Watford FC's parent company made a pre-tax profit of £190,000 for the year ending June 30.
This is compared to a pre-tax loss of £2.65m for the previous 12-month period.
Watford Association Football Club Limited's report and financial statements for the year ending June 30 2013 made an operating loss of £2.07m but this was offset by profit on disposable of player registrations of £2.59m.
The operating loss of just over £2m is a considerably improvement on the £6.79m operating loss during the year ending June 30 2012, which was when the club changed ownership from Laurence Bassini to the Pozzo family.
Turnover has increased by £6.95m. Just under £2.58m of that sum was due to participation in the Championship Play-Offs and the rest was down to "improved commercial performance of the business".
There will be more on the company's report and financial statements uploaded in due course.
The company's AGM will be held at Vicarage Road on Monday, December 9 at 2pm.
The board of directors consist of executive chairman Raffaele Riva, CEO Scott Duxbury and technical director Gian Luca Nani (the latter both executive directors). David Fransen and Stuart Timperley are non-executive directors.