Arsenal’s profits have risen 54%, boosted by the latest Premier League television rights deal and the increased revenue from the Emirates Stadium.
The Premeirship leaders said its pre-tax profit totalled £20m for the six months to 30 November 2007, compared with £12.6m a year earlier.
Arsenal’s broadcasting income was up £6.5m at £24.3m, while match day income had risen more than £3m to £41.4m.
However, Arsenal’s overall turnover declined to £97m from £100.8m a year earlier, due to a near 70% drop in revenues from property deals.
“”We have had a very satisfactory start to the financial year driven by the new Premier League television deals and the inaugural Emirates Cup tournament which have increased revenues in our core football business,” said Arsenal chairman Peter Hill-Wood.
“In reviewing the Group’s financial performance it is necessary to distinguish between the results from the property development business, which had significantly less sales activity compared to the prior year and consequently lower turnover and profit, and our core football business which reported significant growth in turnover together with near static costs and, consequently, a doubling of its operating profits against the previous half year.”
Reflecting on the club’s overall operating debt, Hill-Wood added: “The Group’s overall net debt position has increased from £268.2 million at 31st May 2007 to £307.1 million at 30th November 2007 and this is in line with our expectations.”