Build UK members average 36 day payment performance

Build UK has released details of its latest payment performance table, which indicates that firms in the sector are taking steps to improve speed of payment. However, variations between average days taken to pay and percentage of invoices paid within 60 days shows varying performance.

The latest results published under the Duty to Report on Payment Practices and Performance show that standards of payment performance have been upheld during extremely challenging circumstances, with Build UK Contractor members maintaining an average of 36 days to pay invoices during the first half of the year. On average, they now pay 92% of their invoices within 60 days and 75% within terms.

Five companies paid 100% of invoices within agreed payment terms and included specialist fit-out contractors Parkeray Interiors and Stanmore, and SSE Engineering, the M& E specialist. SSE  were also listed as making the fastest average payment of invoices at just 16 days. At the other end of the table was scaffolding giant Cape Industrial, who take an average of 101 days to settle invoices.

Among main contractors, the slowest payers were Multiplex, taking an average of 55 days to pay invoices, and McLaren Construction, averaging payment of 50 days.

Build UK’s table has been expanded with more than 40 of the industry’s largest companies, including clients, housebuilders and contractors, to provide a more coherent picture of payment practices within construction than ever before.