ARSENAL will today announce record pre-tax profits of around £55m, an increase of £10m, as the football club continues to reap the rewards of moving to the Emirates Stadium.
City A.M. understands that the strong performance of Arsenal Holdings’ property development arm has driven an increase in revenue.
The north Londoners’ continued success off the field will see them record an increase in turnover for the fourth successive year since leaving Highbury for their new home.
Pre-tax profit is significantly up on last year’s figure of £45.5m for the year ending 31 May. That improvement has been aided by strong sales of apartments in the group’s Highbury Square Development. It is understood that only a very small number of the 655 residences in the club’s former stadium remain unsold.
The success of that project is thought to have enabled the club to pay off the remaining debt on the development, which at one stage totalled £133m, six months early.
Revenue has also been boosted by on-field results, with a Champions League run earning the club £27m in prize money and revenue. Premier League income rose past £51m, while player trading is expected to show a profit of around £30m.
Manchester United reported pre-tax profits of £48.2m in January while league champions Chelsea announced a £44.4m loss in December.