MEGGITT AEROSPACE LIMITED

Company number: 03477890

Reporting period:
1 January 2023 to 30 June 2023

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This report was filed on 28 July 2023

and approved by Dilruba Khanom

Payment statistics

Average time taken to pay invoices: 79 days

Invoices paid:

• within 30 days: 7%
• in 31 to 60 days: 37%
• in 61 days or more: 55%

Invoices due but not paid within agreed terms: 31%

Payment terms

Shortest standard payment periods

90 days

Longest standard payment period

Answer not provided

Standard payment terms

Parker-Meggitt apply standard payment terms of 90 days across vendors where possible.

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

Prior to Parker, Meggitt's standard payment terms were 30 days net. We have recently implemented the 90 days Parker as standard.

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

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

We have a vendor queries mailbox within a SLA of actioning queries within 48 business hours. We also have an escalation mailbox if this timeframe cannot be met.

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.

Yes

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.

No

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