Chief Executive Jez Moxey told members at last night's meeting of the Fans' Parliament that Wolves are in a 'fabulous position' for when they next win promotion.

Reflecting on the latest balance sheet, which showed a better-than-expected profit of just over £1.1m on the year up to the end of last May, he painted an optimistic picture of what will be round the corner when the club leave the Championship behind.

Asked by Bob Crockett whether Wolves would be better placed if they went up than they were when they did in 2003, he replied: "I think we are. We're in a fabulous position to capitalise on the opportunity that promotion would bring us. We're also more experienced having gone through the process once.

"We were a £38m-£39m business when we were in the Premiership before. This time it would go to £47m-£48m."

Parliament members were given exclusive first news of the annual accounts, which reveal turnover of £15.9m and a bottom-line profit of £0.8m after net interest charges.

These figures compare with a £1.2m loss and £23.8m turnover the previous year, when the club were in their final season of Premiership parachute payments.

Wolves Financial Controller Rita Purewal told the meeting a break-even year had been forecast before the late surge into the play-offs raised income in a number of areas.

In response to an enquiry from Jim Heath about the forecast for the next balance sheet, she said: "We have invested fairly heavily in both transfer windows, so that will reflect some level of loss."

Jez Moxey expanded on the point by saying: "If we invest in the likes of Freddy Eastwood, Sylvan Ebanks-Blake and Darren Ward, and make Darren Potter's signing permanent, we're big, big net spenders. But let's not cloud this: If we hadn't sold Joleon Lescott for £5m, the results would be different (this time)."

To a question from Roger Fellows, Rita explained that the full £30m pledged to the club by new owner Steve Morgan had already been paid into the business but would not be reflected in the books until next year.

She told Jim Heath that there was no final figure yet on early bird sales. That prompted a follow-up question about a possible deadline extension, which Jez said had been considered but, on reflection, the club felt supporters had had ample time to submit their applications.

With a final comment on the balance sheet (of which more can be read elsewhere on www.wolves.co.uk), Jez said players' wages were up on the 'very, very good' level they were at in the previous year. It was also made clear that the chief executive did not receive any  bonus in 2006-07.

The first half of last night's pre-match meeting was a question-and-answer session with Michael Kightly, recently named the Championship's Young Player of the Year.

The winger opened by saying his ankle was responding very well to the operation he had 19 days ago: "I have started running - only straight-line running, with no twisting and turning, but it is earlier than I expected and it felt really good."

Asked by Kulbinder Kular what he thought of the news that the FA were ploughing £200m into grassroots football, he added. "There was nowhere to play football where I was from and we used jumpers for goal-posts. If they can make grassroots football better, it can only be good for football and the community."

'Kites' answered a question from Jim Heath by saying that leaving London last season had not been a wrench. "I love it up here and rarely go home," he said. "It was a fresh start and I couldn't be happier with where I'm living."

He told Bob Crockett that his personal goal was to play in the Premier League. "I've adapted to this league fairly well and I want to see whether I can do it at the top level," he said. "I thought it was going to be a lot harder and, if you can see and hear the fans are on your side, it gives you that bit of confidence.

"This club have come a long way in two years and sometimes the fans forget that. What the gaffer has done here is remarkable. He was the best thing since sliced bread last season and my view is that things take time. The younger players we have here will be even better in a couple of years' time. I'm the most impatient person there is, so it's hard for me to ask you to be patient. I'm a nightmare. If I do well now, I want to do better straightaway.

"I think the manager is one of the best, I honestly do. He's very good at man-management and every player in our team has a lot of respect for him. For him to leave would be criminal. He has brought stability here."

To a question from Jack Leonard about the long wait for Premier League football, he added: "I think this club will get in the Premier and stay in it. What's the point in going up and coming straight down like Derby?"

Wilf Spiers asked which game had been the highlight in Michael's career so far - a question which brought the response: "The last one of last season. We really turned it on that day and blew Leicester away. Knowing we were in the play-offs made it a great day."

And he named Gary Breen as the best player he had played with. "A lot of people don't realise how good he is," he added. "He thinks quicker than everyone else and he's a fit lad. If I'm as good as him at that age, I'll be happy."

Tim Spiers asked how team spirit had been affected by this season's events. "The boys are disappointed (with results)," he was told. "What they heard at Cardiff hurt them. No-one tries harder than the players. But it's a mad division and we're still in contention. We're upbeat."

Michael told Peter Bagley that he was not a fan of squad rotation and replied to a question from Phil Kay about avoiding the pitfalls that fame and fortune can bring by saying: "I'm fairly level-headed. Coming from where I came from….being released by Southend, which I was gutted with….and then coming to a club like Wolves which is a million miles away. I know where I came from. I wasn't born with a silver spoon and I won't be troubled like that."

And he reassured Kulbinder Kular and James Fielden that he thought the club had a host of youngsters who will make excellent first-team players.

Peter Bagley asked what role Ian 'Taff' Evans performed now injury prevented him being on the training ground every day. "He has taken a step back and is watching players and teams," he said. "He is missed, I do think that. When you're a bit downhearted, he gets you up. He was the one who came and watched me at Grays." Jez Moxey added: "He's here for every match-day and the day before but his duties are based round trying to find more Michael Kightlys."

And on the subject of promotion, Michael added before last night's victory over Scunthorpe United: "I think we're quietly confident. We know we're not as good as we should have been but it's still in our hands and if we win our games in hand, we'll be in there. I think we've turned the corner and it's positive, so hopefully we'll go one step further than last year."