Prompt payment UK
Laing O’Rourke has been reinstated to the Prompt Payment Code.
Laing O’Rourke values its supply chain partners. They are integral to our ability to deliver world-class projects for our clients. We are committed to the prompt payment of our suppliers, and endeavour to pay invoices within agreed terms, and within the Prompt Payment Code’s (PPC) requirement of paying 95% of invoices within 60 days.
The UK business continues to progress and focus upon its Prompt Payment Code action plan, and is pleased that the measures undertaken and the improvements made to date, have resulted in our reinstatement to the Prompt Payment Code live list. We are fully engaged in dialogue with the Chartered Institute of Credit Management regarding our payment practice performance.
Click here to read our Prompt Payment Code Action Plan.
Laing O’Rourke was reinstated to the Prompt Payment Code live list on 20 November 2019.
UK construction working capital and supply chain payments
The UK business is targeting improvements in its supplier payments and is fully engaged with the current discussion regarding payment practices.
In addition, the Board believes that alongside this discussion the industry needs to provide a more strategic response to the credit issues within the UK construction sector, which have continued more than ten years after the peak of the last UK recession.
This is an excerpt from the Laing O’Rourke Annual Report for the year ended 31 March 2019. Click here to read the statement in full.