Arsenal Holdings has revealed the sale of private apartments as part of the Highbury Square project have helped the company report record profits for the year ending 31 May 2009.

The company, which owns Arsenal Football Club (AFC), posted profits after tax of £35.2m, compared with £25.7m for the previous year. Property sales totalled £88m, boosting the club's annual revenue. AFC's matchday revenue increased by to £100.1m during the period, which was aided by progress in the FA Cup and the UEFA Champions League, while the club's operating profits also increased to £62.7m.

Since relocating to the Emirates Stadium in 2006, the club's former Highbury Stadium home has been redeveloped to boast 655 private apartments; 208 of which were sold during the financial year. A further 237 properties have been sold since the start of June. Arsenal Holdings has also been handed planning permission for a property development at Queensland Road, which will boast an indoor sports centre to be operated by AFC and 516 residential units.

Peter Hill-Wood, Arsenal Holdings' non-executive chair, said: "The group's profitability is important because it is a by-product of running the club as a solvent and successful business, which in turn allows us to maximise the level of investment in the playing staff and in the future development of the club." Chief executive Ivan Gazidis added: "Football is a hugely competitive and fast moving business and we must ensure that Arsenal is not just keeping pace but setting the pace, both on and off the field."