Annual Report and Financial Statements 2024/25

Looking back on a challenging but successful year
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Annual Report and Financial Statements 2024/25

Looking back on a challenging but successful year
The University of Plymouth has published its Annual Report and Financial Statements for the academic year 2024/25.
It was a year that saw new leadership at the very top of the institution, with Professor Richard Davies taking over as Vice-Chancellor and CEO last autumn.
The beginning of 2025 saw him launch two ‘Super Priorities’ designed to shape the University’s work and thinking for the next couple of years:
  1. Delivering a quality experience to a larger student population 
  2. Growing and diversifying quality partnerships of scale 
The VC has since steered the University through the challenges facing the Higher Education sector, towards meeting those goals – not least through embracing the opportunities of defence-driven growth in the city.
The refurbished Fitzroy Building is home to Plymouth Business School Dave Shuttleworth

Notable events in 2024/25 included:

  • The early part of the academic year saw the demolition of the old Brunel Building, ahead of its replacement with a new campus park.
  • The first cohort of students arrived to study Pharmacy at Plymouth for almost 50 years, via an award-winning partnership with the University of Bath, which further extends the University of Plymouth’s healthcare training offer as the biggest in the South West. 
  • September 2024 – Professor Dame Judith Petts retired from her role as VC after almost nine years in post.
  • December 2024 – completion of the £14.5 million refurbishment of the Fitzroy Building as the new home for Plymouth Business School.
  • January 2025 – work began on Peninsula Dental Social Enterprise’s new city centre dental clinic (due to open in early 2026) and a new home for our Centre for Eyecare Excellence, which is due to open for the start of the 2026/27 academic year.
  • March 2025 – University announced as lead for productivity and high value jobs within Plymouth’s Economic Strategy and Delivery Plan.
  • June 2025 – University signed the Civic Engagement Agreement, as one of the city’s four anchor institutions, and committed to creating a Health, Research, Education, Enterprise and Innovation Zone in the north of Plymouth. Just a few days later, Plymouth was named by the UK Government as the national centre for marine autonomy, with the University’s expertise putting it in a leading role. This was just the first in a series of major announcements around defence-driven growth that carried on into the new academic year and led to the announcement of the University’s position as a key player within Team Plymouth.

Awards and accolades included:

  • Plymouth was ranked among the world’s most sustainable universities, ranking 84th globally and 15th in the UK in the 2025 Times Higher Education Impact Rankings
  • Times Higher Education Awards 2024 – Outstanding Estates Team. Also shortlisted in the Outstanding Contribution to Environmental Leadership category.
  • Green Gown Awards 2024 – Research with Impact, and Sustainability Champion 
During 2024/25, a reduction to the University’s cost base of around £22 million was required, to maintain the organisation’s financial health and future sustainability. This was from a combination of areas including reducing staff costs, delivering efficiencies in non-staff spend and reviewing the institution’s capital programme.
Overall, the University’s total income was £269.7 million, generating a surplus of £0.5 million and supporting strong cash balances of £103.7 million.

This Annual Report demonstrates the University’s positive impact as a powerhouse for progress in Plymouth, South West England and globally.

We appreciate that none of this would be possible without our staff and students, together with our partners, funders, and stakeholders. And we would like to thank everyone for their efforts, engagement with, and support for the University of Plymouth.

Richard DaviesProfessor Richard Davies
Vice-Chancellor

Campus Park