Supporting UK business
We are very proud of our financial position and the contribution we make to Morgan Sindall Group plc, not least in our long-standing support of the Prompt Payment Code.
We remain fully committed to the prompt payment of our supply chain, having made significant investments in improving both our internal processes and our payment terms over the past few years. These actions and our continued commitment are in recognition of the critical importance of our supply chain relationships and the importance of working capital liquidity within the supply chain, and are supported by the Group’s strong balance sheet.
To find out more about the Group’s latest financial results, click here.
Supporting our supply chain during COVID-19
The Coronavirus pandemic has placed significant pressure on the construction supply chain, and an even greater importance on our payment performance.
We have worked collaboratively with our customers and our supply chain partners – both subcontractors and suppliers & manufacturers – to support each other through the crisis, ensuring supplies continue to flow to our projects, and helping cash to flow quickly through to the supply chain.
“Our relationships with our supply chain partners are of strategic importance, and our actions and behaviours during these challenging times are viewed as key to both the business and the Group’s future success. Consequently, the prompt payment of our suppliers has remained a major area of focus throughout the period and even more so against the current backdrop of COVID-19”.
Simon Arnott, director of procurement and employee relations
Our supply chain payment performance
You will see below our latest published payment practices and performance statistics, for the last reporting period (H2 2020).
- Average time taken to pay invoices - 27 days
- Invoices paid within 60 days - 98%
- Invoices paid within agreed terms - 91%
Whilst we are proud of the improvements we have made, we recognise there is still further opportunity for us to improve, and we continue to invest in this endeavour.
For more information on payment practices reporting and to access performance reports for Morgan Sindall Construction and other organisations, please click here.