Tolent's creditor payment figure slips to 90 days

Tolent’s speed at paying its suppliers and subcontractors has slipped back to the 90 day mark.

The latest figure is down on the previous year when it stood at 77 days.

During the 12 months covered by the annual results, running to 31 December 2007, Tolent made a pre-tax profit of £5.5m on turnover of £180m.

Tolent is a building and civil engineering company that operates on a national basis from offices in Tyneside, Teesside, Yorkshire, Manchester and London.

The highest-paid director was awarded £497,000. There was no further sum popped into his pension pot.

In the previous year had had £3,000 set aside for his pension in addition to pay running to £479,000.

Trade receivable rose to £15m, up by £2m, while other receivables halved to £460,000.

Trade and other receivables were categorised by Tolent as falling into four ‘due by’ categories:

• not more than three months - £14.3m
• more than three months but not more than six months - £300,000
• more than six months but not more than one year - £250,000
• more than one year - £6,000