Arsenal Holdings plc - Financial results

• Arsenal Holdings plc - Half Year Results to 30-11-10 .pdf

• Operating profit (before depreciation and player trading) of £12.6m (2009 - £29.3m) with, as expected, a reduction in the contribution from property.
• Sale of 50 apartments at Highbury Square generated revenue of £22.5m (2009 - 261 apartments sales generated £96.6m) and an operating profit from property of £3.3m (2009 - £11.3m) reflecting the lower number of apartments now left for sale.
• Property business continues to be debt free with all sales contributing to Group's cash position of £110.4m (2009 - £101.0m).
• Further significant commitment to a determined policy of investing in the team with the re-signing of several key first team players and Arsène Wenger as the Club's Manager.
• Football operating profits (before depreciation and player trading) of £9.3 million (2009 - £18.0m) reflect this increased investment in football wages and also timing differences in the number of home games played (2010 - 10 home matches in first half of 28 matches, so far confirmed, for full year / 2009 - 12 of 27).
• Significantly reduced profit on player sales of £4.0m compared to £33.9m for the prior year.
• Changes in property and player trading, which are essentially one-offs, impact overall result for the period - loss after tax of £2.5m (2009 - profit of £29.2m).

Commenting on the interim results, Peter Hill-Wood, non-executive chairman, 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 Arsène 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."

• Arsenal Holdings plc - Half Year Results to 30-11-10 .pdf

[Monday, February 28, 2011]