Tai Poutini Polytech posts record surplus
Media Release – May 24, 2005
Tai Poutini Polytech posts $4.2 million record surplus; student costs ease
Tai Poutini Polytech on the West Coast of the South Island today reported a $4.2 million record operating surplus, an increase of 42 percent on last year.
The operating surplus represented 18.7 percent on income of $22.2 million.
Tai Poutini, based in Greymouth, reduced costs for each equivalent fulltime student (EFTS) from $6389 in 2003 to $5572 last year. The polytech has 14,763 students enrolled.
The number of EFTS (3238) has increased 52 percent on the previous year and has soared six-fold since 2000, chief executive Don Campbell said.
``We are in a strong position. All key indicators have been bettered, driven by the needs of the region, economy, industry community and students.
``The buoyant West Coast and New Zealand economies present a new set of all challenges for all tertiary providers, yet there is still a critical job to do upskilling the workforce to increase productivity. Tai Poutini played its part in 2004 in achieving this.’’
The polytech opened a centre in Hokitika during the year to add to its other campuses in Auckland. Reefton, Wanaka, Christchurch and Greymouth.
Chairman Allan Beaumont said Tai Poutini played a significant part in skilling and upskilling a number of sectors of the New Zealand workforce.
Tai Poutini was recognised in the Deloitte / Unlimited national Fast 50 awards last year.
They were the only polytechnic in New Zealand in the top 50. The Fast 50 is an annual index of New Zealand’s fastest growing companies based on percentage growth revenue.
The Tai Poutini Polytechnic based in Greymouth is going ahead with a $3.5 million capital expenditure programme this year.
Campbell said this included buying a motel for student accommodation and buying land and equipment for its truck and digger school in Reefton.
Tai Poutini, New Zealand’s most isolated polytech, is also upgrading its ageing van fleet, and buying computer equipment and other capital items and yet its marketing spend is a mere $50 per EFTS.
``We’re investing heavily in our future and spending a lot of money mainly on the West Coast, using coast suppliers as much as possible,’’ Campbell said.