Flats sell-off sees Arsenal profits rocket

Feb 27 2009 by Iain Laing, The Journal

PREMIERSHIP club Arsenal has seen its pre-tax profits rise by £4.5m to £24.5m and it is selling flats in its Highbury Square development.

Its financial report for the six months to November 30 also says the London club saw match-day turnover swell to £44.4m, up £3.3m, while broadcasting revenue increased by £4.5m to £28.9m.

Arsenal has been immune from the economic slowdown, though sales of apartments in its Highbury Square development have been slower than expected, forcing it to extend its bank loan for the building work.

Construction on Highbury Square is close to completion with 186 apartments – valued at a total of £76.7m – now finished, and at the end of November sales had already been agreed worth £58.1m.

Chairman Peter Hill-Wood said: “Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond.

“The UK property market has been particularly affected by the economic downturn and, inevitably, this has had an impact on the group’s own property development activities.”