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Arsenal have announced they made a pre-tax profit of £24.5 million in the six months up to November 2008.

The north London club have released their latest set of financial results and revealed a profit in the majority of aspects of its business.

Match day turnover was up £3.3 million, with the Emirates Cup bringing in additional revenue and a higher number of live TV games leading to a £4.5 million increase in broadcasting earnings.

The results confirmed a backlog in completion of the Gunners' property catalogue at Highbury Square - the residential development built on its former stadium - but in the current economic climate, the £4.9 million pre-tax profit noted is still a success.

The financial stability of Arsene Wenger's outfit will come as little surprise to Premier League fans, with the club's £16 million purchase of Andrei Arshavin last month an unusually profligate buy for a club renowned for its tight purse strings.

Non-executive chairman Peter Hill-Wood commented on the announcement, telling the club's official website, "I am pleased to report that the six months to 30 November 2008 has produced another strong set of financial results.

"Profits were ahead in both our football and property businesses and combined to deliver an overall pre-tax profit for the Group of £24.5 million compared to £20 million for the equivalent period last year."

He added: "I believe these results are all the better for having been achieved against a background of what is clearly a very difficult economic climate.

"Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond.

"We are closely monitoring the position with a view to ensuring, as we always have done, that the group is on a robust footing and ready to respond to any challenges this exceptional economic climate may bring."