Arsenal chairman Peter Hill-Wood insists results on the pitch will always come ahead of profit at the Emirates Stadium. The Gunners’ today revealed an increase in turnover and a record profit after tax of €38.1 million from results for the year ending May 31st.

The Highbury Square development, meanwhile, remains robust despite the difficult financial climate and falling house prices, with the completion of 208 private apartments at the club’s former ground bringing in €95 million.

Most of Arsenal’s overall net debt, which has decreased to €322 million from €344 million, is tied into the move to the 60,000-seater Emirates Stadium, financed mainly by a long-term loan which is repaid at a fixed rate, much like a mortgage, at around €21 million a year.

As such, Arsene Wenger’s men are clearly under some pressure to continue to produce on the field — with Champions League qualification now arguably a prerequisite each season.

Wenger has, though, so far refused to spend heavily in new players, instead placing faith in youth and re-signing key men like captain Cesc Fabregas, England forward Theo Walcott and Robin van Persie, last season’s leading scorer, on long-term deals.

Nevertheless, despite relative progress with a Champions League final appearance in 2006, Arsenal have failed to deliver a trophy since the 2005 FA Cup.

Life-long Gunners fan Hill-Wood knows all too well the importance of consistency on the pitch, which ultimately drives all other parts of the business.

“The group’s profits have now risen in each of the three years in which Emirates Stadium has been our home. This is excellent news, although I should perhaps stress that making and reporting profits is not in itself the primary objective for the directors,” Hill-Wood said in his report.

“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.

“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.”

Hill-Wood added: “Arsene has the resources to bring more players in, if he believes doing so will add to the quality which we already have in the squad.”