Turnover rose /15.53m, up 13% from /13.78m in 2005, while net assets increased by nearly /5m to /32.36m.

Chief executive Tom McCarthy said the IMI had "outperformed the best [business schools] in Europe" in financial terms and was aiming to match them in thought leadership.

In November of last year the Trinity-IMI Graduate School of Management enrolled its first class for its newly accredited diploma in strategy. Iona found Chris Horn, who completed a three-year term as IMI chairman in 2006, oversaw the development of the IMI's strategic alliance with Trinity College, which was established in 2005.

The IMI is pushing partnership further this year with plans to team up with Microsoft to develop a national productivity centre at the institute's campus in Sandyford, Co Dublin.

The IMI is limited by guarantee, but reinvests its profits in its own programmes.