Wolverhampton Wanderers report £5.8m profit

Wolverhampton Wanderers have announced pre-tax profit of £5.8m for the 2015-16 season.

The Midlands side's annual accounts showed an increase in turnover from £26.4m to £27.3m as a result of improved TV revenues and match facility fees.

Wolves also benefited from the final year of Premier League parachute payments, worth £10.8m, as well as the £10m sale of striker Benik Afobe to Bournemouth.

The club also sold Richard Stearman to Fulham for £2m while bringing in the likes of Joe Mason, Conor Coady and Michal Zyro, leaving them with an overall transfer profit of £9.9m.

The wage bill was up from £17.7m to £18.2m and net assets totalled £55m.

The 2015-16 season, in which Wolves finished 14th in the Championship, proved to be the final year under Steve Morgan's ownership after he sold the club to Chinese conglomerate Fosun International for £30m last July.