Aberystwyth University has slashed its losses compared to last year, and is “on course” to produce a surplus next year, according to their accounts.

Accounts released this week show the university lost £2.3m in 2018/19, after posting losses of £7.5m the year before. The institution – which has faced falling student numbers and staff losses at it looks to cut costs – has seen a combined £17m loss since 2015.

The university said the deficit is “in line with what was projected” and that it “expects to eliminate the deficit in 2019/20 when it expects to move into a small surplus”.

Income at the university fell from £118m in 2018 to £113.6m due to the university attracting fewer students and research grant margins being lower compared with the previous year. Tuition fees collected by the university fell by around £2.5m as a result of the downturn in student numbers.

Staff costs for 2018/19 were reduced by around £1.2 million, with staff numbers dropping from 1,475 in 2018 to 1,415.

The university has been undergoing a full restructure and long-term financial planning through its Sustainability Implementation Plan which has seen jobs go and departments merged in a bid to stem historic losses.

Stephen Forster, director of finance and corporate services at Aberystwyth University said the latest accounts are a “clear demonstration of the financial progress we have made as an institution”.

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