The Bulls are back in the black for the first time in eight years.

Chairman Peter Hood today confirmed that the club made a pre-tax profit of £222,564 in 2006.

They have recorded operating losses since 1999 but bounced back last year with an encouraging financial performance.

Hood hoped to have Bradford working in profit by the end of this year but has achieved the feat earlier than expected.

"It's a real improvement," he said. "Taking into account the 2005 figures, it's a half-a-million pound turnaround and a very welcome improvement in our financial performance.

"We've done it faster than we thought and the management and staff are to be congratulated on an excellent team display.

"The challenge now though, going forward, is to continue making profits while remaining competitive."

Bradford hold their annual meeting on Monday, December 3 when Hood will deliver his report to shareholders and also reveal details of the 2005 accounts.

They were held back last year due to a "technical" issue which has now been resolved.

The £440,000 world-record transfer of Stuart Fielden to Wigan will have boosted the Bulls coffers significantly last year but Hood would not put the club's financial success down to that one single factor.

"It's true money came in from that sale but it is not as simple as that," he said.

"At the same time we did pay out transfer fees ourselves for David Solomona and Michael Platt."

Bulls made an annual loss of £295,418 in 2005, which was a major improvement on the £594,000 deficit haemorrhaged the year before, and it is hoped the club has now turned a corner following some prudent financial management.

"Some big strides forward have been made and now we have to keep to the job," Hood said.

"The key measure of company success is maintaining profitability rather than winning trophies but we want to do both and that's the challenge to us as a board. We won't be sitting still."

Hood has given boss Steve McNamara the full salary cap limit for next season's squad-building and intends to do the same in 2009.

However, he has warned about the potential financial implications of the on-going litigation with Leeds Rhinos surrounding the Iestyn Harris affair.

The club's chances of success in the matter are deemed "excellent" but the worst-case scenario could see them facing a huge seven-figure legal bill and Hood admits "potentially it is very threatening."

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