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Now, more than ever before, our investors are also stakeholders in the creation of a better world. This fact was underlined in academic year 2018/2019 by the launch of the Campaign for INSEAD: A Force for Good. The Campaign reaffirmed the school’s commitment to business as a driver of sustainability and societal benefit. Over the course of the year, we advanced steadily towards the ambitious target of €250 million. By the end of August 2019, less than 12 months into this public phase of the Campaign, we had received €175 million in gifts and pledges.
Meanwhile, overall revenues continued to rise to an all-time high of €280 million – up by 7% on the previous year. It was a particularly outstanding year for Executive Education, with 17% growth in revenues from Customised Programmes in Europe a highlight of more than 10% revenue growth across all regions.
Thanks to increased revenue INSEAD has been able to increase spending on strategic priorities – exceptional faculty recruitment and investment in new programmes, both of which promise great returns over the years to come. In addition, we continued to make significant investments in scholarships and other strategic moves, such as digital transformation, the San Francisco Hub for Business Innovation and Europe Campus Renewal.
The good news is that INSEAD returned to surplus after last year, when two French tax rulings went against us. In academic year 2018/2019, we will post an end-of-year surplus totalling €2.2 million.