Exeter University, which on some calculations saw a decline in its overall performance in the RAE, took a disappointed rather than downhearted view.
John Inkson, deputy vice chancellor, said that much depended on how calculations were weighted. He reckoned that they had come out a little ahead, with 11 departments improving their rating against five who lost out.
"Our strategy is to ensure that all of our departments are rated 4 or 5 by 2004 and we are on course for that. None of our departments are rated less than 3, although what we need to turn some of our 4s into 5s."
Exeter's standing - it dropped in The THES ranking from 16th to 47th - was disproportionately affected by the reduction of its school of education from a 5 rating in 1992 to a 4 this time. It also put in 70.2 full-time equivalent members of staff for assessment against 103.9 in 1992.
Professor Inkson said: "When you consider that, unlike some other departments in the subject, they are a mix of straight department of education and a very large department of teacher training, I think they have done remarkably well."
Pointing to the table of performance by different subjects, he said that Exeter was heavily represented in subjects like education, which have relatively low average scores. It also has more, smaller departments than other universities of comparable size.
Professor Inkson said Exeter had yet to work out the financial implications of the outcome. These will become clearer when the Higher Education Funding Council for England unveils the 1997/78 funding methodology next month, prior to making allocations in February.