Nuffield Health Reports £300k Pay Rise for Ex-CEO Amid £64m Deficit

Nuffield Health, the UK’s largest healthcare charity, has reported a £64 million deficit for 2023, while granting its former chief executive, Steve Gray, a pay rise of over £300,000 in his final full year at the organisation.

The charity’s total income surged to £1.36 billion for the 2023 calendar year, largely driven by increased demand for its private hospitals. This was an improvement from £1.24 billion in 2022, the first time Nuffield Health’s income surpassed £1 billion.

According to the recently filed accounts, revenue from hospital services saw a substantial rise, increasing by over £100 million to £967 million. Meanwhile, income from its wellbeing services grew by approximately £20 million, reaching £365 million.

Despite this revenue growth, the charity's operating costs also rose by around 9%, reaching £1.4 billion, contributing to the £64 million deficit—up slightly from the previous year’s £62.6 million shortfall.

Steve Gray, who retired this year after leading the charity for nine years, saw his pay increase from between £620,000 and £630,000 to nearly £980,000 in 2023, following a temporary reduction in 2022. The rise was primarily due to a bonus linked to Nuffield Health achieving its pre-set targets for the year.

A spokesperson for the charity confirmed that Gray’s pay boost came as a result of meeting the organisation’s objectives, which triggered the bonus.
Nuffield Health’s employee costs also saw a significant increase, rising by £70 million to £534 million, with the charity adding 1,050 full-time employees in 2023, bringing its total workforce to 18,215.

In the accounts' opening statement, Gray highlighted the charity’s commitment to supporting its staff during difficult times:
"In light of the ongoing cost-of-living crisis, I was proud that we were again able to award pay increases to all of our people, continuing our focus on prioritising those who need it most."

Gray also noted that Nuffield Health made further strides in reducing its gender pay gap, bringing it down to 2.2%.