Sheffield Wednesday have reduced their losses by £250,000 over the last year, reports BBC Radio Sheffield.
The club's annual accounts show the Owls made a loss of £180,000 in the 12 months up to May 2006, compared to over £2.5m the year before.
The improvement is down to a 20 per cent increase in turnover following promotion to the Championship.
Chairman Dave Allen said: "The results show the club is trading successfully and showing excellent progress."
Commercial revenue is up by just over £1m and gate receipts are up by just over 7 per cent to over £5m.
The debt to the bank is down £400,000 to 22.23m.