BOLTON Wanderers' improved performance on the pitch was matched by its parent company's performance off it when financial results were announced.

Burnden Leisure on Friday announced another small increase in profits despite a drop in attendances at matches.

But fans were immediately warned that Wanderers' tight rein on cash would continue, and that there would be no windfall fund for new players.

The company's report and accounts showed pre-tax profits increased from £2.6 million to £3.9 million, while group turnover rose nine per cent from £48.8 million to £53.1 million.

Average attendances for the 04/05 season were down very slightly, from 26,700 to 26,000, mainly due to less away fans, but the club still made £9.1 million from gate receipts, up from £8.3 million the season before.

And the club's increased live presence on television led to an eight per cent increase up to £26.8 million from £24.8 million from TV rights cash.

The club made £1.7 million from merchandising, which included the launch of a new shirt for 2005.

Phil Gartside, Chairman of Burnden Leisure, said that despite the encouraging figures, the company would not lose sight of the realities of the difficult sector in which it operated.

He said: "While the football club is, and always will be, our core activity, we must not lose sight of the harsh realities of business.

"Improved financial performance is absolutely necessary to sustain top flight football, and a balanced approach will remain the cornerstone of out strategy."

Allan Duckworth, Burnden Leisure's chief executive, said: "The football playing squad has benefited from further investment, and this has been fully justified by the results achieved."

He added that "steady, controlled improvement" to the squad and its facilities will continue.

He said: "We have continued to invest in our training, medical and sports science facilities at the training centre. This year we completed a major extension of the Centre."