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Wolves announce £9.1m profit

Wolves have announced a pre-tax profit of £9.1million for the year ending May 31, 2010.

The results compare to a loss of £4.9million for the previous 12 months, with the turnaround in financial fortunes coinciding with Wolves' return to the Premier League after a six-year absence.

The turnover for the period was £60.6million compared to £18.3million for the promotion campaign, and the uplift in turnover can be primarily attributed to central Premier League deals, including television rights and sponsorship, and Wolves' own commercial activity.

Ticket revenues increased as average attendances rose from 24,153 to 28,366.

Operating costs were higher than in the previous year due to an increase in the players' wage bill.

During the financial year under review, Wolves also broke their transfer record to sign striker Kevin Doyle for £6 million from Reading.

They also bought in other internationals including Nenad Milijas and Ronald Zubar and re-signed a number of players on long-term deals including Wayne Hennessey, Kevin Foley and Sylvan Ebanks-Blake.

Wolves chief executive Jez Moxey said: "It was a huge success for our young, developing team to finish in 15th place in the Premier League in our first season back in the top flight.

"Our financial results reflect the successful balance the club struck between sound financial management and continuing investment in players and off the pitch infrastructure.

"We have said many times before that we will not be irresponsible and fall into the dangerous trap of over-stretching the club.

"Chairman Steve Morgan has outlined a long-term vision for the club's overall development and has clearly stated that this won't be at the expense of sensible investment in new players."

Moxey added: "We remain confident that we have a team capable of avoiding relegation.

"However, it will take a big effort from the team, the wider club and our tremendous supporters to pull together as one and rally behind the cause of battling our way to staying up.

The spirit of Wolves is something which sets us apart from the competition and I'm sure it will be crucial as we enter the final stages of the season."