Arsenal announces half-year profit of 17.8 million pounds

Arsene Wenger's side has benefited financially from the sales of players such as Robin van Persie to Manchester United since the start of the season.
Arsenal has announced that the club has recorded a pre-tax profit of 17.8 million pounds for the half-year ending in November 2012.

The figure was driven primarily by the value of player sales, including that of former striker Robin van Persie who left for Manchester United before the start of the season, with those departing the club raking in 42.5 million pounds for the club.

The accounts also highlight that the club has invested 40.9 million pounds in signing new players such as Olivier Giroud, Lukas Podolski and Santi Cazorla.

More cash was spent on contract extensions such as the ones signed by Kieran Gibbs, Jack Wilshere, Aaron Ramsey and Alex Oxlade-Chamberlain earlier in the campaign, with chairman Peter Hill-Wood delighted at the financial progress that the club is making off the pitch.

"Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence," Hill-Wood told the club's official website. "Our desire is to make everyone connected with Arsenal proud of the club. We know that comes through winning trophies but also through the way we do things and that will remain our constant guide."

The club's overall turnover dropped from 113.5 million pounds to 106 million pounds due to four less home fixture being played at the Emirates as the same period last year, while profits from Arsenal's property operation increased to 1.9 million pounds compared to 500,000 pounds in 2011.