The man who has overseen the change is Pro Vice-Chancellor and Finance Director Hari Punchihewa, who joined the University from the Mercedes company in 2002.

He said: "A record surplus of £2.6m from operating activities and the increased turnover reported by the University Group this year demonstrated a continuing ability to build on a solid financial foundation.

"The performance confirms that we are on course to deliver our financial strategy to enable the ambitions of the University to be realised."

As a result of the solid financial footing, enhancement projects in the pipeline for the University include: an £11m refurbishment of the Kedleston Road tower blocks in Derby; improvements to sports facilities in Derby and at Buxton and a major upgrade of their Britannia Mill site in Derby.

The University is now part way through its financial business strategy from 2004-2011, which is underpinned by risk assessments for new project ideas and robust business plans to increase the University's reserves and improve long term financial stability.

"We are in a good position, but it does not mean we can rest on our laurels and will not stop doing the things we do. We have a long term objective to continue to see the University build on its solid foundations, going forward," said Mr Punchihewa.