Manchester City have announced that the club has made over £300m in revenue for the first time in its history.

The Premier League champions generated £347m in income during the 2013-14 financial year, according to figures released today. City made £271m in 2012-13.

Meanwhile, the club has posted an overall loss of £23m, which includes £16m in Financial Fair Play fines. Those figures have been halved compared to the previous year.

City are expected to announce a profit when they release their figures next year.

"We have moved beyond the period of heavy investment that was required to make the club competitive again," chairman Khaldoon Al Mubarak told the club's official website. "It is commercial growth of the kind we are seeing today that will underpin and support our operations in the future."

The Blues continue the defence of their Premier League title tonight when they make the trip to Sunderland.