Industry ranking
The average time taken for TIMET UK LIMITED to pay invoices has fluctuated between 60 and 83 days over the past three periods. There has been a slight decrease in the percentage of invoices paid within 30 days, while the percentage of invoices paid between 31 and 60 days has remained relatively stable. The percentage of invoices paid later than 60 days has shown a significant increase in the most recent period, from 63% to 83%, indicating a potential issue with delayed payments.
The data for TIMET UK LIMITED shows a high level of volatility in terms of the average time taken to pay invoices, with fluctuations of up to 23 days between periods. The percentage of invoices paid within 30 days has also shown some volatility, with a range of 10% between the highest and lowest percentages. The percentage of invoices paid later than 60 days has also shown a high level of volatility, with a range of 20% between the highest and lowest percentages.
Over the past three periods, TIMET UK LIMITED has shown a consistent average time to pay of around 70-77 days. However, there has been a significant increase in the percentage of invoices paid later than 60 days in the most recent period, indicating a potential issue with delayed payments. The percentage of invoices paid within 30 days has also decreased slightly, while the percentage of invoices paid between 31 and 60 days has remained relatively stable.
| 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 | 30 Oct 2023 | 60 | 17% | 16% | 67% | 8% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Oct 2023 | 64 | 22% | 15% | 63% | 13% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Aug 2022 | 74 | 12% | 12% | 76% | 17% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Aug 2022 | 75 | 9% | 14% | 77% | 25% |
| 01 Jan 2021 - 30 Jun 2021 | 26 Aug 2022 | 81 | 10% | 12% | 78% | 33% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 83 | 12% | 9% | 79% | 30% |
| 30 Dec 2019 - 28 Jun 2020 | 28 Jul 2020 | 77 | 8% | 9% | 83% | 33% |
| 30 Jun 2019 - 29 Dec 2019 | 29 Jan 2020 | 73 | 15% | 11% | 74% | 18% |
| 31 Dec 2018 - 29 Jun 2019 | 01 Aug 2019 | 70 | 8% | 13% | 80% | 20% |
| 01 Jul 2018 - 30 Dec 2018 | 30 Jan 2019 | 67 | 11% | 13% | 76% | 20% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 70 | 8% | 15% | 77% | 11% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard terms are 75 days from date of invoice.
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
75
Invoices which do not match our Purchase Orders will be referred to the vendor for clarification.
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
TIMET UK Limited is the UK subsidiary of the TIMET group, formed in 1996 when TIMET purchased IMI Titanium of Great Britain, and registered in Birmingham. Its recorded business activity is other non-ferrous metal production. The wider TIMET group, which it forms part of, produces titanium from raw ore through melting and refining into ingot and slab, and manufactures mill products such as billet, bar, plate, sheet and coil, supplying commercial aerospace, defence and industrial markets worldwide through a network of mills and service centres. TIMET describes itself as a fully integrated titanium supplier with dedicated research and development facilities supporting alloy development and production.
Generated from the company's website and Companies House records. Sources: timet.com · timet.com