The average time taken for PROTO LABS, LIMITED to pay invoices has fluctuated over the past three periods, with a slight increase in the latest period. However, the percentage of invoices paid within 30 days and between 31 and 60 days has remained relatively consistent, while the percentage of invoices paid later than 60 days has decreased.
The volatility in PROTO LABS, LIMITED's payment behavior can be seen in the inconsistent average time taken to pay invoices and the fluctuation in the percentage of invoices paid later than 60 days. This suggests that the company may have some challenges in maintaining a consistent payment schedule.
Since the start of 2018, PROTO LABS, LIMITED has seen a slight decrease in their average time taken to pay invoices, from 48 days to 52 days. However, there has been a significant improvement in the percentage of invoices paid within 30 days, increasing from 16% to 12%. This is a positive change towards early payment for suppliers. The percentage of invoices paid later than 60 days has also decreased from 25% to 32%, another positive trend. However, the latest period shows an increase in the percentage of invoices not paid within agreed terms, which could be a cause for concern.
| 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 | 54 | 13% | 47% | 40% | 76% |
| 01 Jun 2023 - 30 Jun 2023 | 20 Jul 2023 | 61 | 13% | 47% | 39% | 65% |
| 01 Jul 2022 - 31 Dec 2022 | 19 Jan 2023 | 60 | 12% | 43% | 45% | 64% |
| 01 Jan 2022 - 30 Jun 2022 | 22 Jul 2022 | 52 | 12% | 56% | 32% | 63% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 52 | 11% | 59% | 30% | 56% |
| 01 Jan 2021 - 30 Jun 2021 | 19 Jul 2021 | 50 | 11% | 62% | 27% | 47% |
| 01 Jul 2020 - 31 Dec 2020 | 11 Feb 2021 | 40 | 33% | 55% | 12% | 26% |
| 01 Jan 2020 - 30 Jun 2020 | 05 Aug 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 03 Mar 2020 | |||||
| 01 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 50 | 13% | 59% | 28% | 38% |
| 01 Jul 2018 - 31 Dec 2018 | 06 Mar 2019 | 53 | 5% | 66% | 29% | 77% |
| 01 Jan 2018 - 30 Jun 2018 | 24 Jul 2018 | 48 | 16% | 59% | 25% | 44% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
STANDARD TERMS ARE 30 DAYS END OF MONTH, 30 DAYS END OF MONTH 63% 60 DAYS END OF MONTH 16% NET 30 DAYS 14% OTHER 6%
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
MAJORITY OF TERMS ARE END OF MONTH RATHER THAN NET DAYS OF INVOICE DATE
Maximum contractual payment period agreed
30
INVOICES WHICH DO NOT MATCH THE PURCHASE ORDER RAISED ARE LOGGED ON A QUERY REGISTER BY THE PURCHASE LEDGER CLERK. DEPENDANT ON QUERY, THIS IS INVESTIGATED INTERNALLY FIRST TO CHECK PRICE DIFFERENCES AND QUANTITIES PURCHASED OR RECIEVED. IF WE ARE UNABLE TO RESOLVE INTERNALLY, WE PUSH THE INVOICE BACK TO THE SUPPLIER DETAILING THE DISPUTE FOR PROCESSING THIS COMMUNICATION IS LOGGED AND RECORDED IN THE QUERY REGISTER. THE QUERY REGISTER IS REVIEWED WEEKLY AND CHASED UP WHERE NECESSARY MAJORITY OF DISPUTES ARE CLEARED UP BEFORE THE MONTH END.
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
Proto Labs, Limited is the UK operating entity of Protolabs, a digital manufacturer based in Telford, Shropshire. It produces custom plastic, metal and elastomeric parts through injection moulding, CNC machining, 3D printing and sheet metal fabrication, serving customers from early prototyping through to full-scale production. Orders are quoted and managed online, with design for manufacturability feedback provided alongside real-time pricing. The Telford site holds AS9100 certification for aerospace, space and defence work, and the company also serves medical, automotive, robotics, consumer electronics and industrial equipment sectors. It forms part of the wider Protolabs group, which also operates a global network of manufacturing partners for higher-volume production requirements.
Generated from the company's website and Companies House records. Sources: protolabs.co.uk · protolabs.co.uk