Manchester City's revenue jumped by more than £90m during their latest financial year as the Premier League champions returned to the black.
The club's revenue rose to £569.8m for the 2020-21 period, up from £478.4m in the prior 12 months.
They have also reported a pre-tax profit of £2.4m after reporting a loss of £126m in the previous year.
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In the 12 months before the pandemic, the club made a profit of £10.1m.
Chairman Khaldoon Al Mubarak said: "His Highness Sheikh Mansour’s vision, set in 2008, is the reality we are living thirteen years later– we are a sustainable and socially responsible organisation, finding and developing talent and competing for trophies on both the domestic and European stage.
"It is that long-term vision that gave us the confidence a year ago to state an intended return to profitability in our second season impacted by Covid-19, even in a season played without fans.
"Despite the many unknowns in the evolving global pandemic, we knew then that was a realistic objective, thanks in large part to effective financial decision-making, excellent football performance and the support of our partners and shareholders.
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"We have been able to continue our forward momentum throughout the group, last year celebrating the acquisition of new clubs, and this year on-field success throughout City Football Group, as our teams in India, Australia and France won their respective leagues."
During the year the men's first team won the Premier League and Carabao Cup while also reaching the semi-finals of the FA Cup and final of the Champions League.
The women's first time finished runners up in the WSL, made the semi-finals of the FA Cup and quarter-finals of the Champions League and Continental Tyres Cup.
Chief executive Ferran Soriano added: "From a business perspective, we were pleased to return to profitability, having successfully navigated the revenue challenges created by the global pandemic.
"Without doubt, it was our determination to protect, grow and also to innovate that enabled us to limit the effects ofCOVID-19 across our operations.
"This year, Manchester City was named the World’s Most Innovative Sports Organisation by the Sports Innovation Lab, which highlighted our forward thinking approach to media and content and City Football Group’s role as ‘anchor’ investor in the Sapphire Sport venture capital fund."