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Last Updated: Wednesday, 21 February 2007, 11:25 GMT
Arsenal put 6m loss down to move
The exterior of the Emirates Stadium
Arsenal say the move to the Emirates Stadium is already paying dividends
Arsenal have announced a loss of 6.2m for the six months up to the end of last November.

The Gunners cite one-off exceptional costs of 21.4m relating to their move to the Emirates Stadium as the reason.

But during the same period, turnover rocketed by almost 77%, which Arsenal attribute to increased ground capacity.

Chairman Peter Hill-Wood said: "The stadium project's objective was to provide Arsenal with financial strength to compete at the highest level."

Over the same period last year, the Gunners made a 9.6m profit after tax.

Pre-tax profits before net finance charges are up year on year from 14.3m to 19.6m and operating profits before depreciation and player trading leaped by 150%, from 8m to 20m.

Turnover also rocketed from 57m to 100.8m.

Hill-Wood added: "I believe the results for the group's first period in its new home demonstrate we have already achieved the milestone of providing the financial strength.

"The stadium has provided improved match-day facilities and tickets for a far great number of supporters."

Arsenal do not expect to reach their final targets for operational efficiency at the new stadium until the end of the season.

SEE ALSO
Arsenal's debt increases by 100m
20 Sep 06 |  Arsenal
Arsenal name new ground
05 Oct 04 |  Arsenal
Arsenal team join Queen for tea
15 Feb 07 |  London


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