Build UK contractors reduce average payment time to 34 days

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Build UK contractor members have reduced the amount of time they take to pay invoices to 34 days.

The latest results published under the Duty to Report on Payment Practices and Performance showed that contractors paid a day faster on average than six months ago, when the figure was 35 days.

Build UK said that despite the challenge of covid-19 and Brexit, its contractor members now paid 94% of invoices within 60 days, up from 82% three years ago.

Meanwhile, 79% of invoices are paid within terms, compared to 61% in 2018.

The fastest paying contractors were:

1=) Vinci (average time daken to pay invoices: 24 days)
1=) Sir Robert McAlpine (24 days)
3) Costain (25 days)
4) Morrison Utility Services (26 days)
5=) Morgan Sindall (27 days)
5=) Novus Property Solutions (27 days)
7=) ISG (28 days)
7=) McLaren Construction (28 days)
9=) Willmott Dixon (29 days)
9=) VolkerWessels (29 days)
9=) Robertson Construction (29 days)

Among the slowest to pay were:

1) Seddon (49 days)
2) BAM Nuttall (46 days)
3) Engie (45 days)
4) Graham Construction (42 days)
5) Skanska (41 days)

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