Welsh Water suppliers boosted by prompt payments
Welsh Water pays suppliers more quickly than any other water company, new figures have revealed.
Companies that supply the only not-for-profit water company in England and Wales, which serves around three millions customers across most of Wales, Herefordshire, and parts of Deeside and Cheshire, are paid within a month in the vast majority of cases.
The UK average is just over half of suppliers being paid within 30 days, with Welsh Water the best-performing water and sewerage company in England and Wales.
A total of 92 per cent of suppliers were paid by Welsh Water within 30 days of the company receiving invoices, compared to 53 per cent for water and sewerage companies who have published figures, and also 53 per cent for the average across all sectors. A further 6 per cent were paid within 60 days, while only 2 per cent were paid later than that.
The performance represents an improvement for the company, improving from an average of 46 per cent paid within 30 days a year before. It follows improvements made to its procurement systems processes.
Now reported twice a year, the latest results cover the six months to September 2018 – and show that the company already exceeds the Prompt Payment Code standards, which sets out UK Government standards for payment practices and guidance on best practice.
The Code requires that 95 per cent of invoices should be paid within 60 days and to work towards a 30-day deadline as the norm.
Welsh Water’s finance director, Peter Bridgewater, said: “As a not-for-profit water company, we see ourselves not just as a company based in Wales – but at the heart of the communities we serve.
“We contribute over £1 billion a year to the Welsh economy, and as one of Wales’ largest companies and employers, how we work with our partners and supply chain is critical to ensuring our impact is an overwhelmingly positive one.
“I’m delighted that we are now exceed the Prompt Payment Code standards and we are working to improve the speed we pay our suppliers yet further – ensuring our smaller suppliers in particular can depend on us being responsible partners, making sure they are viable businesses by getting their cash to them quickly.”
- Welsh Water goes underground for Swansea flood risk project Work on Dwr Cymru Welsh Water's £1.3M project to reduce the risk of flooding within the St Helen's area of Swansea has... Read More >
- Welsh Water invests £9M in innovation projects Dwr Cymru Welsh Water has invested almost £9M in innovation projects over the past 12 months to help improve services for... Read More >
- Scottish Water awards £12M ground investigation framework to ESG ESG, a leading provider of testing, inspection and compliance services, has won a £12M contract to carry out ground... Read More >
- A glass half-full? Bringing water costs down for utility customers Mark Bullock, Balfour Beatty chief executive officer for rail and utilities, says the water sector must change its... Read More >
- INWED 2019: 'Each step was driven by choosing work I enjoy' To mark International Women in Engineering Day 2019 on 23 June, Fiona Barbour discusses her journey to becoming Mott... Read More >
- Interview: Kier Utilities' water MD Nigel Dyer Kier Utilities' Nigel Dyer tells Robin Hackett how the company is evolving to meet the changing demands on the water... Read More >
- Comment: New tech and partnerships will up the ante on leakage Closer partnerships, technology and connectivity will be the key to tackling leakage, with collaborative delivery... Read More >
- The search for safer streetworks practices Amey Utilities' HSEQ director, Gerry Mulholland, explains how the company’s 2020 Challenge and Know What’s Below... Read More >