Strategic performance update

Over the 2018-19 financial year, ACCA has enjoyed member growth of 5%, student/affiliate growth of 4.8% and a 0.6 % increase in market share among key international competitors to 20.3%. Preference for ACCA has strengthened markedly among key employers, while member and student satisfaction remains at strong levels.

Over the 2018-19 financial year, ACCA has enjoyed member growth of 5%, student/affiliate growth of 4.8% and a 0.6 % increase in market share among key international competitors to 20.3%. Preference for ACCA has strengthened markedly among key employers, while member and student satisfaction remains at strong levels.

ACCA had planned for a pre-tax deficit of £14.8m in 2018-19, but this has increased to £35.2m for the year ended 31 March 2019, due to the following factors:

·         a one-off accounting adjustment relating to ACCA’s defined benefit pension scheme amounting to £12.5m.

·         timing of investment in IT infrastructure and digital transformation, amounting to £6.1m.

·         a combination of smaller items, including the adoption of IFRS 15, Revenue from contracts with customers.

ACCA’s balance sheet remains healthy. We have ready access to liquid funds and expect to return to pre-tax surplus in 2019-20.

We continue to invest prudently in ACCA’s future strategy, ensuring that the ACCA Qualification retains its market-leading position, and that we are sustainable, efficient and easy to do business with.

Results against the full balanced scorecard of measures we use to track ACCA’s Strategy to 2020 are as follows, with three of the six targets met:

2018-19 result

2018-19 target

219,031 members

218,000 members

£(35.2)m surplus/(deficit)

£(14.8)m surplus/(deficit)

527,331 students and affiliates

521,200 student and affiliates

Two of three student progression elements met

Three of three elements

79.1%* overall member, student and affiliate satisfaction

80%* overall satisfaction

Six of ten brand power elements met

Eight of ten elements

We will continue to focus on achieving all KPIs. This includes keeping close control of our costs, as well as driving value from existing investments.

ACCA will be publishing fuller information about this and on all of our performance measures in our integrated report on 31 July.

* survey measures for students, members and affiliates are judged achieved if within +/- 1.5% of the target to allow for accepted survey variations.

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its members and students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com