Industry ranking
Between 2018 and 2023, there has been a slight decrease in the average time taken for LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED to pay invoices. The company has shown a consistent trend of paying invoices within an average of 30-40 days. In 2020, there was a significant decrease in the average time to pay, with a decrease of 7 days compared to the previous year. However, in 2022, there was a notable increase in the average time to pay, with an increase of 4 days compared to the previous year.
The data for LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED shows a relatively stable pattern in terms of the percentage of invoices paid within 30 days and between 31-60 days. However, there is some volatility in the percentage of invoices paid later than 60 days, with a high of 15% in 2019 and a low of 3% in 2023. The percentage of invoices not paid within agreed terms also shows some volatility, with a high of 32% in 2019 and a low of 11% in 2022.
Based on the data, LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED has shown a consistent trend of paying invoices within an average of 30-40 days. However, there has been a slight decrease in the average time to pay in recent years, with a significant decrease in 2020. The company has also consistently paid a high percentage of invoices within 30 days, with an increase in 2020 and a decrease in 2022. The worst period for the company in terms of paying invoices later than 60 days was in 2019, with a high of 15%.
| 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 Jul 2025 - 31 Dec 2025 | 26 Jan 2026 | 27 | 58% | 40% | 2% | 14% |
| 01 Jan 2025 - 30 Jun 2025 | 30 Jul 2025 | 28 | 57% | 40% | 3% | 15% |
| 01 Jul 2024 - 31 Dec 2024 | 04 Feb 2025 | 26 | 59% | 39% | 2% | 15% |
| 01 Jan 2024 - 30 Jun 2024 | 27 Aug 2024 | 28 | 57% | 40% | 3% | 13% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 27 | 61% | 36% | 3% | 15% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 34 | 45% | 50% | 5% | 19% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 29 | 54% | 43% | 3% | 23% |
| 01 Jan 2022 - 30 Jun 2022 | 13 Jul 2022 | 30 | 56% | 31% | 14% | 11% |
| 01 Jul 2021 - 31 Dec 2021 | 19 Jan 2022 | 30 | 56% | 40% | 4% | 11% |
| 01 Jan 2021 - 30 Jun 2021 | 19 Jan 2022 | 33 | 54% | 40% | 6% | 13% |
| 01 Jul 2020 - 31 Dec 2020 | 19 Jan 2022 | 30 | 58% | 38% | 4% | 14% |
| 01 Jan 2020 - 30 Jun 2020 | 27 Jul 2020 | 37 | 47% | 47% | 6% | 26% |
| 01 Jul 2019 - 31 Dec 2019 | 24 Jan 2020 | 40 | 39% | 54% | 7% | 26% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 42 | 41% | 44% | 15% | 32% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jan 2019 | 39 | 42% | 53% | 5% | 29% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 41 | 36% | 55% | 9% | 29% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The standard business terms are 45 days from date of invoice, however these can differ upon mutual agreement and included in the contract. Ranging from 7 days to 60. Any changes to the agreed payment terms will be discussed with the supplier in advance. Any Disputes are raised with the central procurement team who will assess whether the issue relates to price or quality of product and include the relevant teams in discussions with the supplier so that a resolution can be found.
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
60
Any Disputes are raised with the central procurement team who will assess whether the issue relates to price or quality of product and include the relevant teams in discussions with the supplier so that a resolution can be found.
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
Labcorp Early Development Laboratories Limited is a Harrogate-based company registered in England, previously known as Covance Laboratories Limited and, before that, under several Hazleton names dating to its 1974 incorporation. Its registered activity is research and experimental development on biotechnology, indicating it operates as a laboratory undertaking early-stage development and testing work within pharmaceutical or biotechnology research. Companies House and LEI records show it is part of a wider corporate group, with its ultimate parent entity based in the United States, meaning the entity functions as a UK research subsidiary within that group rather than an independent standalone business. The company remains active, filing accounts and confirmation statements as a private limited company.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk · lei.bloomberg.com