Chelsea suffered losses of 23.1 million pounds ($34.9 million) and a drop in turnover for the financial year ending June 30, 2015.

The Premier League champion announced its financial results for the year on Monday, confirming the loss on revenues of £314.3M ($475.4M) for the year.

Turnover fell from £319.8M to £314.3M, a reduction the club attributes to its Champions League performance in the 2014-15 season.

Chelsea was knocked out in the last 16 by Paris Saint-Germain in the previous campaign, having reached the semifinals in 2013-14.

A club statement read: "After relevant adjustments the club is comfortably within the allowable limits of Financial Fair Play. Chelsea has complied with FFP criteria throughout its monitoring periods which began with the 2011-12 season."

Chairman Bruce Buck added: "Chelsea Football Club has been consistent in our intention to comply with FFP and it was a primary aim in the past financial year to be one of the clubs with a continuous record of meeting the regulations, which we have achieved.

"To record the second highest turnover figure in the club's history despite the Champions League campaign ending at the earliest knockout round demonstrates our business is robust, and is testament to good work regarding our commercial activities, our growing fan-base around the world and the tremendous support the team received at home and away matches in 2014-15."