Arsenal chief executive Ivan Gazidis has defended the club's financial strategy

Ivan Gazidis: Claims that Arsenal are on the right path to success

Arsenal chief executive Ivan Gazidis believes the club's latest financial statements vindicate their current approach.

The Gunners have announced another healthy pre-tax profit and Gazidis claims the club "can and will forge our own path to success" in the future.

Group profit before tax was £36.6million in the figures for the year ending May 31, 2012 which were published on Thursday, up from the equivalent 2011 figures of £14.8million.

Arsenal, though, could not escape an inevitable increase in wages from £124million in 2011 to £143million, which represented 60.9 per cent of the club's football revenues.

The parent holding company's overall turnover was £243million, down from £255million mainly because of reduced property sales, with a rise in revenues to £235.3million from £225.4million.

The "cash and bank balances" stood at £153.6million, slightly down from a year ago, with net debt stable at £98.9million, most of which is tied in with the long-term mortgage following the club's move to the Emirates Stadium.

Gazidis believes Arsenal are in a good position to fulfil UEFA's Financial Fair Play guidelines for clubs to live within their means.

He said in a statement: "Clubs, fans and other stakeholders in the game are demanding a more rational financial approach and this reinforces our conviction that our club is strongly placed to succeed over the long term.

"We have qualified for the Champions League for the 15th season in a row whilst off the pitch we have a business strategy and infrastructure that is helping us to grow our revenues.

"This revenue growth will provide sustainable funds for future investment in the team whilst keeping within the UEFA Financial Fair Play requirements. We can and will forge our own path to success."