Arsenal have announced their latest financial results for six months ended November 30, 2017, and not unexpectedly turnover is down from this time last year.
The lack of Champions League football has played a significant part in that, however property revenue and the sale of players saw the before tax profit increase from £12.6m in 2016 to £25.1m in 2017.
These figures do not include money spent in the January transfer window when the club broke its transfer record to sign Pierre-Emerick Aubameyang from Borussia Dortmund for £55m, as well as bringing in Henrikh Mkhitaryan and the record contract renewal for Mesut Ozil.
The club’s position in terms of cash balances was outlined in the report, and said:
The Group has maintained a robust cash position with balances as at 30 November 2017 of £160.7 million (2016 – £123.7m), inclusive of debt service reserves, which are not available for football purposes, of £23.0 million (2016 – £23.3 million). This allowed us to make significant player investments in terms of transfer fees and wage commitments during the January transfer window in respect of Aubameyang, Mkhitaryan and Ozil.
Other key points include:
- Revenues from football have decreased by £23.4m due to a fall in broadcast income, ticket and commercial deals associated with Champions League.
- Wages costs have increased by £13.2m
- Profit on player sales was £58.4m compared to £6.3m in the same period the previous year
Chairman Sir Chips Keswick spoke about the results and the period from now until the end of the season.
“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 final League position,” he said.
“The overall result for the year will be compliant with all of the requirements of both the Premier League and UEFA financial regulatory regimes.
“In closing I should thank everyone for their support. This has not been the easiest of campaigns but we are all working handle ensure we have a strong finish.
“We still have much to aim for including a path back to the Champions League. Let’s give the team our full support and make a difference over the next few months.”