Significant additional broadcasting revenues have been supported by improvements in the Gunners' commercial activity, all of which has allowed manager Arsene Wenger to again further strengthen a squad which finished runners-up to Leicester in the last Premier League campaign.

As a result, though, wage costs continue to rise, at £195.4m, while income from player sales is down as the club remain determine to keep key men on board.

With the only debt related to long-term fix-rate payments against the financing of the move to the new 60,000 stadium from Highbury in 2006, Arsenal's "cash balances" show at £191.1m, which is slightly down from £193.1m in 2015.

Gazidis said in his chief executive report accompanying the results: "We are in a strong position to continue moving forward at every level of the club.

"On the pitch we have an outstanding squad. Off the pitch we have developed our infrastructure across all aspects of our operations to ensure we have the right assets and skills to progress.

"I am confident this progress, coupled with strong underlying values, will bring the success we all seek.

"Our ultimate ambition is clear: to win major trophies and make Arsenal fans at home and around the world proud of this great club. Proud of our values, proud of the way we act and proud of our team."

Arsenal head into the next round of Premier League fixtures away at Burnley on Sunday in third place, five points behind leaders Manchester City, and on the back of an eight-match unbeaten run, which includes four straight wins.