Massey University has recorded a surplus for 2024, a significantly better return than expected. Photo: Facebook / Massey University
Massey University has recorded a surplus for 2024, a significantly better return than the expected deficit.
Results published by the university, which has campuses in Auckland, Palmerston North and Wellington, show it recorded a surplus of $3.7 million last year.
It had expected to record a deficit of $8.9m.
The result comes after a tough few years for the university, when jobs and courses were slashed.
It recorded a $45.5m deficit in 2023 and an $8.8m deficit in 2022.
Vice-chancellor Jan Thomas said part of the change in fortunes for 2024 was a decrease in spending in the last quarter.
"There were also some one-off specific items in 2024, such as holding open vacancies, which contributed to the improved results. Without these we would have recorded a small deficit," she said.
"Massey continues to have a strong balance sheet, with liquidity and solvency continuing to be managed within set targets. Massey had no debt at the end of 2024 and is not expected to take any on in 2025."
The university has budgeted for a $13.2m deficit this year and one of $9.8m next year.
Thomas said growth in student numbers was expected to be mostly offset by reductions in Tertiary Education Commission funding.
The Massey Group, which includes the university, subsidiaries, associates and joint ventures, recorded a "significantly higher than expected" surplus of $16.5m. This was mostly due to good returns on Massey University Foundation Trust investments.
The 2024 accounts are subject to a final audit.
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