Balfour Beatty is committed to paying all of its supply chain partners on time and to mutually agreed terms and remains focussed in its efforts to do so; continually investing in its processes and procedures to improve its payment performance and enhance accuracy and transparency.
However, the company operates in a sector where supply chains and contractual terms are complex, and prompt payment is often materially impacted by resolution of disputes and alignment to agreed contractual terms.
As a signatory of the Prompt Payment Code, the company submitted its latest supply chain payment data on 28 January, which outlines that it has increased the percentage of invoices paid within 60 days to 93% from the 92% reported in June 2021.
In addition, since the Prompt Payment Code introduced the requirement to pay 95% of invoices to businesses with less than 50 employees within 30 days instead of 60 days, Balfour Beatty has also undertaken a comprehensive exercise to identify these suppliers.
Since July 2021, Balfour Beatty has paid 80% of its suppliers with fewer than 50 employees within the 30-day timeframe, achieving 96% of invoices paid within 60 days.
Whilst Balfour Beatty acknowledge that not all businesses with less than 50 employees have the latest systems to ensure prompt payment, the company continues to take the appropriate action to further streamline its e-invoicing platform, and work with them, to meet the timeframe set out by the Code.
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Notes to editors:
- Balfour Beatty is a leading international infrastructure group with 26,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
- We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
- Over the last 112 years we have created iconic buildings and infrastructure all over the world including: the £1.5 billion A14 improvement scheme - Britain’s biggest road project; Hong Kong’s HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5 mile $429 million North Metro Commuter Rail line in Colorado, US.