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The Gunners chief executive believes that the sometimes-criticised approach taken at the Emirates Stadium is paying off, following a pre-tax profit of £36.6 million for 2011-12

Arsenal chief executive Ivan Gazidis believes that the club's latest financial figures show that the Gunners are well-placed for success over the long term.

The American claims that the pre-tax profit of £36.6 million demonstrates that their model for running the north London side, which has been criticised in recent years, is paying off.

Wages at the Emirates Stadium increased from £124m to £143m from 2010-11 to 2011-12, but Gazidis insists that the Gunners are in ready to fulfil Uefa's Financial Fair Play guidelines aimed at forcing European clubs to live within their means.

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"Clubs, fans and other stakeholders in the game are demanding a more rational financial approach and this reinforces our conviction that our club is strongly placed to succeed over the long-term," Gazidis said in a statement.

"We have qualified for the Champions League for the 15th season in a row whilst off the pitch we have a business strategy and infrastructure that is helping us to grow our revenues.

"This revenue growth will provide sustainable funds for future investment in the team whilst keeping within the Uefa Financial Fair Play requirements. We can and will forge our own path to success."

Arsenal sit in fifth place in the Premier League, having remained unbeaten through their first five matches of the new season.

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