Arsenal have announced a reduced pre-tax profit of £6.7m for the year ending May 31, reports Sky Sports. The figure is significantly down on the £36.6m made before tax in the previous 12 months, largely owing to reduced profit on player trading (£1.6m from £26.1m in 2012) and an increase in the wage bill (£154.5m from £143.4m in 2012).

Turnover from football was up £7.5m to £242.8m while the club continues to sit on a sizeable cash reserve of £119.7m.

The renewed shirt and stadium sponsorship deal with Emirates, signed in November and worth £30m a year, will be accounted for year-on-year over the course of the contract while the club record signing of Mesut Ozil will form part of next year's balance sheet.