Arsenal have announced pre-tax profits of £20million for six months up to November 2007, largely thanks to TV revenues and the Emirates StadiumBroadcasting income, boosted by new and improved deals struck by the Premier League for overseas coverage, are up £6.5million to £24.3million while matchday income is up more than £3million year-on-year, coming in at £41.4million.

Peter Hill-Wood, the club's non-executive chairman, said: "We have had a very satisfactory start to the financial year driven by the new Premier League TV deals and the inaugural Emirates Cup tournament which have increased revenues in our core football business."

Equivalent figures for 2006 saw the club return an £8.5 million loss - or £12.9million profit excluding exceptional charges.

Other contributing factors to the figures include the launch of Arsenal TV and the income boost provided by the summer Emirates Cup tournament which saw 110,000 fans visit the stadium for the tournament between the Gunners, Inter Milan, Paris Saint Germain and Valencia.

Hill-Wood was also keen to explain the differing fortunes of the football operation from Arsenal Holdings' property development arm, which announced less impressive half-year statistics.

He said: "In reviewing the Group's financial performance it is necessary to distinguish between the results from the property development business, which had significantly less sales activity compared to the prior year and consequently lower turnover and profit, and our core football business which reported significant growth in turnover together with near static costs and, consequently, a doubling of its operating profits against the previous half year."

Reflecting on the club's overall operating debt, Hill-Wood added: "The Group's overall net debt position has increased from £268.2 million at 31 May 2007 to £307.1 million at 30 November 2007 and this is in line with our expectations."

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