UCC's surplus doubles to €11.75m on back of €2.5m profit from sale of IMI

The former Cork Savings Bank building, which housed the Irish Management Institute (IMI) programmes.  Picture: Clare Keogh

University College Cork (UCC) last year enjoyed a surplus of €11.75m after it recorded a €2.5m gain from the sale of its Irish Management Institute (IMI) business to the Kilcullen Business Post Group.

New consolidated financial statements by UCC show that its surplus of €11.75m in the 12 months to the end of September last year is more than double the €4.9m surplus recorded in the prior year.

The college recorded the surplus as UCC’s revenues increased by 5% from €543m to €572.4m.

In an accompanying report, president of UCC, Professor John O’Halloran, stated that “the 2024/25 financial year was successful with a number of one-offs contributing to the €11.8m surplus”.

He said that “strong income growth offset the cost growth, delivering a strong result”. The accounts disclose that the salary for the role of the president during the year was €244,610.

Prof. O’Halloran also said the UCC results reflect the settlement of the university’s covid business interruption claim, subject to a confidentiality clause, which was concluded with a full and final settlement on December 19, 2025.

He confirmed the €2.5m gain from the sale of its IMI business to the Kilcullen Business Post Group, stating that UCC retains ownership of the IMI’s Sandyford campus and has signed a new lease agreement with the Kilcullen Business Post Group.

Prof. O’Halloran said that undergraduate and postgraduate student numbers improved year on year to 26,066.

He said: "Commercial revenues from ancillary operations continued their recovery in 2025 and the university anticipates that the lingering cost-of-living crisis and related inflationary challenges will continue to impact in some areas, however, to a lesser extent than in previous years."

Prof. O’Halloran said the university “is confident of its ability to deliver strong financial results, strengthen its infrastructure and resource base, and ultimately deliver on its strategic plan”.

The surplus for last year takes account of combined non-cash depreciation and amortisation costs of €23.96m and non-cash property impairment costs of €7.3m.

UCC’s total spend last year increased from €538.7m to €563m and the largest component was staff costs of €342.3m. Staff numbers increased last year from 3,419 to 3,670. 

Numbers earning over €300,000 remained at 17 with a further 15 earning between €200,000 and €300,000 and another 120 earning between €150,000 and €200,000. Total pay for key management personnel last year totalled €2.5m compared to €2.3m for the prior year.

UCC income

The college’s main sources of income comprise State grants, academic fees and research grants and contracts.

Last year, funding from State grants rose from €101.2m to €100.12m; academic fee income rose from €170.39m to €181.96m while research grants and contracts rose from €120.94m to €131.87m.

The report states that academic fee income of €181.9m for 2024/25 represented an increase of 6.8% and student numbers grew from 25,254 to 26,066 in 24/25, with non-EU students comprising 13.80% of the total student base.

Revenue from international students of €52.4m represents an increase of €4.6m this year, highlighting the continuing recovery in the international student market.

Other operating income increased from €61.5m to €64.58m that included income from student residences of €13.29m while leisure facility income totalled €3.05m.

On behalf of the Governing Authority, Prof. O’Halloran said that in January 2025 UCC was targeted in a payment fraud when attackers used a hacked email to divert €35,000 intended for a Tyndall Research Partner, MicroAlign.

He said: “Immediate action by Finance and IT Services cancelled payments, triggered investigation, and enabled recovery of all but €400 through a bank recall.”

He said that though the fraud was directed at MicroAlign, UCC strengthened its controls across both IT Services and Finance by enhanced bank detail verification and interception by IT Services of all emails from malicious domains.

At the end of September last, the college’s reserves totalled €253.6m.