The Molineux side managed to turnaround following a loss of £4.9million in the previous 12 months.
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.”
