UC announces half-year result

22 August 2017

The University of Canterbury (UC) is continuing to show steady financial performance, the six-monthly result to the end of June 2017 shows.

  • Rod carr landscape

    Vice-Chancellor | Tumu Whakarae Dr Rod Carr

The University of Canterbury (UC) is continuing to show steady financial performance, the six-monthly result to the end of June 2017 shows.

With several large-scale construction projects reaching completion, UC is continuing to work to its growth strategy, Vice-Chancellor | Tumu Whakarae Dr Rod Carr says.

“The University’s strong focus on student recruitment has had a steady, positive result. In 2016 every college, for the first time since 2010, reported an increase in new-to-UC domestic students. In March 2017, UC reported that student numbers had increased for the start of the academic year due to a rise in both domestic and international enrolments.”

The six-monthly result to the end of June 2017 shows continued steady financial performance as the University competes strongly in the commercial environment of student recruitment locally and globally, while investing in exciting new, state-of-the-art facilities.

“This strengthening of the human and physical environment of UC, and of its core work in teaching, learning and research, is uniting the university community so that it stands proud as we face the years ahead,” Dr Carr says.

“For example, the Rutherford Regional Science and Innovation Centre (RRSIC), housing science research and teaching facilities, and designed as a regional asset, has reached fit-out stage, and will be completed soon.”

In the unaudited financial results, the University’s $13.2 million surplus represents the result of operations to 30 June 2017, which does not represent the full year where the cycle of earnings is annual. The majority of reported earnings are made in the first half of the financial year. The current forecast for the 31 December 2017 Annual result is a deficit of $2.5m.

For the first six months of 2017, the University recognised revenue of $185.4m (compared to 2016’s half-yearly result of $175.8m). By the year end, the University is projecting to have increased its Equivalent Full Time Student (EFTS) numbers over 2016 in both domestic and full-fee paying “new to UC” students, and in student numbers overall.

Operating expenditure was $172.2 million in the first six months of 2017 (30 June 2016: $165.7 million), with cost savings against budget being achieved under most expense headings. 

UC continues to invest significant sums in its new Education, Science and Engineering facilities.  Cash spend on capital expenditure was $93.4m in the first six months of 2017 (compared to first half 2016’s $79.5m).

The University is preparing for further capital investment and has $296.5m of cash and deposits maturing in less than a year to meet operating and capital expenditure requirements in the next 12 months (30 June 2016: $302.1m). Total cash holdings as at 30 June 2017 (defined as current and term deposits) are $349m (compared to 30 June 2016: $469m; and 31 December 2016: $369.5m, both including government stock that was sold in early 2017). These balances are almost entirely committed to funding UC’s capital investment plan.

For further information please contact:

Margaret Agnew, Senior External Relations Advisor, University of Canterbury
Phone: +64 3 369 3631 | Mobile: +64 275 030 168margaret.agnew@canterbury.ac.nz
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