Manchester City have posted record revenues of £473.4million and a third successive profit as part of their 2016-17 financial report.

It is the first time the club has broken the £400m mark, with this year's number an increase of 21 per cent on the previous figures.

The club also posted a £1.088m profit, though the club says that figure would have been higher had it not been for a change to their reporting period, aimed at aligning the financial year with the wider City Football Group.

City's positive results come in spite of the club failing to win any titles last season, and they also remained debt-free.

Club chairman Khaldoon Al Mubarak commented: "This report is about making sure our fans and our partners can see the true detailed status of every aspect of the club. 

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

Al Mubarak also spoke about City's academy, which continues to produce talented young players, and he specifically mentioned the promising development of Brahim Diaz and Phil Foden, who recently played a starring role for England in their successful Under-17 World Cup campaign, winning the Golden Ball in the process.

He added: "The ongoing development of Phil Foden and Brahim Diaz, in particular, continues to be encouraging and our commitment to nurture our own talent remains a central pillar for the club's long-term sustainability."