Commenting on the interim results, Peter Hill-Wood, non-executive chairman, said:
“I am pleased to report that the Group has delivered another profitable set of results for the first six months of the financial year.
There has been remarkable progress at Highbury Square over the last twelve months and it is clear that the next couple of years will see our property activities delivering surplus cash. This is very good news, although I would not want to speculate on the exact quantum or timing of this. How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in Club projects and infrastructure, both in and around Emirates Stadium, which will provide a long lasting benefit to the Club and our tremendous, loyal supporters.
Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the Club’s direction beyond our move to Emirates Stadium and into the next phase of growth.”
Significant reduction in group's debt following progress at Highbury Square
Profit before tax of £35.2m (2008 - £24.5m) with increased contributions from both the Group’s football and property businesses.
Sale of 261 apartments at Highbury Square generated revenue of £96.6m (2008 - £58.4m) with all proceeds used in repayment of the project’s bank debt. The Group’s property business recorded a pre-tax profit of £9.3m (2008 - £4.9m).
Pre-tax profit from the Group’s core business of football increased to £25.8m (2008 - £19.7m).
Completed first stages of a programme of capital investment in the appearance and “Arsenalisation” of Emirates Stadium.
Further significant investment in determined policy of re-signing first team players to new long-term contracts.
By 30 November 2009, the Group’s total net debt had been reduced to £203.6m (31 May 2009 - £332.8m).
Since 30 November, there have been a number of further positive developments in relation to the Group’s property projects:
Of the 655 private apartments in the Highbury Square development, sales have now completed on 524 units with a cumulative sales revenue value of £217.0m.
The balance on the Highbury Square bank loan has been further reduced, from £35.7m at 30 November, to £12.9m (31 May 2009 – £123.6m).
Sale of part of the Queensland Road development site means that the Group’s other property activities are now debt free.
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