Arsenal today announced a loss of £3.4million for the six months ending 30 November 2015.

The Gunners made a profit of £6.2m during the corresponding period in 2014 and the drop can principally be explained by a fall in revenue generated by player sales with Arsenal spending £10m on Petr Cech from Chelsea with no significant departures.

The club’s turnover increased to £158m - from £148.5m - while the cash balance stands at £159.4m. Although that figure includes money set aside for cashflow, running costs and a contingency fund should they fail to qualify for the Champions League, it is essentially is the biggest indication as to the funds available for transfers - a constant source of frustration to many Arsenal supporters.

The accounts show that Arsenal spent a total of £39.4m on players during the period, largely comprising instalment payments from previous transfers.

Gunners chairman Sir Chips Keswick believes the club’s accounts reflect a strength that can provide a platform for further success on the field.

“This has been an unpredictable Premier League season thus far,” he said. “What is important is that we are in contention and I am sure we have the resources and ability within the squad to sustain a strong challenge. The end of season run-in is going to be an exciting one and I am confident we will be very much at the centre of the action.

“We continue to see robust growth around our commercial revenues and build our support globally through our marketing and media channels.

Deloitte Football Money League Top Twenty 20 show all Deloitte Football Money League Top Twenty 1/20 Real Madrid: £439m 2/20 Barcelona: £426.6m 3/20 Manchester United: £395.2m 4/20 Paris Saint-Germain: £365.8m 5/20 Bayern Munich - £360.6m 6/20 Manchester City - £352.6m 7/20 Arsenal - £331.3m 8/20 Chelsea - £319.5m 9/20 Liverpool - £298.1m 2015 Getty Images 10/20 Juventus - £246.4m 2015 Getty Images 11/20 Borussia Dortmund - £213.5m 12/20 Tottenham Hotspur - £195.9m 13/20 Schalke - £167.1m 2016 Getty Images 14/20 AC Milan - £151.5m 15/20 Atletico Madrid - £142.3m 16/20 Roma - £137.2m 17/20 Newcastle - £128.8m 18/20 Everton - £125.6m 19/20 Inter - £125.4m 20/20 West Ham - £122.4m 1/20 Real Madrid: £439m 2/20 Barcelona: £426.6m 3/20 Manchester United: £395.2m 4/20 Paris Saint-Germain: £365.8m 5/20 Bayern Munich - £360.6m 6/20 Manchester City - £352.6m 7/20 Arsenal - £331.3m 8/20 Chelsea - £319.5m 9/20 Liverpool - £298.1m 2015 Getty Images 10/20 Juventus - £246.4m 2015 Getty Images 11/20 Borussia Dortmund - £213.5m 12/20 Tottenham Hotspur - £195.9m 13/20 Schalke - £167.1m 2016 Getty Images 14/20 AC Milan - £151.5m 15/20 Atletico Madrid - £142.3m 16/20 Roma - £137.2m 17/20 Newcastle - £128.8m 18/20 Everton - £125.6m 19/20 Inter - £125.4m 20/20 West Ham - £122.4m

“The result for the period has been impacted by a reduction in transfer profits but this reflects the overall stability we have within the squad which, in my view, is a positive factor for the club.”

Keswick’s statement also carried with it a warning that the Premier League’s new £8billion television deal will not automatically ease the pressure on Arsneal’s future finances.

“Looking ahead to next season we have already confirmed that there will be no general increase in ticket prices,” he said. “Significantly 2016/17 will be the first year of the new Premier League broadcasting deals but the increased revenues will also very likely bring with them inflationary pressure in terms of both the wage bill and the transfer market.”