The North-London club Arsenal have reported a pre-tax profit of £25.1 million in their latest financial income, for the half year to the end of 30 November 2017, Arsenal’s financial profits moved from £12.6m, with the Emirate outfit financial reserves remaining at £137.6m.
After tax, the club’s profit remained at £20.4m – up from £10.3m – for the half-year period. The ascent in financial profits came regardless of Arsenal’s football turnover tumbling to £167.7m from £191.1m because of last season’s inability to qualify for Europe elite competition.
The Premier League club monetary income after tax not taking into account the January club-record signing of Pierre-Emerick Aubameyang.
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.
- Incomes from football have diminished by £23.4m because of a fall in broadcast revenue, ticket, and commercial deal related with Champions League.
- Wages costs have expanded by £13.2m
- Financial profits on player deals was £58.4m compared with £6.3m in a similar period the earlier year
Meanwhile, the team are currently battling hard to keep a good run of form on the pitch, sitting 6th in the Premier League table and suffering a 3-0 loss to Manchester City in Sunday’s Carabao Cup final.
Arsenal also suffered a shock home defeat to Swedish side Ostersunds in the Europa League a week ago, despite the fact that the Gunners advanced to the last-16 by aggregate.
The club’s chairman Chips Keswick said in a statement that Arsenal’s board shares the “Acute Disappointment” of fans following the Carabao Cup Final defeat to high-flying Pep Guardiola’s Cityzens.
“This has not been the easiest of campaigns but we are all working hard to ensure we have a strong finish,” Keswick said. “Breaking our transfer record twice in one season and the player contracts we have signed shows our commitment to getting the club back competing for the Premier League.”
“However, our strategy remains self-financing and we must accept all the challenges that brings at a time when the inflation of transfer fees, player wages and the fees demanded by agents has become super-heated.”
“We need to spend effectively and be the best we can across the whole of our football operations if we are to compete at the level our ambitions for the club demand.”
“This has been an inconsistent season but as we enter its final stages let’s not forget we still have plenty to play for with the Europa League and an outside chance of a top-four finish in the Premier League.”
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