Title-chasing Arsenal announced half-year turnover of 136 million pounds from football activities on Friday, making their lack of transfer business in January all the more difficult to understand.
The figures covered the six months to November 30, 2013 and represent a 28 per cent rise.
The results showed a group loss of 2.2 million pounds before tax but that was mainly caused by the investment manager Arsene Wenger made in his squad in the close season.
Arsenal shattered their club record in September when they signed Mesut Ozil from Real Madrid for 42.5 million pounds but spent no money in the January window.
Their only deal last month was the loan signing of Sweden midfielder Kim Kallstrom from Spartak Moscow.
"Whilst youth development continues to be an important focus we fully recognise the importance of getting the balance right between youth and experience," Arsenal chairman Chips Keswick said in a statement on Friday.
"We signed Mesut Ozil for a club record transfer fee in the summer and in addition the signing of Mathieu Flamini (at the same time) proved to be an astute acquisition.
"We will continue to work hard to keep the players Arsene believes can take us forward. We will also continue to support the manager in the transfer market when he identifies players he believes can further strengthen the squad."
Matchday income rose from 37.8 million to 45 million pounds, boosted by the return of the Emirates Cup pre-season competition and the Champions League qualifying fixtures against Fenerbache.
Broadcasting revenue went up from 40.1 million to 52 million pounds as a result of Sky and BT's new contracts with the Premier League while commercial and retail revenue climbed from 27.7 million to 38.4 million pounds.
The club also announced a new five-year kit deal with Puma that will come into effect in the next financial year.
"We believe we are in a strong position to take the club forward in the short term and beyond and to deliver future on-field success," said Keswick.
Second-placed Arsenal, who are one point behind Premier League leaders Chelsea, host Liverpool in the fifth round of the FA Cup on Sunday.
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