Arsenal made a pre-tax profit of £2.9million in the year up to May 31, 2016, the club confirmed on Friday, with turnover from football up by over £20m to £350.6m.

Arsenal Holdings PLC remains free from short term debt and reported a cash balance of £191.1m, a figure only slightly lower than the previous year.

Profits from player sales were notably lower in a year where Arsenal's transfer activity was limited to the signing of Petr Cech and Mohamed Elneny, with no significant departures from Wenger's first-team squad.

Chief executive Ivan Gazidis said: "We are in a strong position to continue moving forward at every level of the club. On the pitch we have an outstanding squad. Off the pitch we have developed our infrastructure across all aspects of our operations to ensure we have the right assets and skills to progress.

"I am confident this progress, coupled with strong underlying values, will bring the success we all seek. Our ultimate ambition is clear: to win major trophies and make Arsenal fans at home and around the world proud of this great club. Proud of our values, proud of the way we act and proud of our team."

"We enjoyed a season of progress both on and off the pitch," chairman Sir Chips Kewsick added. "Looking ahead, the new broadcast revenue has provided a further competitive stimulus to the Premier League, which was already the best and most closely contested league in world football.

"We know that the competition will be even tougher this season. Accordingly, we have made further significant investment into what was already a very competitive squad. As a result, we can and do look forward to the 2016/17 season with optimism and confidence."