The results compare to a loss of ?4.9million for the previous 12 months, with the turnaround in financial fortunes coinciding with Wolves' return to the Barclays Premier League after a six-year absence.
The turnover for the period was ?60.6million compared to ?18.3million for the promotion campaign, and the uplift in turnover can be primarily attributed to central Premier League deals, including television rights and sponsorship, and Wolves' own commercial activity.
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."