Manchester City revenue tops £500m and profit soars

English Premier League football club Manchester City on Thursday announced profit of £10.4 million (Dh49.98m) in its 2017-2018 Annual Report.

The latest results mark the Abu Dhabi-owned club’s fourth consecutive year of profitability.

The earnings figure was a ten fold increase on last year's £1m, although that was reported over a 13-month period as the club adjusted its results cycle to a July 1 to June 30 year, adversely impacting profit.

City also on Thursday posted record revenues of £500.5m, up from last year's £473.4m. Revenues have now risen 44 per cent over the past five years, the report said.

“Most of the developments visible today are the result of a carefully crafted strategy - one in which organic evolution has also been allowed to thrive," said Khaldoon Al Mubarak, the chairman of City Football Group, which administers the club under the ownership of Abu Dhabi United Group.

Chief executive Ferran Soriano said he was "proud of our performances and of the trophies won", adding that the 2017-2018 season in which the team was crowned EPL champions was a “remarkable campaign”.

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“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,” he said.

Mr Al Mubarak 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 ... with equal commitment and determination to the 10 seasons that came before.”

In January, Manchester City's  473.4m revenues for the previous season meant the club consolidated its fifth spot in Deloitte Football Money League. Cross-town rivals Manchester United posted €676m (Dh2.9 billion) in revenues, taking top slot. The combined revenue for the top 20 highest-earning clubs rose by 6 per cent to a record €7.9bn in the 2016/17 season.