Arsenal Holdings plc Results for the year ended 31 May 2013
ARSENAL ANNOUNCE FULL YEAR PROFITS
Group profit before tax was £6.7 million (2012 - £36.6 million).Profit on sale of player registrations amounted to £47.0 million (2012 - £65.5 million).One-off charges related to the impairment of certain player registrations and associatedcosts amounted to £10.0 million (2012 - £5.5 million).£58.7 million of investment in new players and extended contracts pushed amortisationcharges up to £41.3 million (2012 - £36.8 million).Turnover from football increased to £242.8 million (2012 - £235.3 million) driven mainly
by commercial activity including the Club’s extended partnership with Emirates.
Taking account of increased costs, principally wage costs, operating profits (beforedepreciation and player trading) from football decreased to £25.2 million (2012 - £32.3million).Property revenue rose to £37.5 million (2012 - £7.7 million) inclusive of the sale of themarket housing site at Queensland Road. However, the Queensland Road sale wasessentially at break even in profit and loss terms. Overall operating profits from propertyincreased to £4.4 million (2012 - £2.2 million).The Group has no short-term debt and continues to have a robust financial platformfrom cash reserves, excluding the balances designated as debt service reserves, of £119.7 million (2012 - £120.1 million).Commentin
g on the results for the year the Club’s
Chairman, Sir Chips Keswick, said:
“It is my
job to ensure we steer further along the course we have set. We must continue togrow commercially to provide the Club with the best opportunity to achieve success and wemust do this in a way which remains true to our values and which ensures and protects thelong-term sustainability of the Club.
We face a competitive landscape across the top of the Premier League and across Europe’s
elite clubs which is tougher than ever. Despite fair play initiatives the financial competitionfor top players remains intense and transfer prices and player wages continue to move everhigher.It is therefore positive that the strong financial platform we have created in recent years
allows us to continue to be competitive at the highest level.”