Arsenal today announced the interim financial results for Arsenal Holdings plc for the six months ended 30th November 2011.
As the AST predicted last week, the results show a profit of £49.5 million – a figure predominantly attributable to player sales during the period.
Commenting on the latest results, Chairman Peter Hill-Wood stated:
“We are proud of Arsenal’s record and consistency over many seasons and have the foundations in place, at every level of the Club, to ensure we remain a force in the seasons ahead.”
For more on the questions raised by these figures and how they relate to on-field performance check last week’s article outlining the AST’s concerns.
The main points are highlighted below…
· Group profit before tax was £49.5 million (2010 – loss of £6.1 million).
· Profit on sale of player registrations amounted to £63.0 million (2010 – £4.0 million).
· £74.7 million of investment in new players and extended contracts pushed amortisation charges up to £17.3 million (2010 – £10.1 million).
· The resulting profit from player trading was £46.1 million (2010 – loss of £5.9 million).
· Turnover from football rose to £113.5 million (2010 – £97.6 million) with increases from match-day (4 additional games played) and commercial income streams.
· Operating profits (before depreciation and player trading) from football increased to £15.2 million (2010 – £9.4 million).
· Period of minimal activity, as expected, in the property business with turnover of £3.2 million (2010 – £22.5 million) and operating profits of £0.5 million (2010 – £3.3 million).
· Group has no short-term debt and continues to have a solid financial platform from cash reserves of £115.2 million (2010 – £110.4 million).
The full Arsenal Holdings PLC statement can be viewed here.