Industry ranking
The data for NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED shows a fluctuating trend in their time taken to pay invoices to suppliers. From 2018 to 2021, there was a gradual decrease in the average time to pay, with the lowest average of 37 days in 2019. However, in 2021, there was a significant increase to 60 days and has remained consistent in 2022 and 2023. This shows a potential issue with payment delays in recent years.
The data also shows a high level of volatility in the percentage of invoices paid within 30 days. It ranged from 9% in 2021 to 39% in 2019. This indicates inconsistent payment patterns and possible challenges in cash flow management.
Looking at the data for the past three periods (2021 to 2023), there has been a consistent trend of paying invoices later than 60 days, with 49% in 2021, 41% in 2022, and 32% in 2023. This highlights a need for improvement in payment processes to ensure timely payments to suppliers.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2023 - 30 Jun 2023 | 08 Aug 2023 | 49 | 33% | 35% | 32% | 66% |
| 01 Jul 2022 - 31 Dec 2022 | 22 Feb 2023 | 59 | 11% | 52% | 37% | 51% |
| 01 Jan 2022 - 30 Jun 2022 | 22 Feb 2023 | 60 | 11% | 48% | 41% | 57% |
| 01 Jul 2021 - 31 Jul 2021 | 22 Feb 2023 | 61 | 9% | 46% | 45% | 59% |
| 01 Jan 2021 - 30 Jun 2021 | 22 Feb 2023 | 60 | 9% | 42% | 49% | 63% |
| 01 Jul 2020 - 31 Dec 2020 | 14 Jun 2021 | 44 | 27% | 51% | 22% | 55% |
| 01 Jan 2020 - 30 Jun 2020 | 14 Jun 2021 | 46 | 25% | 48% | 27% | 62% |
| 01 Jul 2019 - 31 Dec 2019 | 21 Dec 2020 | 37 | 38% | 50% | 12% | 38% |
| 01 Jan 2019 - 30 Jun 2019 | 21 Dec 2020 | 38 | 39% | 45% | 16% | 42% |
| 01 Jul 2018 - 31 Dec 2018 | 18 Mar 2020 | 39 | 38% | 45% | 16% | 30% |
| 01 Jan 2018 - 30 Jun 2018 | 18 Mar 2020 | 39 | 38% | 47% | 15% | 39% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard terms are 60 days but we do have legacy vendors/suppliers still at 30 days.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Disputes are handled on a case by case basis and worked through the purchasing team.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
NOV Process & Flow Technologies UK Limited is registered at Stonehouse, Gloucestershire, and manufactures pumps, with its SIC code covering pump manufacturing. Its products trade under the Mono brand, part of the wider NOV group, which acquired Mono in 2003 and Moyno in 2013. The Mono and Moyno brands design and develop progressing cavity pumps, along with grinders, screens and packaged systems, used across oil and gas, water and wastewater treatment, food and beverage, chemical, mining and general industrial applications. The entity represents the UK manufacturing operation within the global NOV group rather than a standalone business, continuing a history dating back to the 1930s in fluid-handling equipment.
Generated from the company's website and Companies House records. Sources: mono-pumps.com