“Arsenal’s half-year results for the six months ended 30 November 2014. Profit before tax of £11.1 million, compared to a loss in 2013 of £2.2 million, an improvement of £13.3 million. Profit after tax only improved by £7.3 million from £2.8 million to £10.1 million, as 2013 benefited from a tax credit of £5 million. Profit before tax of £11.1m was almost entirely from the football business £10.8 million, as there was ‘minimal activity’ from property development £0.3 million.” The Swiss Ramble