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The financial state of Welsh universities improved significantly in 2004-05, according to a Higher Education Funding Council for Wales report. Only Swansea 51¹ú²úÊÓƵ and the Royal Welsh College of Music and Drama reported an operating deficit, compared with five institutions in the previous year. Swansea said its ?1.7 million deficit was "planned".

The sector's surplus rose from ?11.1 million to ?16.2 million.