Robert Besser
22 Apr 2025

DUBLIN, Ireland: University College Cork (UCC) saw a 26 percent jump in staff earning over 100,000 euros last year, with the number rising to 644 amid national pay awards and new recruitment.

The increase comes as the university group posted a financial surplus for the year ending September 2024, reversing a deficit recorded the previous year.

Newly released accounts show UCC moved from a loss of 8.57 million euros in 2023 to a 6.77 million euros surplus in 2024—a 15.3 million euros turnaround. Staff costs rose by eight percent to 326 million euros, while the overall headcount increased by 160, bringing total staff numbers to 3,681.

Despite the rise in payroll, the college's financial recovery was driven by a combination of higher student residence income, strong growth in state grants and academic fee income, and cost-saving measures implemented under its deficit reduction plan, Project Alpha.

President Prof John O'Halloran described 2024 as a "challenging but successful year," noting that Project Alpha targeted both revenue growth and cost containment. The initiative focused on cutting non-payroll discretionary spending, managing payroll growth, and increasing income from academic fees and subsidiaries.

State grants rose by 12.3 million euros, while academic fee income increased by 8 million euros. Income from other operations also grew by 10.2 million euros, alongside a 2.2 million euro reduction in other expenses. Overall income climbed by 50.8 million euros to 526.2 million euros, with costs totalling 527 million euros.

Prof O'Halloran's salary rose to 236,114 euros from 226,300 euros, not including pension or PRSI. Ten employees earned more than 300,000 euros, while another ten earned between 250,000 euros and 300,000 euros —mostly medical consultants.

Key management pay totalled 2.3 million euros, up from 2 million euros. However, staff costs as a percentage of total income dropped from 63 percent to 61 percent.

Separately, UCC finalised the sale of the Irish Management Institute (IMI) to the Kilcullen Business Post Group. IMI generated 10.98 million euros in income in 2024. The university also decided to halt plans for a new dental hospital in Curraheen, writing off 2.1 million euros in related costs.

Depreciation for the year was 23.99 million euros, and UCC's cash reserves stood at 122 million euros at the end of September.