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With an eye on the stadium redevelopment that was recently given the green light, Mark Cadman said: "Fans of my age will remember that it nearly broke the club when we built what is now the Steve Bull Stand 30 or so years ago."

Jez responded: "That won't happen this time. Phase one of the rebuild is being funded from working capital. It won't be borrowed and there will be no debt. We're not going to put all our eggs in one basket. We have to balance the work properly with building a team."

Adam Bate asked whether phase two of the redevelopment - the demolition and rebuilding of the East (Steve Bull) Stand was inevitable. "We're not committed to phase two but Molineux would look awful if we didn't at least do phase two as well," Jez said.

"If we didn't think we had a bright future, I wouldn't be saying we should press ahead with it. Steve Morgan is very ambitious with the Regener ation of the city and it will require us to keep making profits to pay for the stadium work, so we're looking at the medium and long term. These plans have to be able to survive possible relegation and promotion."

"A football club requires constant feeding. It's a perpetual thing. Profit shouldn't be a dirty word. We need to make a profit because we also want to continue to invest in new players."

The club's Financial Controller Rita Purewal was complimented by John Pike on her presentation of a report showing that the pre-tax profit for the year up to May 31 last year compared with a £4.9m loss 12 months earlier.

Turnover for the period (Wolves' first year back in the Premier League) was £60.6m - an increase more than three-fold on what the club showed in their 2008-09 Championship-winning campaign. In answer to a question from Mike Taylor, Rita said the turnaround was largely down to Premier League deals, in particular the new TV agreement.

Crowds had also gone up from an average of 24,153 to 28,366, she said, although Jez pointed out that the increase in gate receipts revenue was small. And he said that attendances were down about a thousand this season. Parliament Chairman Matt Grayson pointed to the deal with main club sponsors sportingbet as being another important contributory factor on the balance sheet.

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