Arsenal have posted an after tax profit of £20.4m despite a drop in revenues from football according to their latest financial results.
The fall in revenues for the six months ending 30th November 2017 has been attributed to the club’s failure to qualify for the UEFA Champions League, competing instead in the Europa League this season.
Turnover from football decreased to £167.7m, a fall of over £23m on the same period 2016 (£191.1m) with participation in the Europa League having an adverse impact on broadcasting, ticketing and commercial revenue streams.
However, the club made a £58.4m profit on player trading with the likes of Kieran Gibbs and Alex Oxlade-Chamberlain leaving. The acquisition of Alexandre Lacazette and the further investment in the playing squad saw amortization and wage costs increase significantly.
The club’s property development business remained robust generating £14.5m, contributing to overall turnover of £182.2m and a profit before tax of £25.1m.
Arsenal are currently 6th in the Premier League, 8 points behind Chelsea and face Italian club AC Milan in the last 16 of the Europa League.
Speaking of the results, Chairman Sir Chips Keswick said: “As always, the actual outcome for the second half will be strongly influenced by the extent of progress in the remaining knock-out competition, the level of live TV coverage for Premier League games and the final league position. The overall result for the year will be compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.
“This has not been the easiest of campaigns but we are working hard to ensure we have a strong finish. We still have much to aim for including a path back to the Champions League.”
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