United made an operating profit of £902,000 between May 1 2007 and June 30 2008, and income raised by transfer deals helped push the club's overall gain above £4million.

The financial results released by Leeds are the first published since the club entered administration in May 2007 and were purchased by Leeds United Football Club Limited – the company led by present club chairman Ken Bates – and the profit is a reversal of the culture of losses which saddled United with more than £35million of debt last year.

Leeds were declared insolvent as a result of that massive liability, the catalyst for the chaotic summer which ended with Leeds carrying a 15-point penalty from the Football League as a direct result of their time in administration, but their total profit of £4,553,000 over a 14-month period is evidence of a strong recovery at Elland Road.

The figure includes transfer fees raised by United, who sold David Healy, Richard Cresswell and Robbie Blake after entering administration and also received a seven-figure sum in compensation from the departures of ex-manager Dennis Wise and his assistant Gus Poyet, and unprecedented League One gate receipts during the 2007-08 term helped produce a total turnover of £23,249,000.

Leeds averaged league attendances of 26,546 at Elland Road last season – considerably higher than the 22,000 average predicted by the club's board – and their crowds peaked with a turn-out of 38,256 for the final game of the term at home to Gillingham.

The figures contrast favourably with the 2006-07 campaign in which United's league attendances fell as low as 16,268 as relegation from the Championship beckoned.

The last known accounts for Leeds United Association Football Club

Limited – the company through which Bates controlled United when the club went into administration last year and which has since been placed in liquidation – showed an annual loss of around £4.5million and debts approaching £25million in the financial year to July 2006.

United's chief executive officer Shaun Harvey said in a statement: "On the field the club are seeking to gain promotion to the Championship at the earliest possible opportunity and to continue strengthening the club's academy.

"Off the field, the directors have identified the re-purchase of both the Thorp Arch Training Facility and Elland Road as a priority within the next 12 months.

"We are also seeking to gain planning consent for the development of the East Stand of the stadium to both increase income generated by the club on non-matchdays and improve matchday facilities for fans."