Arsenal Holdings plc has announced its financial results for the half-year to the end of November 2012.

Announcing the results, chairman Peter Hill-Wood said: “Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the Club strength and independence.

"Our desire is to make everyone connected with Arsenal proud of the Club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”

"Our desire is to make everyone connected with Arsenal proud of the Club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide" Peter Hill-Wood

The figures show a profit before tax of £17.8 million. This was driven primarily by player sales of £42.5 million but the accounts also show an investment of £40.9 million in signing new players - Lukas Podolski, Santi Cazorla and Olivier Giroud - and the extension of contracts for existing players.

The Club has extended contracts for Jack Wilshere, Theo Walcott, Kieran Gibbs, Aaron Ramsey, Alex Oxlade-Chamberlain and Carl Jenkinson. More recently, the Club has signed Nacho Monreal from Malaga.

Football turnover dropped from £113.5 million to £106 million as a result of four fewer home fixtures compared to the same period last year. However, overall operating profits from the Club’s property operation increased to £1.9 million versus £0.5 million in 2011.

The Club has no short-term debt and continues to have a robust financial platform from cash reserves of £123.3 million. These were at £115.2 million in 2011.

The report also confirms the extended partnership with Emirates which will be worth up to £150 million. This comes in addition to deals with Airtel and Malta Guinness and additional sponsorship linked to the pre-season tour.

Mr Hill-Wood added: “The Emirates partnership is one of the biggest sponsorship deals in the game and is an endorsement of the commercial approach we are taking.”

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