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Arsenal Post Pre-Tax Profit of 17.8m

Tue 26th Feb 2013 | Money & Finance

Arsenal have posted a profit before tax of £17.8m in their latest half-year financial results.

The figures released for the half-year to the end of November 2012, show this was driven primarily by player sales of £42.5m but the accounts also show an investment of £40.9m in signing new players and the extension of contracts for existing players.

However, the club’s overall after tax profit for the six months was £14.9m, down from £8m in 2011.

Football turnover dropped from £113.5m to £106m as a result of four fewer home fixtures compared to the same period last year. However, overall operating profits from the club’s property operation increased to £1.9m versus £0.5m in 2011.

Chairman Peter Hill-Wood said: “Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence.

“Our desire is to make everyone connected with Arsenal proud of the club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”

Arsenal now has no short-term debt and continues to have a robust financial platform from cash reserves of £123.3m.

The report also confirms the extended partnership with Emirates which will be worth up to £150m. This comes in addition to deals with Airtel and Malta Guinness and additional sponsorship linked to the pre-season tour.

Mr Hill-Wood added: “The Emirates partnership is one of the biggest sponsorship deals in the game and is an endorsement of the commercial approach we are taking.”

Source:www.arsenal.com

Posted by: Aaron Gourley

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