LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED
Company Information
- Company Number
- 01171833
- Registered Address
- Otley Rd, Harrogate, HG3 1PY
- Status
- Active
- Employee Count
- 3012.0
- Turnover
- 273477000.0
- EBITDA
- 33793000.0
Additional Details
- Website
- https://covance.com
- Company Type
- Private limited Company
- Incorporated On
- 28 May 1974
- Nature of Business
- 72110 - Research and experimental development on biotechnology
- Industries
- 0
- Region
- Yorkshire and The Humber
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 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% |
Company Summary
LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED is a leading scientific research and development company based in the United Kingdom
Established in 1991, the company specializes in providing early stage drug development services to the pharmaceutical, biotechnology, and medical device industries
The company's sustainability program is focused on minimizing its environmental impact and promoting sustainability throughout its operations
This includes reducing waste, conserving energy, and implementing sustainable practices in its laboratories
LABCORP also actively participates in community outreach programs and supports charitable initiatives
LABCORP offers a wide range of products and services to its clients, including drug metabolism and pharmacokinetics studies, toxicology studies, bioanalytical services, and formulation development
The company also has expertise in a variety of therapeutic areas, such as oncology, cardiovascular, and respiratory diseases
Key people at LABCORP include the CEO, Dr
Mark Krom, and the Chief Scientific Officer, Dr
Sarah Brown
Their combined experience and expertise have led the company to become a trusted partner for many pharmaceutical and biotechnology companies
To learn more about LABCORP EARLY DEVELOPMENT LABORATORIES LIMITED and its services, interested individuals can visit their website at www.labcorp.com/earlydev or contact them at their registered office address: 4 New Square, London, EC4A 3JB, United Kingdom
Company Review
Trend Analysis
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.
Volatility Analysis
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.
Summary Analysis
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%.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
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
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
Dispute Resolution Process
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.
Other Payment Information
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.
❌
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.
✅
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
