Better than expected financial year for Massey will not boost the budget

Massey says that after “pretty much” breaking even in 2020, despite an expected loss of millions, this will not change how they plan to budget for 2021. 

A $12.8 million loss was predicted for the end of last year, but instead only a small operating deficit of $100,000 was declared for the year ended December 31, 2020, below budget by $16.1m. 

A spokesperson says that Massey’s financial position for 2020 was based on significant cost savings, which included reduced staff travel and improved staff annual leave management, and higher than expected research funding.  

“We do not expect this result to have a material impact on the budget considerations for 2021 and beyond as several of the actions in 2020 that contributed to the improved result were one-off cost savings. In addition, due to the ongoing boarder restrictions, revenue is expected to be lower again in 2021,” they said.