Arsenal have posted a £63 million profit on player sales in the second half of 2011, with the side releasing their accounts for the period of June-November last year.

The club made a group profit of £49.5 million before tax, and overall boasted a £46.1 million profit in player trading.

Turnover from footballing costs rose to £113.5 million from £96.7 million in 2010, with match day and commercial income streams credited with the jump in funds.

Peter Hill-Wood said that the figures were a sign of the club's continued sustainability, and that while Arsenal have had to be more careful than most top clubs with their spending, the increases since 2010 show that the side is moving in the right direction.

"We are proud of Arsenal's record and consistency over many seasons and have the foundations in place, at every level of the Club, to ensure we remain a force in the seasons ahead," he explained.

As of November 31<sup>st 2010, Arsenal have no short-term debt, with the north London outfit holding £115.2 million in cash reserves - up from £110.4 million in 2010.

Arsenal chief executive Ivan Gazidis said the club understood the fans' concerns over the club's lack of spending compared to ther Premier League counterparts, but insisted that their performances on the pitch are all that matter to the fans and the board.

"We hear the noise and we understand the concerns of the fans," he said. "We know there are issues and we know we are not where we want to be.

"But I can tell you that the manager and the players are absolutely united behind what we have to do before the end of the season, which is to finish in the top four.

"That is not out of our hands in fact it is very much in our hands. We have had unbelievable support from our travelling fans - they have been to Sunderland and Milan just last week.

"Our supporters have put aside the questions, put aside the doubts and put aside the differences of opinion and got behind the team.

"If that can happen between now and the end of the season, I know that we can achieve Champions League qualification for next year, we can rebuild and regroup in the summer and come back strong next year."