Arsenal buoyed by increase in pre-tax profit

Arsenal chief executive Ivan Gazidis believes the club "can and will forge their own path to success" after they posted an improved pre-tax profit.

Group profit before tax was £36.6m for the year ending 31 May 2012 - in 2011 that figure was £14.8m.

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This reinforces our conviction that our club is strongly placed to succeed over the long term.

Arsenal chief executive Ivan Gazidis

He said in a statement: "Clubs, fans and other stakeholders are demanding a more rational financial approach.

"This reinforces our conviction that our club is strongly placed to succeed over the long term."

Money spent on wages increased from £124m in 2011 to £143m - a figure which represented 60.9% of the club's football revenues.

Arsenal have always insisted they would fulfil Uefa's Financial Fair Play guidelines for clubs to live within their means. Gazidis said the latest figures reinforced their commitment.

"We have qualified for the Champions League for the 15th season in a row, while off the pitch we have a business strategy and infrastructure that is helping us to grow our revenues.

"This revenue growth will provide sustainable funds for future investment in the team while keeping within the Uefa requirements.

"We can and will forge our own path to success."