QINETIQ LIMITED
Company number: 03796233
Reporting period:
1 October 2024 to 31 March 2025
Report filed on:
20 May 2025
Approved by:
Peter Montague-Fuller
Payment statistics
Average time taken to pay invoices: 28 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 19%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Qinetiq Ltd's standard payment term is 30 days from receipt of a correctly submitted invoice. Correctly submitted means that an official Qinetiq Ltd Purchase Order (PO) number is quoted and that the invoice is received by the Qinetiq Ltd Accounts Payable Dept at the email address referenced on the PO. A small set of suppliers have been retained on 60 days whilst their commercial arrangements are reviewed. This applies to to the procurement of non-customer (indirect)related goods and services.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Qinetiq Ltd provides a dispute resolution process which is contained within our Conditions of Purchase Goods and Services. This can be found on the Qinetiq Ltd website.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
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