The time taken for CYTEC INDUSTRIAL MATERIALS (DERBY) LIMITED to pay invoices to suppliers has fluctuated over the past three years. It started at 58 days in 2018, decreased to 54 days in 2019, and then increased to 64 days in 2019. It has since decreased again, reaching 60 days in 2021.
The volatility of payment time has been relatively consistent, with an average change of 2 days per year. The largest change occurred in 2019, when the average time to pay decreased by 10 days. The smallest change occurred in 2020, when the average time to pay only decreased by 1 day.
| 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 2021 - 31 Dec 2021 | 17 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 22 Jul 2021 | 60 | 15% | 56% | 29% | 19% |
| 01 Jul 2020 - 31 Dec 2020 | 15 Jan 2021 | 63 | 15% | 58% | 27% | 16% |
| 01 Jan 2020 - 30 Jun 2020 | 16 Jul 2020 | 61 | 14% | 57% | 29% | 17% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 64 | 20% | 46% | 34% | 24% |
| 01 Jan 2019 - 30 Jun 2019 | 23 Jul 2019 | 56 | 27% | 43% | 30% | 27% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jan 2019 | 54 | 31% | 38% | 31% | 39% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 58 | 26% | 36% | 38% | 54% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
60 days end of month 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
90
The company has a dedicated accounts payable helpdesk that offers suppliers support through to query resolution. The team can be contacted by email or phone. There is also a supplier payment portal that allows suppliers to monitor and view all their account 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.
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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
CYTEC INDUSTRIAL MATERIALS (DERBY) LIMITED is a UK-based company that specializes in the production of advanced materials for various industries. The company is a subsidiary of American multinational corporation, Solvay.
The main activities of CYTEC INDUSTRIAL MATERIALS (DERBY) LIMITED include research, development, and production of high-performance materials such as resins, adhesives, and specialty chemicals. These materials are used in industries such as aerospace, automotive, and construction.
The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact. This includes using sustainable raw materials, reducing waste, and implementing energy-efficient practices in their production processes.
One of their key sustainability programs is their "Towards Zero Waste" initiative, which aims to eliminate waste from their production processes and promote recycling and reuse. They also have a "Green Chemistry" program, which focuses on developing products that have minimal impact on the environment.
The company's key people include the managing director, Tim Burchett, and the head of sustainability, Sally Jackson. They can be contacted through the company's website or at their registered office address in Derby.
Overall, CYTEC INDUSTRIAL MATERIALS (DERBY) LIMITED is a leading company in the production of advanced materials with a strong commitment to sustainability. With their innovative products and sustainability initiatives, they continue to make a positive impact in various industries.
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