The club's wage bill topped £50million a year for the first time, but revenue from the Champions League helped turn around the £371,000 loss the year before.
"It has been a very successful year for us," said financial director Les Wheatley. "When we won the Treble it was a step up in our profile for television exposure and a lot of business came from that.
"This year's accounts are the first from our entry into the Champions League and there is no doubt that the benefits of the competition have shown."
