Avrupa News Agency (AVA) Edip Adanır London- Arsenal revenues from football increased to £235.3 million (2011 - £225.4 million) with Commercial activities contributing £5.6 million of this growth. Group turnover was £243.0 million (2011 - £255.7 million). Reduction was due to the expected lower level of property sales activity.
Ivan Gazidis explanied the key headlines: "Firstly, that the Club is in a healthy financial position. The important thing to keep emphasising is that we exist, first and foremost, as a football club not a business. The reason we talk about the financial results at all is that it provides the platform for us to be successful on the field. This is a healthy set of financial results once again. We are in a good position and we can look forward with confidence that our manager has the funds to drive the Club forward and we will continue to be successful in the future."
• Operating profit (before exceptional costs, depreciation and player trading) in the football business was £32.3 million (2011 - £45.8 million) with revenue gains outweighed by increased wage costs.
• Profit from player trading of £26.0 million (2011 – loss of £14.6 million) with gains from a number of significant player sales, including Cesc Fabregas and Samir Nasri, partially offset by higher amortisation charges.
• Low key year for property business with an operating profit of £2.2 million (2011 - £12.6 million) as Highbury Square project draws to a satisfactory close.
• Group profit before tax was £36.6 million (2011 - £14.8 million).
• Cash and bank balances amounted to £153.6 million (2011 - £160.2 million) at the balance sheet date and as a result the overall level of Group net debt was stable at £98.9 million (2011 - £97.8 million).
Commenting on the results for the year, Peter Hill-Wood, non-executive Chairman, said:
“We have invested in the team and in the Club’s infrastructure as a whole and this will continue. UEFA’s new financial regulations have added a further emphasis to the need for a sound financial model. That is why our activities to increase revenue are important. Increased revenues allow us to continue to be competitive and to keep pace with the ever present cost pressures in the game.”
Ivan Gazidis, Chief Executive, said:
“Clubs, fans and other stakeholders in the game are demanding a more rational financial approach and this reinforces our conviction that our Club is strongly placed to succeed over the long term. We have qualified for the Champions League for the 15th season in a row whilst off the pitch we have a business strategy and infrastructure that is helping us to grow our revenues. This revenue growth will provide sustainable funds for future investment in the team whilst keeping within the UEFA Financial Fair Play requirements. We can and will forge our own path to success.”