The Emirates Stadium
Arsenal's turnover has increased by £21.5m since last yearGetty

Arsenal have posted profits of £4.7m for the financial year and have cash reserves of £173m, according to the club's latest financial figures released on Friday (19 September).

The results, which cover the year ending 31 May 2014, reveal a rise in turnover up from £280.4m to £301.9m, an increase of £21.5m aided by the club's new commercial deals and the windfall from their FA Cup success in May.

Despite spending close to £80m in the summer to bring Mathieu Debuchy, Calum Chambers, Alexis Sanchez, David Ospina and Danny Welbeck to the club, figures also suggest Arsenal have just over £170m resting in the coffers.

During a year in which Theo Walcott, Aaron Ramsey, Jack Wilshere and Laurent Koscielny all signed new lucrative deals, wages have risen by £12m to £166.4m.

Profit on sale of player registrations up to May 31 was reduced to £6.9m from £47m in the same period for 2013.

Arsenal chief executive Ivan Gazidis spoke of his delight over the club's healthy state and insisted the board would continue to support manager Arsene Wenger in his aim to keep the club challenging for major honours.

"The club is in excellent shape, both on and off the pitch," he said. "We are proud of our 11th FA Cup success and the reward this represents to our fans in the Arsenal community around the world.

"There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on field success.

"This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club. We are well placed to deliver against those ambitions."