Arsenal chairman Sir Chips Keswick has singled out a “reduction in transfer profits” for the £3.4million loss announced for the six months ending 30 November 2015.
During the same period last year, the Gunners made more than £6million but, with very few players sold and the signing of Petr Cech from London rivals Chelsea for £11m, the club have made a loss this time around.
Turnover increased from £148.5m to £158m, with cash reserves of £159.4m – including the amounts put to one side for running costs.
While the loss is small and of no concern to financial fair play, the club’s healthy bank balance will again prove a source of anger for a majority of supporters who continue to call on manager Arsene Wenger to invest more money in the playing squad.
Arsenal were the only side across the top five European leagues not to buy an outfield player in the summer, with the arrival of Cech the only incoming for the FA Cup holders.
The sum shown on the official accounts for players was £39.4m, with the rest of the costs coming in the way of instalments from older transfers.
With the Gunners third in the Barclays Premier League and just two points from top-spot, Keswick hopes to see continued success on and off the pitch over the remainder of the year.
“This has been an unpredictable Premier League season thus far,” he said.
“What is important is that we are in contention and I am sure we have the resources and ability within the squad to sustain a strong challenge.
“The end-of-season run-in is going to be an exciting one and I am confident we will be very much at the centre of the action.
“We continue to see robust growth around our commercial revenues and build our support globally through our marketing and media channels.
“The result for the period has been impacted by a reduction in transfer profits but this reflects the overall stability we have within the squad which, in my view, is a positive factor for the club.”