Wolves have posted a healthy pre-tax profit of £2.16million
Wolves have posted a healthy pre-tax profit of £2.16million for the year ended May 31, 2012.
Last Updated: 06/12/12 11:56am
The period covers Wolves' third season in the Premier League, which ultimately ended with relegation to the Championship.
The Black Country club were £80,000 down on the pre-tax profits of 12 months previous (£2.24m), largely due to a decrease in generated turnover from £64.4m in 2011 to £60.6m in 2012 as a result in part to lower Premier League merit receipts and lower league match revenues.
The financial information does not include transfer activity during the summer of 2012, including the sales of Steven Fletcher, Matt Jarvis and Michael Kightly as well as the recruitment of seven new players.
Operating costs were approximately level with the previous 12 months.
At the year end for 2012, the club's holding company, WW (1990) Ltd, boasted a strong balance sheet with net assets totalling £74.9m, which includes all of the club's property such as Molineux and the Compton training ground.
Chief executive Jez Moxey told the club's official website: "The season under review was dominated by the huge disappointment of relegation from the Premier League, which impacted on everyone connected to Wolves.
"Since then the club has been through a period of significant change with the appointment of a new manager and the arrival of seven new players.
"As we all know the Championship is a very competitive league, both on and off the pitch, however we all remain united behind the goal of trying to regain Premier League status as soon as possible.
"We recognise this will be a difficult challenge in a number of different ways but we are totally committed to it."