The trend for WOOD GROUP INDUSTRIAL SERVICES LIMITED shows that the average time taken to pay invoices has fluctuated over the past three periods, with a slight increase in the most recent period.
The data for WOOD GROUP INDUSTRIAL SERVICES LIMITED shows a high level of volatility in the percentage of invoices paid within 30 days, with a decrease of 6% from the first period to the most recent period. The percentage of invoices paid between 31 and 60 days has also fluctuated, with a decrease of 11% from the first period to the most recent period. The percentage of invoices paid later than 60 days has shown the most volatility, with a decrease of 23% from the first period to the most recent period.
In the first period (Jan 2018 - Jun 2018), WOOD GROUP INDUSTRIAL SERVICES LIMITED took an average of 65 days to pay invoices, with 12% of invoices paid within 30 days, 36% paid between 31 and 60 days, and 52% paid later than 60 days. This period also had the highest percentage of invoices not paid within agreed terms, at 70%.
| 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 2020 - 30 Jun 2020 | 30 Jul 2020 | 69 | 6% | 25% | 69% | 66% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 67 | 8% | 46% | 46% | 51% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 68 | 9% | 46% | 45% | 63% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 65 | 10% | 37% | 52% | 66% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 65 | 12% | 36% | 52% | 70% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are 60 days from invoice date.
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
WGIS are committed to being financially responsible and acting with integrity. We endeavor to resolve all disputes in a fair and timely manner. Disputes are typically resolved by discussion between the supplier and the relevant commercial manager and where escalation is required to the Managing Director and Finance Director.
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
Wood Group Industrial Services Limited is a leading provider of industrial services, offering a wide range of solutions to clients in the energy, construction, and infrastructure sectors. The company is committed to sustainability and has implemented a number of initiatives to reduce its environmental impact and promote sustainable practices.
The company's services include maintenance, repair, and overhaul of industrial equipment, as well as construction and installation of new facilities. They also offer asset management and decommissioning services for clients in the energy industry.
Wood Group Industrial Services Limited's sustainability program focuses on reducing carbon emissions, promoting renewable energy, and minimizing waste. They have also implemented green procurement practices and invest in employee training to promote sustainable practices.
The key people at Wood Group Industrial Services Limited include Chief Executive Officer Robin Watson and Chairman Roy Franklin. The company's registered office address is at 15 Justice Mill Lane, Aberdeen, AB11 6EQ, United Kingdom.
Their website, www.woodgroup.com, provides information about their services, sustainability initiatives, and contact information. With a strong commitment to sustainability and a wide range of industrial services, Wood Group Industrial Services Limited continues to be a leader in the industry.