Under the payment practices and performance legislation, UK entities that meet the medium-sized company criteria under the Companies Act 2006 are required to report on their payment practices and performance. Two of our Group entities meet this criteria and a summary of their payment practices and performance is set out below. Full reports for each entity are available on the public register.
Our current payment periods are determined by our standard terms and conditions and the individual agreements that we make with our suppliers and are consistent with those of our peers. We offer financing arrangements to our suppliers and remain committed to maintaining fair working relationships at all times. We continue to support our suppliers to mitigate any disruption across the supply chain due to the COVID-19 pandemic and other macro environmental factors.
Reporting period: 1 January 2022 to 30 June 2022
Average time taken to pay invoices: 47 days
Percentage of invoices paid:
41% within 30 days
45% in 31 to 60 days
14% in 61 days or more
Percentage of invoices due in reporting period but not paid within agreed terms: 34%
Reporting period: 1 January 2022 to 30 June 2022
Average time taken to pay invoices: 69 days
Percentage of invoices paid:
15% within 30 days
36% in 31 to 60 days
49% in 61 days or more
Percentage of invoices due in reporting period but not paid within agreed terms: 28%
Reports for prior periods are available here.
July 2022
