Manchester City have announced a £10.7 million profit, the club's first since Sheikh Mansour became owner in 2008 and subsequently invested over £1 billion in the club.

City, who also reported a record annual revenue of £351.8 million and a seventh successive year of growth, said the positive figures followed “the retention and recruitment of a variety of regional and global commercial partners”.

Commercial revenue was up 4% to £173 million, and broadcast revenue up 2% to £135.4 million, despite matchday revenue decreasing by 9% to £43.3 million.

Regarding the profit and record revenue, Khaldoon al-Mubarak, the chairman, said: “[There is] an ongoing reduction in costs. The financial model and the strategic investment is proven to work. Manchester City is now a profitable, self-sustainable club competing at the highest level in world football.

“The seeds of this year’s profit were sown some years ago and many people have contributed to making it happen. They deserve to be thanked and recognised. We also know that this is not the end, but the continuation of a process that should take us to an even brighter future.”