The figures show a drop in average percentage of invoices paid late, from 34% to 25%. For the first time, Build UK has included a measure of invoices paid within 60 days, to reflect common use of that metric across industry.
Top of the table, on average invoice payment time, at 14 days, is client British Land, closely followed by the M&E specialist SSE Contracting, which comes top in the new metric, with 100% of invoices paid within 60 days.
This is not a paywall. Registration allows us to enhance your experience across Construction Management and ensure we deliver you quality editorial content.
Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings.
Several specialist contractors feature strongly as good performers on payment practices, with Overbury, Novus Property Solutions and Wilmott Dixon Interiors all in the top 10.
The top scoring main contractors are Vinci, Mace and Clugston, all of whom score an average payment time of 30 days.
The industry’s worst performing firm on payment time is the demolition contractor Brown & Mason, with an average time of 86 days for settling invoices, according to Build UK.
On percentage of invoices paid within 60 days, bottom of the list is the groundworks contractor Van Elle.
Other low scoring contractors, all with less than 50% of invoices paid within 60 days, include Expanded Structures, Imtech and Tamdown.
“Over the past year, Build UK members have taken significant steps to improve payment performance within their organisations, demonstrating the value of increased transparency,” said Build UK deputy chief executive, Jo Fautley.
“While there is still work to be done, with a number of companies recently being suspended from the Prompt Payment Code, this issue is now firmly under the spotlight at a senior level. These latest results show that the industry is serious about tackling it.”
The chair of the Construction Leadership Council, Andy Mitchell, said: “I welcome the publication of the latest payment results of Build UK members. Construction remains the only sector that has taken the initiative to publish its results in this way and with Build UK’s leadership, firms in the sector are changing the culture of late payment and improving payment performance.”
An interactive table showing payment performance of all companies can be viewed here.
