Arsenal have announced a pre-tax profit of £12.6million despite spending a record amount on players.

The club’s latest accounts for the six-month period ending 30 November 2016 underline the impact of the Premier League’s new £8billion TV deal with 45 per cent of the Gunners’ football revenue coming from broadcasting.

Turnover was consequently up to £191.1m from £158m in the corresponding half-year in 2015 and enabled Arsenal to overturn a loss of £6.2m into a profit even after significant investment in the summer transfer window.

The Gunners brought in Granit Xhaka, Rob Holding, Shkodran Mustafi and Lucas Perez in the summer as £86.6m was invested in the squad, a figure which also includes staggered payments from previous deals including Alexis Sanchez’s arrival from Barcelona in 2014.

Deloitte Football Money League 2017 20 show all Deloitte Football Money League 2017 1/20 Manchester United 2015/16 revenue: £515.3m Getty Images 2/20 Barcelona 2015/16 revenue: £463.8m AFP/Getty Images 3/20 Real Madrid 2015/16 revenue: £463.8m AFP/Getty Images 4/20 Bayern Munich 2015/16 revenue: £442.7m Alexander Hassenstein/Bongarts/Getty Images 5/20 Manchester City 2015/16 revenue: £392.6m Getty Images 6/20 Paris St Germain 2015/16 revenue: £389.6m AFP/Getty Images 7/20 Arsenal 2015/16 revenue: £350.4m Arsenal FC via Getty Images 8/20 Chelsea 2015/16 revenue: £334.6m Getty Images 9/20 Liverpool 2015/16 revenue: £302m Getty Images 10/20 Juventus 2015/16 revenue: £255.1m AFP/Getty Images 11/20 Borussia Dortmund 2015/16 revenue: £212.3m Bongarts/Getty Images 12/20 Tottenham 2015/16 revenue: £209.2m Tottenham Hotspur FC via Getty Images 13/20 Atletico Madrid 2015/16 revenue: £171m Getty Images 14/20 Schalke 2015/16 revenue: £167.9m Martin Rose/Bongarts/Getty Images 15/20 Roma 2015/16 revenue: £163.2m Getty Images 16/20 AC Milan 2015/16 revenue: £160.6m Marco Luzzani/Getty Images 17/20 Zenit St Petersburg 2015/16 revenue: £147m Epsilon 18/20 West Ham United 2015/16 revenue: £147m West Ham United via Getty Images 19/20 Inter Milan 2015/16 revenue: £134m AFP/Getty Images 20/20 Leicester City 2015/16 revenue: £128.7m Getty Images 1/20 Manchester United 2015/16 revenue: £515.3m Getty Images 2/20 Barcelona 2015/16 revenue: £463.8m AFP/Getty Images 3/20 Real Madrid 2015/16 revenue: £463.8m AFP/Getty Images 4/20 Bayern Munich 2015/16 revenue: £442.7m Alexander Hassenstein/Bongarts/Getty Images 5/20 Manchester City 2015/16 revenue: £392.6m Getty Images 6/20 Paris St Germain 2015/16 revenue: £389.6m AFP/Getty Images 7/20 Arsenal 2015/16 revenue: £350.4m Arsenal FC via Getty Images 8/20 Chelsea 2015/16 revenue: £334.6m Getty Images 9/20 Liverpool 2015/16 revenue: £302m Getty Images 10/20 Juventus 2015/16 revenue: £255.1m AFP/Getty Images 11/20 Borussia Dortmund 2015/16 revenue: £212.3m Bongarts/Getty Images 12/20 Tottenham 2015/16 revenue: £209.2m Tottenham Hotspur FC via Getty Images 13/20 Atletico Madrid 2015/16 revenue: £171m Getty Images 14/20 Schalke 2015/16 revenue: £167.9m Martin Rose/Bongarts/Getty Images 15/20 Roma 2015/16 revenue: £163.2m Getty Images 16/20 AC Milan 2015/16 revenue: £160.6m Marco Luzzani/Getty Images 17/20 Zenit St Petersburg 2015/16 revenue: £147m Epsilon 18/20 West Ham United 2015/16 revenue: £147m West Ham United via Getty Images 19/20 Inter Milan 2015/16 revenue: £134m AFP/Getty Images 20/20 Leicester City 2015/16 revenue: £128.7m Getty Images

That investment has had a knock-on effect for the club’s cash reserves. The club are often criticised for stockpiling cash in this way while the team struggles to compete for the biggest prizes; their reserves stood at £226.5m at the start of this latest accounting period.

However that figure now stands at £123.7m and a significant portion of that money has already been committed for future investment. The club have deferred transfer fee payments totalling £64.6m with £42m due in the next 12 months.

Furthermore, £23.3m in cash is ring-fenced as debt service reserves and described as “not available for football purposes” – this is a contingency fund retained in case the club fails to qualify for the Champions League.

Reflecting on the club’s season to date, chairman Sir Chips Keswick insisted the team can still secure a positive end to the season but admitted they are merely playing for pride in the Champions League as Arsenal are 5-1 down heading into the second leg of their last 16 tie with Bayern Munich.

“The Premier League season has been intensely competitive across the top six positions,” he said in a statement. “At the time of writing, we sit in fourth place in the league and with thirteen games remaining, there is everything to play for.

“We have progressed to the sixth round of the FA Cup and will compete to bring home silverware in this competition for the third time in four years and what would be a record-breaking 13th FA Cup trophy.

“Everyone, including Arsene [Wenger], our players, board and staff share our fans’ disappointment at our first leg result against Bayern Munich but we will approach the second leg with professionalism and a desire to reclaim pride.

“Unity has always been one of Arsenal’s strengths as a club. We are very focused on producing a positive and exciting closing run and with the support of our fans, I believe together we can achieve a successful and memorable end to the season.”

Broadcasting revenues were also boosted by Arsenal’s second place finish in last season’s Premier League, meaning they received an increased share of 30 per cent of the Uefa prize pool – a payment further enhanced by a weak exchange rate as Uefa monies are distributed in Euros.

The Gunners also had three more home games compared to the same period last season – one in the League and two EFL Cup ties – which prompted an increase in matchday revenue by £4.6m to £45.8m.

However, Keswick warned the financial picture will become more complicated in coming months with the club’s wage bill set to rise even before the possibility of adding big-money contracts for Mesut Ozil and Alexis Sanchez, who remain locked in negotiations with Arsenal.

“As expected, increased Premier League broadcasting revenues had had a direct impact on player costs both in terms of transfer prices and player wage demands,” he added.

“Whilst these are the market forces that have contributed directly over time to the success of the Premier League, I would sound a note of caution in light of the very material contractual commitments to future wages that clubs are taking on.”