Arsenal have announced an overall loss of £2.5 million in their half-yearly accounts, a stark contrast to the £29.2 million profit the club posted during the corresponding period in 2009.
The Gunners revealed the after-tax loss on Monday – taking into account changes in property and player sales, which are essentially one-offs – for the six months ended 30 November 2010, but claim their “robust financial performance” still has the club right on track.
The Gunners, beaten 2-1 in the Carling Cup final by Birmingham at Wembley on Sunday, will be heartened, however, by football operating profits (before depreciation and player trading) of £9.3 million (£18 million in 2009) and an operating profit (before depreciation and player trading) of £12.6 million (£29.3 million in 2009) with – as expected – a reduction in the contribution from property.
The sale of 50 apartments at Highbury Square generated revenue of £22.5 million and an operating profit from property of £3.3 million, while property business continues to be debt-free with all sales contributing to Group’s cash position of £110.4 million (£101 million in 2009).
Non-executive chairman Peter Hill-Wood said: “This is a robust performance in the current climate and is where we expected to be at this stage of the financial year and at this stage in our longer term development plans for the growth of the club.
“The club is exactly where we want to be, competing for trophies across the closing months of the season. I know that Arsene Wenger and his players will remain focused and will be appreciative of the fantastic support they get from our fans around the world.
“I also want you to know that we are proud of the fact we continue to compete at the highest level while staying true to our principles. We continue to operate as a self-funding club. This brings its own challenges in an increasingly competitive environment but provides the platform for a secure and positive long term future.”
Credit: http://soccernet.espn.go.com
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