Arsenal have announced a loss of £6.2m for the six months
up to the end of last November. The Gunners cite one-off
exceptional costs of £21.4m relating to their move to the Emirates
Stadium as the reason.
But during the same period, turnover rocketed by almost 77%, which
Arsenal attribute to increased ground capacity. Chairman Peter
Hill-Wood said: "The stadium project's objective was to provide
Arsenal with financial strength to compete at the highest
level."
Over the same period last year, the Gunners made a £9.6m profit
after tax. Pre-tax profits before net finance charges are up year
on year from £14.3m to £19.6m and operating profits before
depreciation and player trading leaped by 150%, from £8m to
£20m.
Turnover also rocketed from £57m to £100.8m. Hill-Wood added: "I
believe the results for the group's first period in its new home
demonstrate we have already achieved the milestone of providing the
financial strength.
"The stadium has provided improved match-day facilities and tickets
for a far great number of supporters." Arsenal do not expect to
reach their final targets for operational efficiency at the new
stadium until the end of the season.
