RINGWAY INFRASTRUCTURE SERVICES LIMITED
Company Information
- Company Number
- 02756434
- Registered Address
- Albion House, Springfield Road, Horsham, West Sussex, RH12 2RW
- Status
- Active
- Employee Count
- 1,521
- Turnover
- £503,025,000
- EBITDA
- £35,388,000
Additional Details
- Company Type
- Private limited Company
- Incorporated On
- 16 October 1992
- Nature of Business
- 42110 - Construction of roads and motorways
- Industries
- Property, Infrastructure And Construction, Property-related Goods And Services, Road Travel, Transportation Infrastructure
- Region
- South East
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
Based on the data, there has been a gradual decrease in the average time taken for RINGWAY INFRASTRUCTURE SERVICES LIMITED to pay invoices to suppliers from 2018 to 2023. The company started with an average payment time of 56 days in 2018 and has since decreased to 41 days in 2023. This shows that the company has become more efficient in paying their invoices over the years.
Volatility Analysis
There is a slight variation in the percentage of invoices paid within 30 days, with the highest being 35% in 2022 and the lowest being 20% in 2018. However, the percentage of invoices paid between 31 and 60 days has remained consistently high at around 50%, while the percentage of invoices paid later than 60 days has gradually decreased from 34% in 2018 to 15% in 2023. This indicates that the company has improved in paying their invoices within the agreed terms.
Summary Analysis
From 2018 to 2023, RINGWAY INFRASTRUCTURE SERVICES LIMITED has shown a consistent trend of decreasing average time taken to pay invoices and an improvement in paying invoices within the agreed terms. In 2018, the company had the highest percentage of invoices paid later than 60 days at 34%, but this has since decreased to 15% in 2023. The company has also shown an increase in the percentage of invoices paid within 30 days, from 20% in 2018 to 36% in 2023. This indicates that the company has made efforts to pay their invoices earlier over the years.
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 Jan 2024 - 30 Jun 2024 | 24 Jul 2024 | 40 | 35% | 50% | 14% | 6% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 41 | 36% | 49% | 15% | 15% |
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 42 | 33% | 52% | 15% | 18% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 42 | 35% | 50% | 15% | 17% |
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 41 | 34% | 51% | 15% | 18% |
| 01 Jul 2021 - 31 Dec 2021 | 30 Jan 2022 | 45 | 31% | 51% | 18% | 22% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 46 | 26% | 56% | 18% | 22% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 46 | 31% | 51% | 18% | 29% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 45 | 30% | 50% | 20% | 29% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 49 | 27% | 55% | 18% | 31% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 46 | 28% | 54% | 18% | 33% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 53 | 22% | 50% | 28% | 34% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 56 | 20% | 46% | 34% | 36% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Earlier payment terms are available and can be agreed in certain circumstances or where there is a contractual requirement and a Client payment profile that enables reduced days to avoid unnecessary financing costs. In some situations agreements have been made with our supply chain partners, in particular with national suppliers, to pay their invoices after a period greater than 60 days, as they do with our payments. Of those payment terms where the terms of payment have been agreed at < 60 days then 97% of payments are made within the 60 day payment period. We are working on alternative solutions and processes to further improve this %, subject to agreeing changed contract conditions that then enable enhanced payment terms with our principle Public clients.
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
The Company has a 3 tier resolution process to resolve any disputes and invoice queries with its supply chain on a timely basis. The first tier involves Divisional and Operational staff who should be contacted in the first instance. The 2nd tier would involve the respective category manager and finally if disputes/queries still can't be resolved it can be escalated to the Eurovia UK Supply Chain Executive. To help resolve disputes and queries the Company may request further information. This is the principal area of delayed payment over agreed terms. As part of our drive towards increasing the level of e-invoicing we encourage our supply chain to transmit their invoices via our dedicated electronic EDI / Web portal. Vendors submitting invoices via these methods can track receipt of their invoice and view other status information which will further improve communication between all parties in the event of a dispute. We now have >89% of invoices using this faster process and we see that the vendors using this are seeing improved payment cycles with any discrepancies being resolved much quicker.
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
Company Summary
RINGWAY INFRASTRUCTURE SERVICES LIMITED is a leading infrastructure services company based in the United Kingdom. Established in 1994, the company provides a wide range of services including highways maintenance, street lighting, drainage, and civil engineering.
The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact. This includes using eco-friendly materials, promoting recycling and energy efficiency, and reducing carbon emissions. Their sustainability program also focuses on promoting social responsibility and ethical practices within the company and its supply chain.
RINGWAY INFRASTRUCTURE SERVICES LIMITED offers a range of high-quality products and services to both public and private sector clients. They have a dedicated team of professionals who are highly experienced and skilled in delivering innovative and cost-effective solutions. The company prides itself on its customer-centric approach and has a proven track record of delivering projects on time and within budget.
The key people at RINGWAY INFRASTRUCTURE SERVICES LIMITED include Chief Executive Officer, Nick Goddard, and Managing Director, Michael Donnelly. Their expertise and leadership have been instrumental in the company's success and growth.
For more information on their services, products, and sustainability initiatives, interested parties can visit their website at www.ringway.co.uk. The registered office address of RINGWAY INFRASTRUCTURE SERVICES LIMITED is 4th Floor, 10 Fenchurch Avenue, London, EC3M 5BN.
