Ranked in 2 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time to pay for LONDON SOUTHEND AIRPORT COMPANY LIMITED has been decreasing consistently over the past three periods, from 64 days in Mar 2018 - Aug 2018 to 52 days in Sep 2019 - Feb 2020. This shows that the company has been improving their payment efficiency over time.
The percentage of invoices paid within 30 days has remained relatively stable, ranging from 10% to 12% over the past three periods. However, there has been a significant decrease in the percentage of invoices paid between 31 and 60 days, from 64% in Mar 2018 - Aug 2018 to 76% in Mar 2019 - Aug 2019. This shows that the company has been making more timely payments to their suppliers. The percentage of invoices paid later than 60 days has also decreased significantly, from 26% to 10%, indicating that the company has been prioritizing and paying their invoices on time.
Overall, LONDON SOUTHEND AIRPORT COMPANY LIMITED has consistently decreased their average time to pay over the past three periods, with the most recent period having the lowest average time of 52 days. There has also been a significant improvement in timely payments, with the percentage of invoices paid within 30 days increasing from 10% to 12% and the percentage of invoices paid between 31 and 60 days increasing from 64% to 76%. The percentage of invoices paid later than 60 days has also decreased from 26% to 10%. However, the percentage of invoices not paid within agreed terms remains high at 83%, indicating that there is still room for improvement in payment efficiency for the company.
| 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 Sept 2019 - 29 Feb 2020 | 01 Apr 2020 | 52 | 12% | 78% | 10% | 83% |
| 01 Mar 2019 - 31 Aug 2019 | 30 Sept 2019 | 55 | 12% | 76% | 12% | 75% |
| 01 Sept 2018 - 28 Feb 2019 | 29 Mar 2019 | 56 | 12% | 66% | 22% | 85% |
| 01 Mar 2018 - 31 Aug 2018 | 28 Sept 2018 | 64 | 10% | 64% | 26% | 67% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are 45 days in the absence of agreed terms with a supplier.
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
45
Queries should initially be sent either to the department managing the contract or to the London Southend Airport accounts department (LSAaccounts@southendairport.com). Queries will be reviewed with the aim of providing a prompt resolution. Any further disputes would be escalated to senior management and/or the Legal team with a view to resolving the situation.
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
London Southend Airport Company Limited operates London Southend Airport, a commercial airport serving business and leisure passengers with scheduled flights, parking, a train station and onsite hotel facilities. The airport has origins dating to the First World War, became a municipal airport in 1935 and a fully commercial airport in the mid-1950s. It offers passenger services including check-in, security, retail and dining, a dedicated rail link into central London, and ground handling through its Jet Centre. Having previously served over two million passengers a year, the airport is recovering from the pandemic downturn and has capacity to serve more than three million passengers annually, with ambitions to grow further.
Generated from the company's website and Companies House records. Sources: southendairport.com · southendairport.com