MEGGITT AEROSPACE LIMITED

Company number: 03477890

Reporting period:
1 January 2020 to 30 June 2020

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This report was filed on 30 July 2020

and approved by Louisa Burdett

Payment statistics

Average time taken to pay invoices: 68 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 31%
• in 61 days or more: 18%

Invoices due but not paid within agreed terms: 67%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

Answer not provided

Standard payment terms

The standard payment period is 60 days end of month. https://www.meggitt.com/global-terms-and-conditions/

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

The maximum contract period is 90 days end of month.

Any other information about payment terms

N/A

Dispute resolution process

Meggitt aims to resolve most questions within 3 weeks. Any question that has not been resolved to the satisfaction of the supplier and Meggitt within 3 weeks of being raised may be escalated to the Head of Procurement for resolution by emailing accountsquery@meggitt.com.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

Yes

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No