Gloucester have announced a pre-tax profit of £300,000 for the year to 30 June 2012.
It compares to a profit of £10,100 for the previous financial year.
The Premiership club failed win any silverware last term, finishing ninth in the table.
But a major contribution to their £11m turnover came from concert and bar revenue, boosted by the sell-out gig Welsh singer Tom Jones at Kingsholm over the summer.
Managing director Stephen Vaughan, who joined the club in November, told BBC Gloucestershire: "Our model works at the moment and we're just going to keep firing on.
"We won't change all the things that are going well but challenge some of the things that we could be doing better."