Arsenal Holdings plc have released their financial results for the year ending May 31, 2013, with profits falling by just shy of £30m.

The Gunners recorded a pre-tax profit £6.7m, which represented a significant fall on the £36.6m gained in the previous tax year.

Robin van Persie's sale combined with the fee fetched for Alex Song has allowed Arsenal to remain profitable, with approximately £58.7m spent on player recruitment and contract extensions.

Arsenal chairman Sir Chips Keswick has declared himself pleased with the results, while insisting that the club will target growth to keep Arsene Wenger's squad fighting on a firm financial platform.

He told the club's official website: "We must continue to grow commercially to provide the club with the best opportunity to achieve success and we must do this in a way which remains true to our values and which ensures and protects the long-term sustainability of the club.

"We face a competitive landscape across the top of the Premier League and across Europe's elite clubs which is tougher than ever. Despite fair play initiatives the financial competition for top players remains intense and transfer prices and player wages continue to move ever higher.

"It is therefore positive that the strong financial platform we have created in recent years allows us to continue to be competitive at the highest level."

Since those results were registered, the Gunners have smashed their transfer record to sign German international midfielder Mesut Ozil for a fee of £42.4m.