Gunners reveal record financial results

Arsenal today announced record financial results for the past year.

Arsenal today announced record financial results for the past year.

The Premiership champions had increased turnover and profits in the 2003/4 season – and the construction of their new stadium at Ashburton Grove is also ahead of schedule.

Funding for the £357m (€530m) ground was secured earlier in the year and it is due to be completed in 2006/7.

Arsene Wenger’s side were unbeaten in the league last season and, together with money from their Champions League campaign, pre-tax profits in the year to May 31 increased to £10.6m (€15.7m) from £4.5m (€6.7m) a year earlier.

Today’s figures from Arsenal Holdings also show turnover lifted to £156.9m (€233m) from £117.8m (€175m) a year earlier – a performance helped by property sales and a strong showing from the football side of the business.

Non-executive chairman Peter Hill-Wood said: “Both of our business segments - football and property development – made a significant contribution to our turnover growth and were strongly cash generative at an operations level.

“Our strategic objective is to deliver the sustained revenue growth and profitability which will allow Arsenal to build on its leading position in domestic and European football.

“Securing the new stadium, with the increased revenues it will generate, is a huge step towards achieving this objective.”

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