Contractors take average of 43 days to pay
Build UK contractors have reduced the amount of time they take to pay invoices from an average of 45 days to 43 days.
The news came as the contractors published their payment results for a second time in six months.
Willmott Dixon retained its spot as the joint-fastest payer among the main contractors, reducing its average payment time to an average of 32 days, down from 33 days when the results were last published in July 2018.
It was joined by Clugston which also reported in August last year that its average was also 32 days.
Meanwhile, Vinci has seen a dramatic improvement, reporting in January this year that it now takes 33 days to pay on average, down from 52 days in July last year.
The latest reported figures show that Mace is now taking an average of 34 days, VolkerWessels is taking 35 days, and Sir Robert McAlpine is also taking 35 days.
Figures reported in January showed that Skanska and ISG are taking an average of 40 days, while BAM Construct and Wates sit at 41 days and Bouygues at 42.
At the other end of the scale, Engie’s January figures showed it was taking 61 days. Murphy Group improved slightly and is now taking an average of 57 days to pay, down from 66. Kier made a marginal improvement from 54 days to 52 days. Balfour Beatty dropped from 54 days on average to 50, and Galliford Try’s latest report also showed that it is taking an average of 50 days to pay.
For a full list of the average payment times of Build UK members, click here.