Arsenal announce financial results and confirm they have £200m available in cash reserves

Arsenal have released their financial results for the year ending May 31 2015, with figures showing the club posted a profit of £24.7m ($38.54m), with cash reserves rising by £20m. The Gunners were once again able to boast healthy numbers across the board, with total turnover growing from £301.9m to £344.5m in the financial year, boosted by the club's lucrative kit partnership with Puma.

Revenues have also broken the £100m barrier for the first time, rising from £77.2m to £103.3m. The club statement details a record-breaking level of expenditure on player acquisitions of £114m following the arrivals of Alexis Sanchez, Danny Welbeck, Calum Chambers, David Opsina, Mathieu Debuchy and Gabriel Paulista in that financial year. Arsenal's cash reserves now stand at close to £200m, up from £173m this time last year.

Such a significant sum left in the club's bank accounts could raise questions after a summer where the club were the only side in Europe's top five leagues not to add an outfield player to their ranks.

The reported £10m fee paid to Chelsea for goalkeeper Petr Cech is likely to have barely left a dent in the Gunners' considerable finances, a potential source of frustration after the club failed to strengthen key areas of their team to bolster their Premier League title prospects.

The Arsenal Supporters' Trust voiced such concerns over the club's quiet summer following the closure of the transfer window, a situation that worsened when it emerged Danny Welbeck could face up to six months on the sidelines, with Jack Wilshere also ruled out for three.

Cash reserves however are set aside to cover costs throughout an entire financial year, and are not solely for the use of transfer fees.

The club's chief executive officer, Ivan Gazidis, said: "Everyone at the club is determined to build on the FA Cup successes of the past two seasons. We continue to look to develop every aspect of our operations while remaining true to our principles around being self-funding, investing in youth, our style of play and our commitment to our fans and to our place in the community. We are focused on delivering more success."