Industry plcs guilty of slow payment

Construction plcs are taking an average of 51 days to pay their invoices, according to figures from Dun & Bradstreet. The all-industry average is 46 days.

Among the slowest payers is Morrison, which takes 85 days to settle - nearly three times longer than the Late Payment Legislation deadline of 30 days.

Quick payers include: Autolink Concessionaires (M6), a jv between Amey, Sir Robert McAlpine, Taylor Woodrow Construction, Barr Holdings and Innisfree PFI Fund, which pays in just seven days; refurb specialist Miletrian (12); and Pearce Group, the construction division of Crest Nicholson (17). John Laing Homes and MJ Gleeson Group also pay in fewer than 30 days.

Among construction clients, BAA is one of the quickest payers, settling its debts in 12 days, and Railtrack is among the worst, taking an average of 42 days.

John Emmins, chairman of the Federation of Small Businesses, said late payment is decreasing and more firms are reporting their payment times. "It is a sign that prompt payment and ethical business practice are becoming as important to boardrooms as generating profit."