Arsenal Monday announced a record profit after tax of 35.2 million pounds (38.2 million euros) from results for the financial year ending May 31. The turnover of the Gunners' parent holding company, which also has substantial property interests at the Highbury Square development of their former stadium, went up to 313.3 million pounds (339 million euros) from 223 million pounds (242 million euros) for the same period last year. Arsenal's move to the Emirates Stadium in 2006 - funded by a long-term loan at a fixed interest rate - continues to pay dividends, with matchday revenue increased to 100.1 million pounds (108 million euros) from 94.6 million pounds (102 million euros) which was mainly down to progress to the semifinals of both the Champions League and FA Cup. Operating profits, before depreciation and player trading, in the football business were up from 59.6 million pounds (64.7 million euros) to 62.7 million pounds (68.1 million euros). The Highbury Square development, meanwhile, remains robust despite the difficult financial climate and falling house prices, with the completion of 208 private apartments bringing in 88 million pounds (95.6 million euros), while, since the end of the financial year, more units have been sold at the club's former ground. Arsenal chairman Peter Hill-Wood knows all too well the importance of consistency on the pitch, which ultimately drives all other parts of the business. “The group's profits have now risen in each of the three years in which Emirates Stadium has been our home. This is excellent news, although I should perhaps stress that making and reporting profits is not in itself the primary objective for the directors,” Hill-Wood said in his report. “First we are supporters of this great football club and, as such, our main goal will always be the achievement of success for Arsenal on the field. The group's profitability is important because it is a by-product of running the club as a solvent and successful business, which in turn allows us to maximise the level of investment in the playing staff and in the future development of the club.”
