Arsenal Holdings plc reported, for the year ending May 31, a record turnover of £117.8m ($186.91m/EUR167.74m) - up 29 percent - with an operating profit prior to player transfers of £25.3m ($40.18m/EUR36m) - an increase on last season's £7.3m ($11.59m/EUR10.40m).
Profit before taxation was £4.5m ($7.15m/EUR6.41m). In 2002, the club made a loss of £22.3m ($35.42m/EUR31.75m).
The club’s net bank debt of £45.8m ($72.74m/EUR65.22m) arises mainly as a result of the cumulative payments made by May 31, 2003 of £94.6m ($150.24m/EUR134.71m) in acquiring property assets for the new stadium project together with the directly attributable project costs.
The club added work on the new stadium at Ashburton Grove should get underway within two months.
Said Peter Hill-Wood, non-executive chairman: “Our objective continues to be the sustained revenue growth and profitability which will enable Arsenal to build on its leading position in the increasingly competitive football market. Accordingly, I am delighted that the Group has been able to report record operating profits and a return to overall profitability for 2002/2003.
“It is clear that the development of the new stadium is important to the long term success of the group and we are vigorously progressing all of the issues which lie on the critical path of the project. Although we have a few more hurdles to overcome, the board anticipates on relocating to the new stadium in time for the start of the 2006/2007 season.”
English Premier League club Arsenal has reported a healthy yearly profit - and confirmed work on their new stadium will kick-off later this year.
