Oxford United Football Club made a profit of £403,000 in its promotion season back to the npower Football League.
The U’s gained promotion from the Blue Square Bet Premier via the play offs helping the club to increase turnover by 37% from £1.9m to £2.6m for the year ending June 2010.
Chairman Kelvin Thomas was pleased with the results but thought revenue could have been even greater from the Wembley play off final.
"These financial results show the club to be in a healthy position off the pitch, which is vital to the long-term success of the club on the pitch," Thomas said.
"We had hoped for even better results, as predicted at the last fans forum, however the revenue from Wembley was less than expected, but the accounts still show a significant improvement from the previous year.
"What is especially pleasing is that we were able to improve the financial position and reduce debt, while also achieving success on the pitch by gaining promotion back into the Football League."
United also reduced its operating losses before player trading by £742,000 to £91,000 with Thomas hopeful that the club will improve on the figure again this season.
"We expect this trend to continue moving forward and are confident that we will show a net profit before any player transactions for the year ending 2011," he added.