Manchester City chairman Khaldoon Al Mubarak insists there is a constant drive to improve within the club in order to meet the ‘very different’ challenges of the next decade.

City made a profit – £10.1m – for the fifth consecutive year thanks to record revenues of £535.2million during the 2018-19 season.

The club’s annual financial report for the 12 months ending June 2019 revealed for the second successive year income was above £500m.

It is understood City expect that to be closer to £560m – boosted by a reported £45m-a-year kit deal with Puma which kicked in this summer – by the time their next results are published.

That figure would put them close to Manchester United, who said on Monday that as a result of missing out on Champions League football they expected turnover to fall to between £560m and £580m this year.

While success off the pitch is starting to match that on it, Khaldoon admits the second decade of Sheikh Mansour bin Zayed Al Nahyan’s ownership will be different to the first.

‘This outcome represents not just a season, but a decade of hard work,’ he said.

‘The organisation is now at a level of maturity that enables us to plan on multi-year cycles both in terms of our management of squads and more widely across the business.

‘This strategic planning has allowed us to create an environment in which continued on-pitch success is both possible and likely, and financial sustainability is a reality.

‘We remain committed to continuing our investment in youth development and advanced facilities, but in doing so we know that the challenges of the next decade will be very different to those of the last.

‘What therefore must also remain constant is our drive to continuously improve and innovate, be that on the pitch, commercially, in infrastructure development or in our service to fans and our community.’

City’s profit, however, was largely due to an increase in television income, both domestic and Champions League, with a rise from £211.5m to £253.2m.

Matchday revenue was down £1.6million, while commercial income dropped £5.3million.

Wages rose by more than £50m on the previous year to £277m but the club’s wage-to-revenue ratio still stands at 59 per cent.

Chief executive Ferran Soriano believes the club are well placed to continue a sequence which saw them win three trophies last season and 10 major honours since 2012.

‘Victories are not accidents; they are the product of careful planning, consistent hard work and the acknowledgement of the need to stay humble and hungry,’ he said.

‘Our aim is to continue to be among the most consistently successful clubs in the world.

‘The strategy includes a carefully thought-out recruiting effort to attract the best players and coaches who want to play our style of football.

‘We recruit the players we believe that we need, and we do it at fair values.

‘As a result, we have a young, motivated, talented squad that has every chance of being successful in the seasons to come.’