Results for the year ended May 31, 2009:
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• Group turnover increased to £313.3 million (2008 - £223.0 million) reflecting income generated from cup competitions and property sales.
• Match day revenue was increased to £100.1 million (2008 - £94.6 million), mainly as a result of progress to the UEFA Champions League and FA Cup semi-finals.
• Operating profits (before depreciation and player trading) in the football business were £62.7 million (2008 - £59.6 million).
• The completion of sale of 208 (2007 – Nil) private apartments at Highbury Square contributed £88.0 million of revenue (2008 - £15.2 million) and boosted the operating profit from property activities to £7.8 million (2008 – Nil).
• Profit after tax of £35.2 million (2008 - £25.7 million) was a record for the Group.
• Since the end of the financial year there have been a number of further positive developments in relation to the Group’s Highbury Square project:
• Of the 655 private apartments in the development, sales have now completed on 445 units with a cumulative sales revenue value of £172.4 million.
• The balance on the bank loan used to fund the project has been substantially reduced to £47 million and agreement has been reached to refinance the loan and extend its term to December 2010.
Commenting on the results for the year, Peter Hill-Wood, non-executive Chairman, said:
“The Group’s profits have now risen in each of the three years in which Emirates Stadium has been our home. This is excellent news although I should perhaps stress that making and reporting profits is not in itself the primary objective for the directors. First and foremost we are supporters of this great football club and, as such, our main goal will always be the achievement of success for Arsenal on the field. The Group’s profitability is important because it is a by-product of running the Club as a solvent and successful business, which in turn allows us to maximise the level of investment in the playing staff and in the future development of the Club.”
Ivan Gazidis, Chief Executive, said:
“Clearly, the Club already has a first class stadium, an excellent world-wide reputation and outstanding core support. Football is a hugely competitive and fast moving business and we must ensure that Arsenal is not just keeping pace but setting the pace, both on and off the field. The Club is superbly positioned for the future and I am tremendously excited about the opportunities we have ahead of us.”
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