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Wolves announce £2 million pre-tax profit

Championship Wolves have announced a pre-tax profit of £2.16 million for the year ending May 31 2012.

The Molineux club were relegated from the Premiership at the end of the 2011-12 season, and the financial period covers what was their third successive season in the top flight.

But the data does not include transfer activity, both in and out, during the summer, when Steven Fletcher, Matt Jarvis and Michael Kightly were all sold in big-money deals and other players were recruited by new boss Stale Solbakken.

The pre-tax profit was £80,000 down on the figure from 12 months earlier, with the club attributing the difference to a decrease in generated turnover from £64.4 million in 2011 to £60.6 million in 2012.

Operating costs were approximately the same as they had been in the preceding 12 months.

"The season under review was dominated by the huge disappointment of relegation from the Premier League, which impacted on everyone connected to Wolves," the Molineux chief executive, Jez Moxey, said.

"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."

He said Wolves faced a "difficult challenge" in trying to bounce back to the Premier League at the first attempt, but stressed: "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."

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