Arsenal post huge profits
Friday 26 February 2010
Arsenal have announced pre-tax profits of £35.2m and a significant reduction in debt for the six months ending November 30, 2009.
The financial half-year results reveal Arsenal Holdings plc's total net debt has been reduced from £332.8million to £203.6million - a reduction of £129.2million.
The club also announced significant progress at Highbury Square where the sale of 261 apartments raised £96.6million - an increase of £38.2million on 2008 - with all the proceeds used to pay off the project's debt. The group's property business recorded a pre-tax profit of £9.3million.
In the results, the north London club also reveal they have completed the first stage of investment in the Emirates Stadium and have reiterated their policy of re-signing first-team players on long-term contracts.
Non-executive chairman Peter Hill-Wood said: "I am pleased to report that the Group has delivered another profitable set of results for the first six months of the financial year.
"There has been remarkable progress at Highbury Square over the last 12 months and it is clear that the next couple of years will see our property activities delivering surplus cash.
"This is very good news, although I would not want to speculate on the exact quantum or timing of this.
"How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in club projects and infrastructure, both in and around Emirates Stadium, which will provide a long-lasting benefit to the club and our tremendous, loyal supporters.
"Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the club's direction beyond our move to Emirates Stadium and into the next phase of growth."
Latest in Sport
Mario Balotelli scored as many goals for AC Milan on second debut as he did for Liverpool in the Premier League last season
Cyprus vs Wales match report: Gareth Bale's bullet header has Welsh on brink of Euro 2016
Jose Mourinho: Chelsea manager has four Guinness World records hanging in his office
Manchester United will pay Monaco £7.2m extra if Anthony Martial scores 25 goals in four years as deal could rise to incredible £58m
Pedro hits outs at Manchester United boss Louis van Gaal for treatment of Victor Valdes
- 1 What marriage would look like if we actually followed the Bible
- 3 The Chinese city where men have 'three girlfriends because there are so many women'
- 4 'Heartbreaking' Syria orphan photo wasn't taken in Syria and not of orphan
- 5 Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Britain to take more refugees as Cameron bows to pressure after more than 250,000 back our campaign
Senior British politicians tell David Cameron: When dead children are being washed up on beaches – it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don't change Europe's attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Make your voice heard: Sign The Independent's petition to welcome refugees