Group turnover was £255.7 million (2010 - £379.9 million). Reduction was due to the expected lower level of property sales activity.

The sale of apartments at Highbury Square is in its final stages, with 69 sale completions in the year (2010 - 362) generating £30.3 million of revenue from property (2010 - £156.9 million).

Operating profit in the property business was £12.6 million (2010 - £15.2 million) including the write back of part of a previous impairment provision in respect of the Queensland Road development site.

Operating profit (before exceptional costs, depreciation and player trading) in the football business was £45.8 million (2010 - £56.8 million) with commercial gains offset by increased wage costs.

Loss from player trading of £14.7 million (2010 - profit of £13.6 million) with no significant disposals of registrations in the year.

Group profit before tax was £14.8 million (2010 - £56.0 million).

The Group's property business continues to be debt free and generating surplus cash for the Group. The overall level of Group net debt had been reduced to £97.8 million (2010 - £135.6 million) at the balance sheet date.

Commenting on the results for the year, Peter Hill-Wood, non-executive Chairman, said: 

"The sad passing of our dear colleague Danny Fiszman has heralded a time of change in terms of ownership. We continue to run the Club effectively and in a self-sustaining way which is important for our long-term future. We have had a robust financial performance, reporting another profitable set of full year results."

Ivan Gazidis, Chief Executive, said: 

"Our primary objective, as we take the Club forward, will always be success on the field. To give the Club the best opportunity to achieve this, we must drive a virtuous circle of increased revenue, increased investment in the team and a larger engaged fan base and we must do this in a way which is self-sustaining and protects the long-term future of the Club.

Our goals for the organisation are clear and unchanged: 

to support and fund on field success; and to enhance the fan experience.

We are making progress on all fronts and the Club starts its 125th year in a strong position."

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30 Sep 2011