Balfour Beatty paid c.6,200 supply chain partners across the UK in 2023, processing around 480,000 invoices.
As a trusted market leader and signatory of the UK Prompt Payment Code, we are committed to paying our supply chain partners on time and to mutually agreed terms. Our latest submission for the six months to 31 December 2023 shows we paid 97% of all invoices within a maximum of 60 days, improving upon our already strong position and exceeding the UK Prompt Payment Code requirement of 95%. In respect of the additional requirement, introduced by the UK Prompt Payment Code to pay businesses with less than 50 employees within 30 days, we paid 81% of invoices received from such businesses within 30 days in the six months to 31 December 2023.
We continue to invest in our processes to standardise our payment approach and enhance our accuracy and transparency through the implementation of enabling technologies and systems such as DocuSign, ConstructionLine, Jaegger and Tradex.
For more information on our processes for paying supply chain partners, please visit our Supply Chain Partner Payment page.