Dundalk IT projects faster than expected exit from deficit

Dundalk Institute of Technology (DkIT) says that it is expecting a faster than originally forecast return to break-even situation financially, with the publication of its financial statements for the year ending 31 August 2023 showing that the Institute is reporting a consolidated deficit for the year ended 31 August 2023 of €1.080 million. 

DkIT recently published its audited financial statements, as of the 15 July 2024 and are available on www.dkit.ie. Current projections forecast the Institute will return to a break-even situation for the year ended 31 August 2024.

The €1.080 million deficit for 2023, is down from the previous year, when DkIT reported a deficit for the year ended 31 August 2022 of €1.237 million. 

This forecast return to a break-even situation is 12 months earlier than originally forecast by DkIT, and the Institute says it can be accredited to the implementation of a financial sustainability plan. This return to a breakeven position was only possible, it adds, given the engagement of the entire Institute in implementing various income generative and cost reduction actions.

The Institute says that the Comptroller and Auditor General concluded that the financial statements give a true and fair view of the assets, liabilities and financial position of DkIT.  In line with previous years, the Institute says it continues to reduce the timelines associated in publishing financial statements. DkIT adds that it is committed to transparency and full disclosure of its financial performance.