Wolves reveal a £4m slump in turnover

Wolves released the headline financial information for the year ending May 31 earlier than usual in the season to comply with new Football League rules.

The first to see the results were supporters at a fans' parliament meeting at Molineux last night.

Moxey said today: "The season under review was dominated by the huge disappointment of relegation from the Premier League, which impacted on everyone connected to Wolves.

"Since then, the club has been through a period of significant change with the appointment of a new manager and the arrival of seven new players. As we all know, the Championship is a very competitive league, both on and off the pitch, however, we all remain united behind the goal of trying to regain Premier League status as soon as possible. We recognise this will be a difficult challenge in a number of different ways but we are totally committed to it."

Turnover last season was down to £60.6m, compared with £64.4m in 2011. The club blamed the drop in part on lower Premier League merit receipts and match revenues.

Attendances fell by more than 2,000 a game, from an average of 27,695 in the previous season to 25,670 during 2011/12. Wolves said this had only been "slightly affected" by the tight stadium capacity during the redevelopment of the new Stan Cullis Stand.

Pre-tax profits were also down at £2.16m, after player trading and net interest, compared to £2.24m for the previous financial year.

That doesn't include any money made during the post-season transfer activity that saw the sale of Steven Fletcher, Matt Jarvis and Michael Kightly.