Arsenal post £24.7m profit and now boast cash reserves of £193.1m

Arsenal’s parent company has posted a profit of £24.7m and a cash reserve of £193.1m in its latest set of published figures.

The results, covering the year ended May 31 2015, put the group’s total turnover at £344.5m, up from £301.9m in 2014.

The increase in profit before tax from £4.7m was helped by both a strong growth in commercial activity, including a lucrative new kit deal with Puma as well as player sales of £28.9m and property development.

Arsenal, though, also invested heavily in Arsène Wenger’s FA Cup-winning squad over the period, with an outlay of around £114m and increased wages now up to just over £192m which accounts for 58.4% of football revenues. The club’s liabilities for new signings, some of which are part payable in instalments, rose to £80.5m.

The club’s matchday revenue from the 60,000-seater Emirates Stadium came in at £100.4m.

Arsenal’s £390m switch from Highbury in 2006 continues to be funded by a long-term fixed-rate bond repayment of £35m per year, and as such the group has no short-term debt.

The cash reserves are intended to cover costs for a full season, and not all solely designated for player transfers.

The Gunners added only goalkeeper Petr Cech, signed from Chelsea, to the squad during the 2015 summer transfer window, and did not bring in another striker ahead of the September deadline, despite a lengthy injury to Danny Welbeck.

Chief executive Ivan Gazidis believes Arsenal remain on a solid base to fulfil all of their ambitions on the pitch in the seasons ahead, which will see a massive increase in revenue for all top-flight clubs from the record new £5.1bn broadcasting deal from 2016-17.

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