Arsenal returned to winning ways when they lifted the FA Cup in May, gaining a reward after investing in players including German midfielder Mesut Ozil, who cost 42 million pounds.
Fans of the north London club, majority owned by American Stan Kroenke, had been disappointed by the lack of trophies and the sale in recent years of high profile players including Robin van Persie and Cesc Fabregas.
Improved TV deals, the successful FA Cup campaign and a renewed sponsorship deal with airline Emirates drove total revenues up by more than 20 million pounds to 302 million pounds in the year to May, 2014. Pre-tax profit fell to 4.7 million pounds, reflecting in part the cost of transfer spending.
Manchester United had revenue of 433 million pounds last season, still comfortably ahead of their Premier League rivals despite a poor season on the pitch.
"We are making significant progress but there is plenty more to be done," Arsenal Chief Executive Ivan Gazidis said in a statement.
Arsenal had a healthy cash balance of 173 million pounds at the end of last season. It has used that financial strength to recruit reinforcements in the recent transfer window, with Chilean Alexis Sanchez and English striker Danny Welbeck among the new arrivals.
However, a 2-0 defeat by Borussia Dortmund in the Champions League this week exposed the team's limitations and further slips will fuel calls for fresh investment.
(Writing by Keith Weir, editing by Pritha Sarkar)
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