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HAYNES INTERNATIONAL LTD

Company number: 01209891

Reporting period:
1 April 2023 to 30 September 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 10 November 2023

and approved by Adrian Gargallo

Payment statistics

Average time taken to pay invoices: 46 days

Invoices paid:

• within 30 days: 19%
• in 31 to 60 days: 68%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 23 %

Payment terms

Standard payment period for qualifying contracts

45 days

Standard payment terms

The most frequently used payment terms for qualifying contracts is 30 days EOM.
We run our payments once a month on the first working day. Any supplier whose payment terms are out of scope for the monthly payment run have agreed that we can pay invoices early and late to counteract the once a month payment run.
We will make a one off payment when necessary to ensure our suppliers are not detrimentally affected.

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

No

Maximum contractual payment period agreed

75 days

Any other information about payment terms

N/A

Dispute resolution process

Accounts Payable Department will consider the complaint or concern and try to resolve as quickly as possible in both parties best interest. If the complaint/concern is not resolved to satisfaction the matter would be referred to higher management.

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

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.

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