Arsenal have announced the financial results for the six months preceding November 30 2008 and, unsurprisingly, the fiscally frigid football club have made a pre-tax profit of £24.5 million (up £4.5m from the same period in 2007).
The north London side have returned profitable results in almost all aspects; broadcasting rights have increased and match-day turnover has escalated.
However, there is a notable backlog in the club's property catalogue at Highbury Square, but this is an inevitability when considering both the current property market together with the uncertain economic climate.
Non-executive chairman Peter Hill-Wood commented on the announcement, and told the club's official website, "I am pleased to report that the six months to 30 November 2008 has produced another strong set of financial results.
"Profits were ahead in both our football and property businesses and combined to deliver an overall pre-tax profit for the Group of £24.5 million compared to £20m for the equivalent period last year."
He continued, "I believe these results are all the better for having been achieved against a background of what is clearly a very difficult economic climate.
"Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond. We are closely monitoring the position with a view to ensuring, as we always have done, that the Group is on a robust footing and ready to respond to any challenges this exceptional economic climate may bring," he concluded.
However, there is a notable backlog in the club's property catalogue at Highbury Square, but this is an inevitability when considering both the current property market together with the uncertain economic climate.
Non-executive chairman Peter Hill-Wood commented on the announcement, and told the club's official website, "I am pleased to report that the six months to 30 November 2008 has produced another strong set of financial results.
"Profits were ahead in both our football and property businesses and combined to deliver an overall pre-tax profit for the Group of £24.5 million compared to £20m for the equivalent period last year."
He continued, "I believe these results are all the better for having been achieved against a background of what is clearly a very difficult economic climate.
"Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond. We are closely monitoring the position with a view to ensuring, as we always have done, that the Group is on a robust footing and ready to respond to any challenges this exceptional economic climate may bring," he concluded.
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