ARSENAL have announced that profits have risen to £32.5m.

The club also revealed that debts at the Gunners’ parent company, Arsenal Holdings, had been cut from £338.8m to £203.6m.

Pre-tax profits for the six months up until the end of November 2009 increased by more than £10m from the same period in 2008.

Arsenal’s non-executive chairman Peter Hill-Wood revealed that some of the profits would be used to strengthen the playing squad.

Hill-Wood said: “How we will use it remains undecided, but in addition to investing in the team I think we will examine the investment in club projects and infrastructure, both in and around the Emirates Stadium.”