The parent company of Arsenal has posted a profit of £24.7 million and a cash reserve of £193.1 million.

The results, covering the year ended May 31 2015, put the group’s total turnover at £344.5 million, up from £301.9 million in 2014.

Arsenal had an outlay of around £114 million and increased wages now up to just over £192 million which accounts for 58.4% of football revenues. The club’s liabilities for new signings, some of which are part payable in instalments, rose to £80.5 million.

Arsenal only added Petr Cech during the summer transfer window.