Private music college BIMM Music Institute Dublin recorded increased profit of more than €670,000 on revenue of €4.08 million, with the vast majority of its income coming from a partnership with Technological University Dublin.
BIMM Dublin offers third-level courses in music, spawning bands such as Fontaines DC and The Murder Capital, and runs a commercial modern music programme on behalf of TU Dublin for 500 students.
Falling student numbers led to revenue decreasing by nearly €113,000 – with turnover falling from €4.19 million, according to newly filed accounts with the Companies Registration Office ending in August 2024.
Its cost of sales increased by €50,000, which it said was “principally a result of increase in provision for student withdrawal” but profits returned to above €600,000, following a dip to €489,000 in 2023.
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In a statement to The Irish Times, BIMM said its Dublin institute “like many higher education institutions, saw a dip in student enrolments during 2023/24 driven by wider sector trends affecting student numbers and broader funding pressures”.
It said it was “confident that we will continue to attract and retain talented students” going forward.
BIMM received in excess of €3,569,000 from TU Dublin during the academic year 2022-2023, which amounted to more than 85 per cent of its income.
Accounting for the vast majority of its income, BIMM said it has “no reason to question the strength or stability of this relationship” and that it values its “long-standing partnership with TU Dublin”.
BIMM said the technological university “plays an important role in enabling BIMM Dublin to deliver high-quality education”.
In the past financial year, staff costs at the music institute stood at €2.46 million, a slight increase from €2.34 million in the year prior. Directors’ remuneration rose from €133,000 in 2023 to €144,000 in the 2024 financial year.
Earlier this year, BIMM Dublin was at the centre of a dispute arising out of proposed redundancies and changes to pay and conditions.
Just over 50 staff at the Dublin college were set to be impacted by the proposals, which involved a number of compulsory redundancies and significant changes to contracts.
The teachers, supported by the Irish Federation of University Teachers, voted to accept a deal struck to end the dispute in February following “constructive discussions” with management.
BIMM Dublin is part of the wider BIMM group, a music education firm with eight colleges across UK and the European Union. The group’s UK-based parent company Murphy Topco Limited recorded revenue of £88.9 million (€102.6 million), but a loss of £15.8 million.
The group completed the purchase of Met Film School during the financial year, a film, television, and online media school with locations across the UK and Berlin.
