Manchester City have posted record revenues of £473.4m

Manchester City have announced record revenues of £473.4m and a profit of £1.08m for the year ending June 30, 2017.

The results cover a 13-month period - due to City adjusting its financial year - and sees their turnover rise by 21 per cent.

It is the ninth consecutive year of improved financial performance for Man City, and the third in which they have posted a profit.

However, the club's wage bill has risen by 33 per cent to £264.1m, despite the fact that they didn't win any trophies during the 2016-17 season.

The club also made a loss of £87.1m on player trading, having bought Leroy Sane, Gabriel Jesus and Ilkay Gundogan.

Man City didn't pay any corporation tax during this period, due to the fact that they carried forward losses of £502.9m from previous years.

The period coincided with Pep Guardiola's first season in charge following his appointment as Manuel Pellegrini's successor.

Man City's on-pitch fortunes have transformed this season, and they are currently top of the Premier League by eight points, having won 10 and drawn one of their first 11 games. They have also guaranteed a place in the last 16 of the Champions League, after winning all four of their group games so far.

The club's chairman Khaldoon Al Mubarak said: "On-field success and financial sustainability must exist hand-in-hand."

"What hopefully comes across is that the football organization and off-field business have the right symmetry and balance to allow us to continue to further strengthen and grow."

Reflecting on last season, he added: "Targeted investment in the summer of 2016 in some talented young players, blended together with the existing capabilities in our squad, led to an impressive start to the season and some memorable performances."