By Arsenal correspondent Tony Hughes

Arsenal failed to sign a single outfield player this summer despite having cash reserves of £193million, the club’s financial results revealed on Friday.

The Gunners’ only signing during the recently closed transfer window was Petr Cech, who joined from Chelsea for a fee of £11million.

However, Arsene Wenger had a vast kitty at his disposal and could have spent well over £100million on transfer fees and salaries had he wished.

The Arsenal results reveal the club’s cash reserves amount to £193million, up £20million from the previous year, of which they have set aside £65.6million to pay on transfer installments for players already at the club.

The year end bank balance also includes working capital to cover costs for the 2015.16 season.

Nevertheless, the financial results for the year ended 31 May 2015 are strikingly healthy and puts into sharp focus once again Wenger’s reluctance to strengthen his squad.

Turnover is up to £344.5million, compared to £301.9million the previous year, with pre-tax profits rising from £4.7million to £24.7million.

Wenger spent much of the summer pursuing a £40million-plus deal for Karim Benzema but the deal broke down because its total cost, including wages over the course of a five-year contract, would have been £91million.