Arsenal have posted a £4.7m profit and reported increased turnover in the latest financial figures released by the club, reports Sky Sports. The results, which covered the year ended 31 May, 2014, also revealed Arsenal had cash reserves of £173m.
Profit was down £2m from the corresponding 2013 results with turnover up to £301.9m from £280.4m, driven by improved broadcasting income, new commercial deals and their FA Cup success.
Wages were up by £12m to £166.4m, representing 55.7 per cent of football revenue.
With Arsenal's £390m switch to a new 60,000-seater home at Ashburton Grove in 2006 being funded by a long-term fixed-rate bond repayment, the group reported cash balances up to £173.3m, from £119.6m last year.
"The club is in excellent shape, both on and off the pitch," said Chief executive Ivan Gazidis.
"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.
"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."
