Arsenal profits up as stadium beckons

ARSENAL’S parent company has produced healthy interim financial results over the six months to the end of November 2005.

Group turnover for Arsenal Holdings plc increased to £57 million (€83.44m), up from the 2004 figure of £49.3m, while profit before tax was up to £14.7m from £2.7m.

The departure of captain Patrick Vieira to Juventus, during the summer, saw a leap in profits from player transfers to £13.5m, up from just £800,000, for the same period in 2004.

Most of Arsenal’s current financial commitments are tied up with their move to the new Emirates Stadium in Ashburton Grove.

The construction and fit-out of the 60,000-seater venue continues on schedule and it should to be opened in the summer.

More than 18,000 season tickets have already been allocated, all executive boxes are reserved and pre-sale of ‘Club Level’ seating has reached 90%.

Work behind the scenes is also ongoing with Barclays and Royal Bank of Scotland, to progress plans for the refinancing of the £195.7m senior bank loan, which was used to fund the development, into a longer-term, 25-year bond structure at a lower interest rate.

Work has also started on selling 711 residential apartments to replace Arsenal’s current home in the Highbury Square development.

Commenting on the results, Arsenal Holdings plc non-executive chairman Peter Hill-Wood said: “The Group has completed another successful period with our new home - Emirates Stadium - continuing to progress on schedule, and the successful sales launch of our unique Highbury Square residential development.

“Overall the results show that the Group is in a very healthy financial position.”