Actual turnover was up 10% to £67.7m and losses reduced 26% from £35.4m in 2010 but Wanderers have plunged a further £17m into debt.
Income from football operations in the year increased by £6.8m to £60.7m. This was largely due to increased central broadcasting revenues, but gate receipts also increased by 16pc, despite two fewer matches at the Reebok. Revenues from sponsorship and advertising and merchandise and licensing were up slightly.
Bolton chairman Phil Gartside said: “I think that it is fair to say that everyone, and I include businesses in this as well, is finding it challenging economically, and we are not immune to that, whether it be now or in the future.
“Increasing turnover and reducing our losses without significant player trading in such testing economic times is an important step.
“We will continue to seek to take our club forward and progress as we enter our 11th year in the top flight.“ Chief executive Allan Duckworth added: “I have mentioned on a number of occasions how challenging the past year has been, and I expect little will change in the immediate future.
“Maintaining and improving the football club’s status in the Premier League will remain the key objective.“ There were positives for Wanderers though, with home Premier League attendances up five per cent to an average 22,870.
“Again, and I have said this before, we cannot ever underestimate what Eddie Davies does for our club. As a fan and our owner, he continues to significantly back us on and off the pitch, and he has done that again.
“As the report shows, our debt is to Eddie, and as a result of that support, we have no dangerous levels of bank debt which is a major plus fact for our club.
“Eddie has invested more than £100 million in the Wanderers. He is a huge factor in the time we have enjoyed in this elite league and he continues to back us.
“As well as that, we are also in a strong position as regards our facilities, as we own them. We have an excellent infrastructure in place and we will look to build on that as we seek to continue developing.
“The annual report also reflects that we have made further investment in our academy and right across the business.
“We have always sought to progress on and off the field and we will continue to invest in these areas as we look to the future.“