Gloucester have recorded their third successive annual profit.
For the year ending 30 June, the club made a pre-tax profit of £305,336 on a turnover of £11.6m - a £5,336 increase on the same period in 2011-12.
Chairman Ryan Walkinshaw said: "We've still got a lot of hard work ahead of us to establish Gloucester Rugby as one of Europe's elite clubs.
"But I'm confident we've got the right people on board to embrace that challenge and take us forward."
He added: "We've shown that, with effective leadership and by utilizing good business practices, it is possible to compete at the highest level in English club rugby and still deliver an operating profit."
Club chief executive Stephen Vaughan said: "Our strategy has been around investing in the playing department to achieve success on the field of play.
"As a business, that has meant working extremely hard to ensure we have the income to offset the investments being made.
"I would like to think we are proving that our model works, although we are in a competitive environment with rival teams working to different financial models to ourselves."