Despite an extremely challenging environment, including the payment of one-off pension charges, Cardiff Metropolitan University has posted another positive set of annual accounts.
The University increased its turnover from £103.7m in 2017/18 to £106.8m in 2018/19. Cash generated for reinvestment reached £13.1m, the highest in the University's history, and a surplus of £178k was posted for the year 2018/19.
The University took the strategic decision three years ago to realign its staffing costs to a more sustainable level, which has enabled it to continue to generate a surplus and cash for reinvestment in the student experience. In the last year, despite the many challenges the HE sector is facing, Cardiff Met has committed over £8m to improving facilities for students at both its Llandaff and Cyncoed campuses and purchased and refurbished additional accommodation in the form of Alexander House, off Western Avenue, to accommodate the University's expansion.
Income streams have also been diversified to mitigate for the demographic dip in Welsh school leavers. During the reporting period, research and innovation income rose to £8.4m, an increase of 42% in two years, and transnational education income increased to £4.8m (up 12% in two years).
President and Vice-Chancellor Professor Cara Aitchison, said: "I'm pleased to report that, as a result of the hard work, loyalty and community spirit from everyone at Cardiff Met, the University is now in its strongest position for many years with increases in student numbers, student satisfaction, staff satisfaction and the best financial year on record.
"We have also reduced the Gender Pay Gap to a mean gap of 9.88% from 14.85% in 2017, and have moved into the top 50 in the UK for overall satisfaction in the latest National Student Survey, with overall satisfaction increasing above the national average to 85%.
"We are a modern and forward-thinking university and have adapted and adjusted accordingly to progress within a challenging sector."
Launching the Cardiff Partnership for Initial Teacher Education, with Cardiff Met being an Education Workforce Council accredited provider for South East Wales.
Producing the highest number of graduate start-ups among Welsh universities and, for the last three years, being in the top 8% of over 150 UK universities for graduate start-ups.
Improving staff satisfaction levels – 90% of staff enjoy working at Cardiff Met
