Arsenal owner Stan Kroenke insists success on the pitch is vital to the club's commercial growth as the Gunners aim to end a trophyless run stretching back to 2005.

Kroenke addressed the club's annual general meeting at the Emirates Stadium on Thursday morning with Arsenal currently top of the Barclays Premier League after completing the club-record £43million signing of Mesut Ozil.

"We are pleased with the progress of the club, most importantly progress on the pitch," Kroenke said.

"None of us up here (on the board), fans, players, or Arsene (Wenger) are happy until we have won trophies, we have said that over again and are committed to that.

"It is also important for the club to be successful commercially, and we are pleased with that.

"We have come a long way, with the debt being paid down, commercial revenues are increasing.

"We have more (deals) coming and are confident. However, nothing works unless we have success on the pitch."

New chairman Sir Chips Keswick had opened the AGM, and paid tribute to his predecessor Sir Peter Hill-Wood, who retired earlier this year because of ill health.

Some fans had earlier staged a small protest outside the stadium entrance. The Black Scarf Movement carried a banner reading "kick greed out of football - where has our Arsenal gone?' and handed out leaflets highlighting the differences between the running of Arsenal and European champions Bayern Munich, plus copies of a letter sent to Kroenke in September calling for direct meetings with the American tycoon.

Manager Arsene Wenger also spoke to the shareholders, where he focused on how the current side would build on impressive displays to deliver long-term success.

Wenger highlighted last season's victory over Bayern Munich in the away leg of their Champions League tie, which they would lose on aggregate, proved pivotal in developing the belief of the squad.

"From the end of March to today, we have lost just one match, that created a huge emotion," Wenger said.

"We have huge ambition to win the league this season.

"We were restricted financially and had to be strict, but we have come out of that.

"However, we have to defend our style of play and values, that comes from developing our own players, with youth policy and that should be core of our club.

"The future of Arsenal will rely on quality of work we do inside, to scout and develop.

"We are respected all over world for our values, we are not artificial.

"We will also look to buy proven quality - we did not need to scout to buy Ozil, it was just money.

"I am pleased we have shown you we are not afraid to spend."

Wenger concluded his speech by adding: "We are top (of the table), in a very strong position, but at the end of November will give a much clearer indication of where everyone lies.

"I am confident that at the end of May we will all be happy."