One of the UK’s biggest legal educators has returned to profit, accounts filed at Companies House show.
University of Law Limited disclosed that in the year to 31 May 2024 it recorded an operating surplus of £2.4m on revenue of £161.8 million. This was a bounceback from a loss of £8.1m in 2022-23, when it wrote off former student debt.
At the pre-tax level, ULaw posted a £1.6m surplus for 2023-24 compared with a £400,000 loss last time. The company said the improvement was largely due to an £11.2m reduction in the impairment of receivables, partially offset by the £8.3m one-off gain recorded in 2022-23 from the disposal of the Guildford campus.
This year the company ended the period with 16,828 students, up from 16,555 the year before and 89% of graduates employed or in further study, down from 91% the year before. The university said it is budgeting for growth in 2024-25, ‘based on the application pipleline’ and income generation initiatives targeting international markets.
Vice-chancellor and chief executive Professor Andrea Nollent enjoyed a 26% pay rise during the last year – up from £318,000 in total emoluments, including pension contributions, to £402,000. Median total remuneration for other staff edged up from £48,000 to £49,000.
