Arsenal Football Club made sales of just £3.2m in its property arm in the six months to 30 November.
The north London-based Premier League club’s real estate business, made a turnover of £3.2m from five properties in the half year to 30 November, contributing £600,000 to group profits. During the same period in 2010, sales of £22.5m were generated from 50 flats sold, adding £3.3m to profits.
The club said it expects stronger property activity in the final quarter of this financial year, and will bring the final 21 flats at the Highbury Square scheme to the market.
Elsewhere, Arsenal spent £4.8m on real estate during the half year, including stadium enhancements and a new medical centre.
£6.2m of stadium finance bonds were repaid in the period and, other than next year’s annual instalment on the bonds, the group has no short-term debt. Cash balances at 30 November amounted to £115.2m (2010 – £110.4m).
Group revenue slipped to £116.7m from £120m, however a pre-tax profit of £49.5m was recorded, compared to a loss of £6.2m in 2010.
joanna.bourke@estatesgazette.com
