Pre-tax profits went up by £10.5 million on the previous year after Highbury Square and a social housing site nearby generated £156.9 million, allowing the club to repay the £129.6 million of bank loans it took to build the developments.
By paying off its loans, Arsenal reduced its overall debt by more than 50 per cent, from £297.7 million last year to £135.6 million
“We now have a debt-free property business, which is accumulating surplus cash as further unit sales are made at Highbury Square, and which has three further property assets to realise over the next few years,” said non-executive chairman Peter Hill-Wood.
Total revenue also increased from £313 million to £379.9 million.
