Arsenal Holdings plc has announced its financial results for the year ended May 31, 2014:

Group profit before tax was GBP4.7 million (2013 - GBP6.7 million).

The group’s total turnover amounted to GBP301.9 million (2013 - GBP280.4 million).

Turnover from football increased to GBP298.7 million (2013 - GBP242.8 million) driven mainly by Premier League broadcasting, the FA Cup run and commercial activity including a full year of the Club’s extended partnership with Emirates.

Taking account of increased costs, principally wage costs, operating profits (before depreciation and player trading) from football increased to GBP62.1 million (2013 – GBP25.2 million).

Wage costs of GBP166.4 million (2013 - GBP154.5 million) represented 55.7% of football revenue (2013 – 63.6%).

Profit on sale of player registrations was reduced to GBP6.9 million (2013 - GBP47.0 million).

Low key year for property business with revenues of GBP3.2 million (2013 - GBP37.5 million including sale of the market housing site at Queensland Road) and operating profit of GBP0.4 million (2013 - GBP4.4 million).

The Group has no short-term debt and continues to be in a robust financial position with cash balances, excluding those amounts designated as debt service reserves, of GBP173.3 million (2013 - GBP119.6 million).

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Commenting on the results for the year the club’s chairman, Sir Chips Keswick, said:

“Our revenues have exceeded £300 million, underpinned by TV and the significant progress made on our commercial agenda, and our improved financial position has allowed us to supplement the squad with important new signings. Our ambition is to put Arsenal Football Club at the pinnacle of the game here and in Europe. We all want to savour a repeat of the joys of last May.”

The club’s chief executive officer, Ivan Gazidis, said:

“The club is in excellent shape, both on and off the pitch. We are proud of our 11th FA Cup success and the reward this represents to our fans in the Arsenal community around the world.

"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.”