“Significant threats” remain to Aberystwyth University’s finances, the institution’s accounts have outlined, after losses trebled to £7.5m.

The university trebled its losses for the 2017/18 financial year, accounts released this week show, ballooning from a £2.38m deficit in 2016/17.

The institution – which is battling falling student numbers and staff losses at it looks to cut costs – has seen a combined £15m loss since 2015.

The university said the deficit is “in line with expectations and forecasts” and that it “remains on course to deliver a surplus in 2019/20”.

Income at the university fell from £124m in 2017 to £117m, while expenditure also fell but only by £2m – from £127m in 2017 to £125m, figures show.

Staff costs for 2017/18 were reduced by some £4.6 million, with staff numbers dropping from 1,590 in 2017 to 1,475 in 2018.

Tuition fee income for the year grew by a small amount for the first time in more than six years, after a £2.4m drop last year, with a slight growth in international students, offset by a drop in UK and EU student numbers.

In its financial report, the university said: “Aberystwyth University is operating in challenging academic and economic environment but despite these circumstances it has continued to carefully manage its financial position.

“In line with expectations, the university continues to incur a deficit before other gains and losses.

“The operating deficit in the year to 31 July 2018 of £7.5m is in line with expectations and the university’s Financial Strategy forecasts.

“The university’s 2017-18 results and strategic financial direction remain on course to deliver a moderate surplus in 2019/20, as detailed in our Financial Strategy.

“Although good progress has been made, significant threats remain to the university’s short to medium financial sustainability, however.”

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