Stadium move sees Gunners post loss

Arsenal today announced an overall loss of £6.2m (€9m) for the six months up to November 30, 2006.

The Gunners, who this season moved from Highbury to the £390m (€578m) Emirates Stadium, are citing one-off exceptional costs of £21.4m (€31.7m) relating to their new ground as the reason behind the club not making a profit.

Over the same period in 2005, the club made £9.6m (€14.2m) profit after tax.

However, pre-tax profits before net finance charges are up year on year from £14.3m (€21.3m) to £19.6m (€39m).

Also, operating profits before depreciation and player trading were up £150% from £8m (€11.9m) to £20m (€39.6m), while group turnover rocketed by almost 77% from £57m (€84m) to £100.8m (€150m).

The club attribute the latter figure partly to increased gate revenue, which was due to relocating to a ground with a capacity more than a third higher than their previous home.

Chairman Peter Hill-Wood said: “As well as providing improved match-day facilities and tickets for a far greater number of the club’s supporters, the Emirates Stadium project had an objective of providing Arsenal with the financial strength and resources to compete at the very highest level in all competitions.

“I believe that the results for the group’s first period in its new home demonstrate that we have already achieved this milestone.”

The club say they do not expect to reach their final targets for operational efficiency at the new stadium until the end of the season.