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."

Have you tried new the Independent Digital Edition apps?
Life and Style
Angel Di Maria is shown the red card
tech
Sport
Roger Federer after his win over Tomas Berdych
sport
Life and Style
News in briefs: big pants in 'Bridget Jones's Diary'
fashionBig knickers are back
Sport
James Milner is set to sign for Liverpool this week despite rival interest from Arsenal
sportReds baulk at Benteke £32.5m release clause
News
The controversial Motor Neurone Disease Association poster, featuring sufferer Michael Smith, has drawn a series of angry complaints
newsThis one has been criticised for its 'threatening tone'
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific
In this the person to restore our trust in the banks?

In this the person to restore our trust in the banks?

Dame Colette Bowe - interview
When do the creative juices dry up?

When do the creative juices dry up?

David Lodge thinks he knows
The 'Cher moment' happening across fashion just now

Fashion's Cher moment

Ageing beauty will always be more classy than all that booty
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination

Health fears over school cancer jab

Shock new Freedom of Information figures show how thousands of girls have suffered serious symptoms after routine HPV injection
Fifa President Sepp Blatter warns his opponents: 'I forgive everyone, but I don't forget'

'I forgive everyone, but I don't forget'

Fifa president Sepp Blatter issues defiant warning to opponents
Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report

Weather warning

Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report
LSD: Speaking to volunteer users of the drug as trials get underway to see if it cures depression and addiction

High hopes for LSD

Meet the volunteer users helping to see if it cures depression and addiction
German soldier who died fighting for UK in Battle of Waterloo should be removed from museum display and given dignified funeral, say historians

Saving Private Brandt

A Belgian museum's display of the skeleton of a soldier killed at Waterloo prompts calls for him to be given a dignified funeral