Arsenal has reported a huge rise in profits to £49.5m, following the sale of some key players. The profit, for the six months to the end of November, compares with a loss of £6.1m for the same period in 2010.

Some £41.6m of the club's profits came from player trading, including the sale of Samir Nasri and Cesc Fabregas which means the Gunners cash reserves rise to £115.2m, up from £110.4m.

However, the club warned that not all the cash would be spent on new players.

"It's important to understand that not all that money's available to invest in transfers," said chief executive Ivan Gazidis.

"We have running costs of the club, player salaries and so on, so that amount goes down during the year. We also have to keep something in reserve in case things don't go our way," he added.

Turnover from football rose to £113.5m from £97.6m.

"We are proud of Arsenal's record and consistency over many seasons and have the foundations in place, at every level of the club, to ensure we remain a force in the seasons ahead," said chairman Peter Hill-Wood.

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