True scale of NHS overspending eyewatering new report finds

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first_imgThe official figures on NHS deficits don’t reflect how severe things are for hospitals in EnglandSally Gainsbury, Nuffield Trust The true “eye-watering” scale of overspending in NHS hospitals last year was masked by official accounts, a major new analysis has warned.Despite hailing big progress in bringing down deficits, health chiefs spent almost £3 billion more than they reported, once one-off sales and “paper-based” savings are taken into account, according to The Nuffield Trust.A review by the think tank of costs among NHS hospitals and ambulance trusts in 2016-17 found an underlying overspend of £3.7 billion, far higher than the £791 million declared by regulators. Trusts have a target of a £500 million deficit this yearCredit:PA NHS sign Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. The think tank believes that without more cash, hospitals and other facilities will still be £2 billion in the red in 2021.Chris Hopson, chief executive of NHS Providers, insisted that last year’s figures reflect genuine progress – particularly in areas such as bringing down agency staff costs – but conceded that “the underlying scale of the challenge that trusts face remains unsustainable”.He said the sector’s financial performance depended heavily on the experience this winter.Last winter saw significant spikes in demand which caused managers to spend more in bringing in temporary staff and losing income from operations they had to cancel to make way for emergency patients.This week also saw the first quarter results for the current financial year, from which NHS Improvement, which oversees trusts, predicted trusts will post a combined deficit of £523 million this financial year.But chief executive Jim Mackey warned: “We should be cautious because the pressure the NHS is under – on bed occupancy rates, delayed transfers of care and waiting times – will increase in the coming months. Given a £2.45 billion official overspend the previous year, the new figures had been welcomed as evidence that managers were bringing costs under control.But the new report found the dramatic one-year improvement owed more to un-repeatable accounting maneuvers than real-world restraint.The analysis also predicts NHS managers will be hit with £2.2 billion in unfunded inflation in 2017-18, half a billion higher than was planned.The Nuffield Trust says this alone means trusts will have to cut operating costs this year by 3.6 per cent, equivalent to £3.6 billion, and even then would still require a further £1.8 billion to hit the new deficit target of £500m.Sally Gainsbury, a senior policy analyst at the Nuffield Trust, said: “The official figures on NHS deficits don’t reflect how severe things are for hospitals in England, as the deficits reported include one-off funding boosts or savings that cannot be repeated the following year.“Only by looking at the deficit after these have been stripped out can we see the scale of financial challenge facing the NHS– and it is eye watering.”last_img

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British American Tobacco Uganda (BATU.ug) 2016 Annual Report

first_imgBritish American Tobacco Uganda (BATU.ug) listed on the Uganda Securities Exchange under the Agricultural sector has released it’s 2016 annual report.For more information about British American Tobacco Uganda (BATU.ug) reports, abridged reports, interim earnings results and earnings presentations, visit the British American Tobacco Uganda (BATU.ug) company page on AfricanFinancials.Document: British American Tobacco Uganda (BATU.ug)  2016 annual report.Company ProfileBritish American Tobacco Uganda Limited (BAT Uganda) grows and processes tobacco in Uganda and sells cigarettes and other tobacco products to the local market and for export. Brands sold by BAT Uganda include Dunhill, Rex, Sportsman and Safari. Tobacco is grown in 13 districts in Uganda through a network of tobacco farmers. The raw tobacco is transported to the BAT Uganda green leaf threshing plant in Kampala where it is processed and packed for local and export cigarette consumption. BAT Uganda also exports tobacco leaves to cigarette manufacturers in Europe, Asia and other African countries. BAT Uganda is a subsidiary of British American Tobacco Investments Limited. British American Tobacco Uganda is listed on the Uganda Securities Exchangelast_img

This is why the Steppe Cement share price has slumped 14%!

first_img Royston Wild | Monday, 7th June, 2021 | More on: STCM Image source: Getty Images. Our 6 ‘Best Buys Now’ Shares I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. 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FREE REPORT: Why this £5 stock could be set to surge See all posts by Royston Wild UK share markets are flattish in start-of-week trading as stubborn inflation-related fears and poor Chinese trade data sap investor confidence. Whilst movements are unspectacular the same can’t be said for the Steppe Cement (LSE: STCM) share price on Monday.Prices of the building materials supplier have tanked 14% in morning trade to 45p per share. The Steppe Cement share price had fallen to a six-week low of under 42p at one stage.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Steppe Cement — which manufactures cement in Kazakhstan — has slumped due to a negative reception to full-year financials.Kazakh sales tipped to slow in 2021Sales volumes at the company slipped 4% year-on-year in 2020 to 1.65m tonnes, it said. This annual droppage came in spite of sales growth in the broader Kazakh cement market. Volumes across the country rose 6% from 2019 levels to 9.4m tonnes.The AIM-quoted share said that its own local sales decreased 6% “due to milling limitations during two months of the high season.” Export sales rose 20% year-on-year, however.Production at Steppe Cement’s Karaganda cement factory in central Kazakhstan ran at 85% of capacity last year. It said that Line 5 produced 938,074 tonnes of cement last year because of two planned maintenance stops. Line 6 recorded output of 707,670 tonnes, meanwhile, in line with guidance.Looking ahead, Steppe Cement said “the market demand in 2021 seems strong despite the effects of Covid-19 temporary lockdowns”. However, the business expects demand growth in Kazakhstan to cool from last year’s levels. It predicts an increase of between 2% and 4% “as oil prices have recovered and the government stimulus packages continue.”The company is expecting total production at its Karaganda asset to rise to 1.75m tonnes in 2021.Steppe Cement’s profits grow despite revenues dropSteppe Cement’s lower volumes in 2020 caused total revenues to drop 6% year-on-year to $74.8m. Still, this didn’t derail strong profits growth at the business and on a pre-tax basis these rose 14% to $11.1m.This was also despite a 3% drop in average selling prices, to $45.40 per tonne. Steppe Cement’s cost of production per tonne fell by the same percentage from 2019 levels thanks to lower electricity and coal costs. General and administrative costs rose by $600,000 year-on-year to $6.2m because of higher provision for doubtful debts and the withholding of $400,000 of tax on transfers from its Karcement arm to the holding company.Capital investment at the company slowed in 2020 and Steppe Cement spent less than $1m in total. This reduced spending was directed towards packing improvements and steps to reduce power consumption. The reduction was due to “Covid-19 restrictions mostly during the summer of 2020,” which meant the company didn’t have a full complement of engineers.Steppe Cement has targeted capital investment of $3m in 2021 to make up for the lower expenditure last year. It expects maintenance capital expenditure to fall from 2020’s levels of $2m too. This is why the Steppe Cement share price has slumped 14%! 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Howard Lake | 8 February 1999 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Givewell has established a charity research site in Australia providing profiles on over 200 of Australia’s major charities. Givewell has established a charity research site in Australia providing profiles on over 200 of Australia’s major charities. It is a useful resource for researchers and grantmakers who receive applications from Australian-based organisations. It publishes a number of surveys on giving: its two reports for January 1999 cover “Who Finances Australia’s Charities?” and “The Ethics of Accountability for Australian Charities.” Givewell claims it is the first organisation in Australia to provide a comprehensive research service for informed giving. Their aim is “to play a key role in fostering a better culture of giving in Australia. We do this by conducting research on charities and generating ideas on better ways to give.” Advertisement More Aus Fundraising AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  18 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis

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