Arsenal have announced that the club have made half-year pre-tax profits of £49.5m.

The figures, released earlier today, run until the end of November 2011.

It is believed that the major reason behind the results was the summer sales of Cesc Fabregas and Samir Nasri to Barcelona and Manchester City respectively.

Commenting on the results for the six months, Peter Hill-Wood, non-executive Chairman, told the club's official website: "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."

The board have also confirmed that the club have no short-term debt.