Manchester City Football Club on Thursday released its annual report for 2017-18, announcing revenues of more than £500 million for the first time in its history, and the tenth successive year of improved financial performance.

The club, current Premier League champion, enters its fourth consecutive year as a profitable business, posting a profit of £10.4 million.

Man City posted record revenues of £500.5 million, representing a 44% increase in five years.

The club said its wage-revenue ratio “sits at a healthy 52%.”

In the report, chairman Khaldoon Al Mubarak said: “The 2017-18 season will go down in history because of the incredible football we all witnessed …

“We are filled with an extraordinary sense of pride in the hard work of Pep Guardiola, the players, and the staff who work tirelessly to support them.”

Manchester City CEO Ferran Soriano said: “We recognise that the sporting challenge continues.

“Consistent domestic success and further development in the Champions League will be our focus in 2018-19 and the seasons to come”.

The club chairman added: “Our aim is obviously to build on the achievements of the last year …

“We will always strive for more.

“Our journey is not complete and we have more targets to fulfil.

“There should be no doubt that we are looking forward to the challenges of the new season and those beyond it with equal commitment and determination to the ten seasons that came before.”