign in sixth place in the Premier League and missed out on Champions League qualification.
United will be in the Europa League next season and could struggle to land their top transfer targets this summer.
Woodward addressed club investors in a conference call this afternoon.
He admitted it was a disappointing season, but said boss Ole Gunnar Solskjaer would be given sufficient financial backing to improve his squad.
“We continually look to improve staff on and off the pitch to achieve this”
Woodward, who sacked Jose Mourinho in December, said: “It clearly didn’t end the way we hoped, finishing in sixth place, and with a disruptive managerial change partway through.
“However, Ole and the squad battled back from mid-December to put us in contention to qualify for the Champions League next season, but ultimately we came up short.
“While the last few weeks were disappointing, we are delighted to have confirmed Ole as our manager on a three-year contract and to have recently confirmed the key members of the coaching team – Mick Phelan, Michael Carrick, Kieran McKenna and Mark Dempsey – will be remaining at the club.
“Everyone at the club – the board, the manager, the squad and all the staff – are resolute in our desire to get United back to the top of English football.
“We continually look to improve staff on and off the pitch to achieve this.
“After a turbulent season, everyone at Manchester United is focused on building towards the success that this great club expects and our fans deserve.
“Preparations for the new season are underway and the underlying strength of our business will allow us to support the manager and his team as we look to the future.”
Despite their shortcomings on the pitch, United are forecasting a turnover of between £615m and £630m this financial year, which would be a record for a British club.