Arsenal Holdings plc has announced its financial results for the year ended May 31, 2013:
- Group profit before tax was £6.7 million (2012 - £36.6 million)
- Profit on sale of player registrations amounted to £47.0 million (2012 - £65.5 million)
- One-off charges related to the impairment of certain player registrations and associated costs amounted to £10.0 million (2012 - £5.5 million)
- £58.7 million of investment in new players and extended contracts pushed amortisation charges up to £41.3 million (2012 - £36.8 million)
- Turnover from football increased to £242.8 million (2012 - £235.3 million) driven mainly by commercial activity including the Club’s extended partnership with Emirates
- Taking account of increased costs, principally wage costs, operating profits (before depreciation and player trading) from football decreased to £25.2 million (2012 - £32.3 million)
- Property revenue rose to £37.5 million (2012 - £7.7 million) inclusive of the sale of the market housing site at Queensland Road. However, the Queensland Road sale was essentially at break even in profit and loss terms. Overall operating profits from property increased to £4.4 million (2012 - £2.2 million)
- The Group has no short-term debt and continues to have a robust financial platform from cash reserves, excluding the balances designated as debt service reserves, of £119.7 million (2012 - £120.1 million)
Commenting on the results for the year the Club’s chairman, Sir Chips Keswick, said: “It is my job to ensure we steer further along the course we have set.
"We must continue to grow commercially to provide the Club with the best opportunity to achieve success and we must do this in a way which remains true to our values and which ensures and protects the long-term sustainability of the Club.
"We face a competitive landscape across the top of the Premier League and across Europe’s elite clubs which is tougher than ever. Despite fair play initiatives the financial competition for top players remains intense and transfer prices and player wages continue to move ever higher.
"It is therefore positive that the strong financial platform we have created in recent years allows us to continue to be competitive at the highest level.”
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictionsCopyright 2013 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source 23 Sep 2013