Manchester City 'still have long way to go' after 10 years of Abu Dhabi ownership

Manchester City "still have a long way to go" after 10 years under Abu Dhabi ownership, says chairman Khaldoon al-Mubarak.

A one-off change in the financial reporting period had an "adverse impact on profitability".

City reported a profit of £1.088m, an estimated 10% of what could have been expected without the change.

By changing their year end to 30 June, the club have better aligned their financial year with the wider City Football Group's growing number of reporting entities.

But the added month is one during which they play no fixtures.

The Premier League leaders confirmed they remain debt free.

In the annual financial figures to 31 May 2008, three months before Sheikh Mansour's £210m takeover, City's turnover was £82.3m.

Al-Mubarak said: "This period has been one of significant growth, with much learned and much gained on a journey that still has a long way to go."

After a trophyless first season under manager Pep Guardiola, City are eight points clear at the top of the Premier League.

They have reached the knockout stage of the Champions League with two games to spare and visit Leicester in the Carabao Cup quarter-finals next month.

The improvement comes after Guardiola spent almost £200m on new players last summer.

Al-Mubarak says "on-field success and financial sustainability must exist hand in hand".

Chief executive Ferran Soriano said: "We are committed to playing beautiful football and to win. Both elements are compatible and the second is a consequence of the first."

The figures include revenue generated by City's trophy-winning women's and academy teams but not the wider City Football Group that includes teams in the United States, Australia, Spain and Japan amongst others.