JOHN Wardle has stressed that he does not accept Premiership survival represents a successful season for Manchester City.

In announcing positive financial results today - an increase in both turnover and operating profit - the chairman described last season's 15th-placed finish as disappointing and added that for what the club is paying out in wages, he would expect a comfortable top-half finish.

It is the second time this week there have been sharp words from the major shareholder, who on Monday slammed the team's performance in the 4-0 defeat at Wigan.

Figures ahead of December's AGM show that City made an operating profit of £5.1m in the year ending May 31, 2006 - a rise of 46 per cent.

The slip down the table from eighth cost the club £3.4m with the shortfall made up of £1.5m from the FA Cup run, concerts and other revenues.

The chairman believes that the Cup loss to West Ham ruined what otherwise might have been a decent first full season for manager Stuart Pearce.

Pivotal

"The 2005/06 season was marked by starkly contrasting fortunes, with a pivotal date of March 20," he declared.

"On March 19 Stuart Pearce celebrated his first year in charge with the club mid-table with 40 points, there were eight Premiership fixtures remaining and a home tie in the FA Cup quarter-finals to savour. The club was buzzing. What a difference a game makes!

"Our defeat against West Ham was an enormous blow. The end to our season was exceptionally disappointing and contrasted dramatically with the final eight games of the previous season. We finished in 15th place, despite running a wage bill that should have seen us comfortably in the top half.

"While Premiership survival remains an objective, it alone does not represent a successful season for Manchester City."

The accounts show that the club's wage bill fell from £37.7m to £34.3m, thanks in part to reduced performance-related pay to players, and that the Blues spent £10.3m on transfers in the last 12 months.

"We have further invested in our wage bill as we enter the 2006/07 season," said Wardle. "Our financial position continues to improve. Nevertheless the board are aware that we need further investment to maintain our challenge in an increasingly competitive Premier League."

Excluding loans from Wardle and fellow major shareholder David Makin, City now owe £32.2m.

A turnover of £61.8million was up on the previous year’s figure of £60.9million. Wardle said the City of Manchester Stadium continues to be a major asset with a 38% increase in income from conference activity at the stadium.