The Ospreys rugby region has posted a profit for the first time in nine years.
The 2014/15 accounts released by holding company Llandarcy Park (Ospreys) Ltd show the club made a profit of £143,498, before exceptional items and interest charges.
It is the first time the club has made profit since 2007 and the net profit figure of £128,403 compares with a net loss of £123,560 in the previous financial year.
Ospreys say the latest figures relate to increased ticket revenue and commercial income throughout the past financial year, while also taking into account improved funding from the Welsh Rugby Union (WRU).
National Dual-Contracts, which see the WRU pay 60% of a player's wage, were brought in for 2014/15, with four Ospreys players -- Dan Lydiate, Rhys Webb, Dan Biggar and Alun Wyn Jones -- all signed up on dual contracts during that period.
It also marked the first year of increased funding to the four Welsh rugby regions following the signing of the Rugby Services Agreement (RSA).
Ospreys chairman Roger Blyth said: "These figures are the result of the efforts and hard work behind the scenes, across all departments of the organisation, to ensure more prudent financial management, sensible expenditure and growth in income, and are entirely in line with our five-year business plan.
"We saw a number of new commercial partnerships launched during this period, while the new RSA came into effect, providing a new system to reward national squad contribution more fairly, something which will clearly prove beneficial to the Ospreys given our historic over contribution to the national cause.
"The board also acknowledges that the current 2015/16 season, in particular, will pose significant challenges to all areas of the business with it being a Rugby World Cup year, and the potential impact on crowds, player availability and performance, and commercial revenue."