Friday, 19th September, 2014
Arsenal have announced their financial results for the year ending 31st May 2014, revealing a profit before tax of £4.7m and cash reserves in excess of £173m.
The Gunners also saw their turnover increase from last year's total of £280.4m to a healthy £301.9m, with football operations accounting for £298.7m of the amount.
Arsene Wenger's men also have a healthy wage cost as a share of their revenue, with the total for last year coming in at £166.4m, an increase from £154.5m.
CEO Ivan Gazidis has been quick to welcome the results, commenting: "The club is in excellent shape, both on and off the pitch. We are proud of our 11th FA Cup success and the reward this represents to our fans in the Arsenal community around the world.
"There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on field success.
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"This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club. We are well placed to deliver against those ambitions."
Arsenal Financial Results Key Points
* Group profit before tax was £4.7 million (2013 – £6.7 million)
*The group’s total turnover amounted to £301.9 million (2013 – £280.4 million)
*Turnover from football increased to £298.7 million (2013 – £242.8 million) driven mainly by Premier League broadcasting, the FA Cup run and commercial activity including a full year of the club’s extended partnership with Emirates
*Taking account of increased costs, principally wage costs, operating profits (before depreciation and player trading) from football increased to £62.1 million (2013 – £25.2 million)
*Wage costs of £166.4 million (2013 – £154.5 million) represented 55.7% of football revenue (2013 – 63.6%)
*Profit on sale of player registrations was reduced to £6.9 million (2013 – £47.0 million)
*Low key year for property business with revenues of £3.2 million (2013 – £37.5 million including sale of the market housing site at Queensland Road) and operating profit of £0.4 million (2013 – £4.4 million)
*The Group has no short-term debt and continues to be in a robust financial position with cash balances, excluding those amounts designated as debt service reserves, of £173.3 million (2013 – £119.6 million)
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