This compared to a loss of £4.9 million for the previous 12 months. The turnaround in financial fortunes coincided with Wolves first campaign in the Premier League after a six-year absence.
Manager Mick McCarthy was given sound backing to bring in new players during this period including club record signing Kevin Doyle for £6million from Reading.
Chief executive Jez Moxey insists Wolves will "not fall into the dangerous trap of over-stretching" financially. He is adamant Wolves will always attempt to strike the right balance between offering financial support for McCarthy and not placing the club's future in jeopardy by over-spending.
Moxey said: "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.
"The 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.
"However, during the year under review, the club broke its transfer record to sign Kevin Doyle, along with a number of other international players, which we believe was good business."
Wolves announced plans earlier this month to rebuild Molineux in several phases with work beginning at the end of the campaign on redeveloping the Stan Cullis stand.
Moxey said: "This is part of our long-term vision of improving the quality of the match day experience, bringing fans closer to the pitch, introducing new facilities and, in time, increasing capacity.
"We intend to fund phase one of the redevelopment out of our existing cash flow, meaning that our financial stability will remain strong."
Moxey is also confident Wolves will be able to stave off relegation even though they are currently bottom ahead of Saturday's home clash with Blackpool.
He said: "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."
The turnover for the period in question was £60.6 million compared to £18.3 million for the promotion campaign.
This 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 with the average attendances up by more than 4,000 per game to 28,366 compared to 24,153.