Manchester City posted record revenue of £535million and a profit – £10.1m – for the fifth consecutive year, according to the club’s annual report.

Figures for the 12 months ending June 2019 show revenue above the £500m mark for the second successive year and it is understood the club expect that to rise to closer to more than £560m next year having signed a lucrative kit deal with Puma.

The club’s wage-to-revenue ratio stands at 59 per cent.

“This outcome represents not just a season, but a decade of hard work,” said chairman Khaldoon Al Mubarak, with the club in its second decade of ownership under Sheikh Mansour bin Zayed.

“The organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business.

“This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality.”

Chief executive officer Ferran Soriano believes the club are well placed to continue a sequence which saw them win three trophies last season and 10 major honours since 2012.

“We can all be sure that we will be focused, resilient and consistent in our approach,” he said.

“Victories are not accidents; they are the product of careful planning, consistent hard work and the acknowledgement of the need to stay humble and hungry.”