Arsenal Football Club’s revenue fell by more than £124m in the 12 months to 31 May 2011 because of lower levels of property sales activity.
The north London Premier League club’s sales dropped by 32.7%, from £379.9m in the year to 31 May 2010 to £255.7m.
Operating profit in Arsenal Holding’s property arm also fell 17.1%, from £15.2m to £12.6m.
However, the group said that its property business continues to be debt-free. The overall level of group net debt was reduced from £135.6m to £97.8m.
The company completed 69 apartment sales, worth £30.3m, at its Highbury Square development during the period. There are now just 16 of the 655 flats left for sale.
A further 21 Arsenal-owned properties in the roads adjacent to Highbury Square are being refurbished and will be marketed in early 2012.
Discussions with Islington council for developments on its Hornsey Road and Holloway Road sites are also underway.
In addition, Arsenal said it had spent £9.6m on upgrades at its Emirates Stadium. It added that more plans for the stadium will be unveiled later this season, to mark its 125th anniversary.
Ivan Gazidis, Arsenal chief executive, said: “We will continue to look for more ways to keep our magnificent home at the forefront of modern stadia thinking as we move forward.”
joanna.bourke@estatesgazette.com
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