Arsenal, the English soccer club, has released its financial results for the year, and highlighted dramatically increased revenues and a profit after tax of £35.2 million.

The completion of sale of 208 private apartments at Highbury Square contributed £88 million of revenue, noted the club, taking the total sales value of the properties to £172.4 million and contradicting press reports stating that the property slump had left the club unable to attract business at the development.

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Operating profits for the year before player trading were £62.7 million, up from £59.6 million the previous year. That figure was dramatically increased by a lucrative summer in the transfer market, which saw Kolo Toure and Emmanuel Adebayor join Manchester City for a combined fee in the region of £40 million.

"The Group's profits have now risen in each of the three years in which Emirates Stadium has been our home," said Peter Hill-Wood, the club's non-executive chairman. "This is excellent news although I should perhaps stress that making and reporting profits is not in itself the primary objective for the directors. First and foremost we are supporters of this great football club and, as such, our main goal will always be the achievement of success for Arsenal on the field."

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"The Group's profitability is important because it is a by-product of running the club as a solvent and successful business, which in turn allows us to maximise the level of investment in the playing staff and in the future development of the club," he added.

Ivan Gazidis, the club's chief executive, said: "Clearly, the club already has a first class stadium, an excellent world-wide reputation and outstanding core support. Football is a hugely competitive and fast moving business and we must ensure that Arsenal is not just keeping pace but setting the pace, both on and off the field. The club is superbly positioned for the future and I am tremendously excited about the opportunities we have ahead of us."