Premier League champions Manchester City have announced record revenues of £500.5million in their 2017-18 annual report.

City made a profit for the fourth consecutive year, with their balance sheet in the black to the tune of £10.4m, while the wage-revenue ratio sits at 52 per cent.

City, whose 2016-17 revenue stood at £473.4m, have become only the second English club to break the £500m barrier after Manchester United in 2016 – a feat their neighbours repeated last year by bringing in £581.2m.

City are now the fifth club in Europe to hit revenues of half a billion pounds, along with Real Madrid, Barcelona, Bayern Munich and United, who are due to release their latest figures this month.

On the field, Pep Guardiola's team enjoyed a record-breaking campaign last time around, hitting 100 points as they lifted the Premier League with new best marks in terms of overall wins, consecutive victories, goals scored and goal difference.

They also won the EFL Cup and reached the quarter-finals of the Champions League, where they lost to Liverpool.

"The 2017-18 season will go down in history because of the incredible football we all witnessed," City chairman Khaldoon Al Mubarak said. "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.

"Our aim is obviously to build on the achievements of the last year. We will always strive for more."

This month marked the 10th anniversary of Sheikh Mansour's takeover of City and Al Mubarak added: "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 10 seasons that came before."