Arsenal reveal record pre-tax profits


Arsenal have announced record pre-tax profits of £56million for the last financial year.

The figures for the year ending May 31 show pre-tax group profits rose by £10.5million compared to the previous year.

"The group has made good progress in the last year and I am excited by the opportunities we have in front of us," said chief executive Ivan Gazidis.

The Gunners have now paid off all the debts associated with their Highbury Square development.

They developed their former ground for residential use after moving to the Emirates Stadium in 2006.

"The most pleasing aspect of these results is that the returns generated in the property business during the year, particularly at Highbury Square, have allowed us to repay £130million of bank loans and significantly reduce the Group's overall net debt," commented non-executive chairman Peter Hill-Wood.

"We now have a debt free property business which is accumulating surplus cash as further unit sales are made at Highbury Square and which has three further property assets to realise over the next few years."

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