Te Pūkenga 2024 Annual Report Shows $122 Million Turnaround In Two Years
Te Pūkenga - New Zealand Institute of Skills and Technology (NZIST) has released its 2024 Annual Report, showing a $122 million turnaround within the two years it has existed as a single entity, and the first surplus for the organisation.
The report shows a surplus of $16.6 million at the end of 2024, a $54.5 million (144%) improvement on the 2023 deficit of $37.9 million, and a $121.7 million (116%) improvement on the 2022 deficit of $105 million.
Revenue has grown $68.4 million (5%) compared to 2023, and $188 million (15%) compared to 2022. Te Pūkenga Chief Executive Gus Gilmore acknowledged the hard work of staff (kaimahi) in achieving the results amid a tough economic climate as well as uncertainty for the institute.
"Against a background of immense change and uncertainty, Te Pūkenga had a strong year. With 226,645 learners, including 90,919 trainees and apprentices, outcomes continued to improve, with course completion, including 10,828 trainees and apprentices completing their programmes and 45,146 graduating. We also had strong domestic and international enrolments for our Institutes of Technology and Polytechnic (ITP) divisions and increased our net promoter score.
"The financial result, showing a 144% improvement on the previous year, is the outcome of focusing on addressing financial performance through an intensive cost savings exercise across all divisions, structural changes, vacancy management, lease reduction, property sales and programme rationalisation," said Mr Gilmore.
Ākonga satisfaction increased to over 93% following a strong focus on improving learner support. For example, a partnership with Health New Zealand, with an investment of $4.1 million, saw more than 12,500 learners access mental health services - a 71% increase from 2023. Course completion rates across all priority groups - Māori, Pasifika and disabled learners - also showed an increase in 2024.
Te Pūkenga also developed major commercial partnerships with national employers and international partners. Amongst the highlights are a successful partnership with Apple, which included the development of the Hangarau Matihiko (digital technology) micro-credential, training for 50 teachers in 12 Te Tai Tokerau schools, and more than 2,200 ākonga supported in strengthening their digital skills.
A memorandum of arrangement was signed with the Centre for International People-to-People Exchange (CCIPE) from China to establish the New Zealand - China Vocational Cooperation and Development Alliance. It seeks to promote vocational education in both countries through talent cultivation, cross credits, student exchanges, and academic visits.
Te Pūkenga also achieved many successful work-based training initiatives including the Connexis-run Girls with Hi-Vis (GWHV), seeking more women apprentices which last year co-hosted 36 events with employers, attracting more than 650 students from 98 schools. It was also the second year that events were co-hosted with BCITO for industry experience days onsite with companies in the civil infrastructure, electrical supply, water industries, building and construction sectors, and at some of the country's major infrastructure projects.
Plumbing, Gasfitting, and Drainlaying (PGD) programmes were updated by EarnLearn to better align with industry demands and improve outcomes for employers and learners. Meanwhile Primary ITO achieved a 96% completion rate in its programme to develop a skilled and qualified workforce for Whakatōhea Mussels new farm and processing facility in Ōpōtiki with many of the learners securing full-time jobs afterwards.
Research revenue exceeded expectations by 38% - $12.02 million compared to the target of $8.73 million, demonstrating the continued strength of rangahau and research within Te Pūkenga. The 2024 ITP Rangahau and Research Symposium, the largest and most diverse research event delivered by Te Pūkenga, attracted more than 275 submissions, representing the work of over 500 kairangahau (researchers) across diverse areas of rangahau and research, including Pacific research.
"Looking back on the year 2024, our kaimahi can be very proud of the outcomes achieved for our learners and employers, and a good financial result for the sector during a time of significant change. We thank kaimahi for their continued commitment and manaakitanga even as they have faced uncertainty about their own futures."
Year-to-date 2025 results show good growth on domestic and international enrolments for ITP divisions, while work-based learning divisions have seen an expected softening because of current market conditions.
"There are still some hard decisions that need to be made this year to support the financial viability of individual divisions for their transition into new entities.
"As we prepare for disestablishment, our focus remains on ensuring learners, employers, and kaimahi are well supported while we continue to deliver quality vocational education and training," says Mr Gilmore.
You can read the report here: 2024 Annual Report: https://www.xn--tepkenga-szb.ac.nz/about/publications
In summary, in 2024 Te Pūkenga network had:
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