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Profits up at Arsenal

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Despite a record £110.5m spend on players, Arsenal reported profits of £12.6m in the six months to 30 November 2016 compared with a £6.2m loss in the corresponding period last year.  Once again Arsene Wenger shows that he is following a successful commercial formula.

Turnover was up substantially from £158m to £191.1m year on year.  45 per cent of revenue came from broadcasting, boosted by a bigger share of the Uefa pool.   This was even more valuable given the fall of the pound as it is paid in euros.

Cash reserves have fallen to a still healthy £100.5m, but some of this is ring fenced in case the club does not qualify for the Champions League.

It may be difficult to continue to return a profit, as there are upward pressures on the wage bill.