Business
Final Results - Year Ended 31 May 2009
Final Results - Year Ended 31 May 2009.
About this update from H-power Plc
[{"type":"text","content":"\n \nArsenal Holdings plc Results for the year ended 31 May 2009\n\nARSENAL CONFIRMS RECORD PROFIT AND SIGNIFICANT PROGRESS ON HIGHBURY SQUARE\nPROJECT\n\n * Group turnover increased to £313.3 million (2008 - £223.0 million)\n reflecting income generated from cup competitions and property sales.\n \n * Match day revenue was increased to £100.1 million (2008 - £94.6 million),\n mainly as a result of progress to the UEFA Champions League and FA Cup\n semi-finals.\n \n * Operating profits (before depreciation and player trading) in the football\n business were £62.7 million (2008 - £59.6 million).\n \n * The completion of sale of 208 (2007 - Nil) private apartments at Highbury\n Square contributed £88.0 million of revenue (2008 - £15.2 million) and\n boosted the operating profit from property activities to £7.8 million (2008\n - Nil).\n \n * Profit after tax of £35.2 million (2008 - £25.7 million) was a record for\n the Group.\n \n * Since the end of the financial year there have been a number of further\n positive developments in relation to the Group's Highbury Square project.\n \n * Of the 655 private apartments in the development, sales have now completed\n on 445 units with a cumulative sales revenue value of £172.4 million.\n \n * The balance on the bank loan used to fund the project has been\n substantially reduced to £47 million and agreement has been reached to\n refinance the loan and extend its term to December 2010.\n \nCommenting on the results for the year, Peter Hill-Wood, non-executive\nChairman, said:\n\n\"The Group's profits have now risen in each of the three years in which\nEmirates Stadium has been our home. This is excellent news although I should\nperhaps stress that making and reporting profits is not in itself the primary\nobjective for the directors. First and foremost we are supporters of this great\nfootball club and, as such, our main goal will always be the achievement of\nsuccess for Arsenal on the field. The Group's profitability is important\nbecause it is a by-product of running the Club as a solvent and successful\nbusiness, which in turn allows us to maximise the level of investment in the\nplaying staff and in the future development of the Club.\"\n\nIvan Gazidis, Chief Executive, said:\n\n\"Clearly, the Club already has a first class stadium, an excellent world-wide\nreputation and...