Arsenal boost half-year profit

Riding a revenue wave induced by player transfers and television deals, English Arsenal announced pre-tax profits of GBP 20.2 million for the six-month period ending 30 Nov. 2007 - a 54 percent rise from GBP 12.6 million a year ago.

Arsenal increased turnover to GBP 89.3 million, which excludes an extra GBP 7.6 million from the property side of their business, but was still up from last year's GBP 77.1 million.

Television revenue was raised GBP 6.5 million to GBP 24.3 million due to overseas contracts. The Emirates Cup Tournament also raised revenue for the club as did the launch of Arsenal TV.

A profit of GBP 19.6 million has been accounted on players transfers.

Net debt increased from GBP 268.2 million to GBP 307.1 million as the redeveloping of Highbury into luxury flats takes its full impact. Debts will peak this summer as construction work nears its 2009 conclusion, but the club should soon start paying off the borrowings with proceeds from the property sales.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.