DRAX CORPORATE LIMITED
Company Details
Registration Number
05562058
Registered Address
Drax Power Station Selby North Yorkshire YO8 8PH
Company Status
Active
Employee Count
455
Turnover
£200,000
EBITDA
£-97,300,000
Additional Information
Website
drax.com/Company Type
Private limited Company
Incorporated on
13 September 2005
Nature of Business (SIC)
35110 - Production of electricity
Industries
0
Region
Yorkshire and The HumberCompany Location
Financial Overview
£127,400,000
£1,064,500,000
Last Reporting Period
Filed
30 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
65 days
Payment Periods
Shortest
0 days
Longest
60 days
Max Contractual
60 days
Payment Timeline
Not Paid Within Terms
29%
Payment Features
Payment Time Trends
Payment Distribution Trends
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 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 65 | 26% | 49% | 25% | 29% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 11 | 88% | 7% | 5% | 10% |
| 01 Jul 2022 - 31 Dec 2022 | 31 Jan 2023 | 15 | 83% | 10% | 7% | 19% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 15 | 83% | 10% | 7% | 8% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 19 | 76% | 15% | 9% | 10% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 42 | 49% | 32% | 19% | 24% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 39 | 49% | 36% | 15% | 26% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 14 | 82% | 11% | 7% | 10% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 8 | 91% | 5% | 4% | 7% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 6 | 94% | 4% | 2% | 5% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 40 | 46% | 39% | 15% | 36% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 39 | 38% | 52% | 9% | 49% |
Company Summary
DRAX CORPORATE LIMITED is a UK-based company that specializes in sustainable energy production and supply
They are committed to reducing carbon emissions and promoting responsible resource management
One of their main activities is the operation of the Drax Power Station, which is the largest power station in the UK and one of the largest renewable energy producers in Europe
The station uses a combination of biomass, gas, and coal to generate electricity, with a focus on increasing the use of sustainable biomass
In addition to their energy production, DRAX CORPORATE LIMITED also offers energy supply services to businesses and households
They have a range of renewable energy options, including wind, hydro, and solar, to help customers reduce their carbon footprint
The company has a strong sustainability program, which includes initiatives to reduce their own carbon footprint and promote sustainable practices among their suppliers and partners
They also have a community engagement program that supports local projects and initiatives in the areas where they operate
The key people at DRAX CORPORATE LIMITED include their CEO, Will Gardiner, and their Chairman, Philip Cox
They also have a team of highly qualified and experienced professionals in various departments, including energy production, sustainability, and operations
For more information on their products and services, as well as their sustainability efforts, you can visit their website at www.drax.com
Their registered office address is The Power Station, New Road, Selby, North Yorkshire, YO8 6ET, United Kingdom
Company Review
Trend Analysis
The average time to pay for DRAX CORPORATE LIMITED has been fluctuating over the past three periods. It decreased from 39 days in 2018-2019 to 8 days in 2019-2020, before increasing again to 42 days in 2020-2021. However, in the most recent period (2021-2023), the average time to pay has significantly increased to 65 days.
Volatility Analysis
The volatility for DRAX CORPORATE LIMITED's average time to pay has been high over the past three periods, with changes ranging from -33 to 57 days. This indicates that the company's payment practices have been inconsistent and unpredictable.
Summary Analysis
From 2018 to 2021, DRAX CORPORATE LIMITED showed improvement in their payment practices, with the average time to pay decreasing from 39 days to 15 days. The percentage of invoices paid within 30 days also increased from 38% to 83%, while the percentage of invoices paid later than 60 days decreased from 52% to 10%. However, in the most recent period (2021-2023), there has been a significant decline in payment performance, with the average time to pay increasing to 65 days and the percentage of invoices paid within 30 days decreasing to 26%. This indicates a potential reversal of the company's efforts to improve their payment practices.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Drax Corporate standard contract payment terms are 60 days; however, terms are agreed with suppliers as part of contract negotiations.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Drax Corporate offers reduced payment terms by credit card where accepted. Payment terms are agreed during contract negotiations. During HY2 alongside a system migration, the criteria for this submission has been reviewed and aligned with current processes. This has seen an increase from HY1 due to the treatment of credit card transactions.
Maximum contractual payment period agreed
60
Dispute Resolution Process
On receipt of an invoice, Accounts Payable perform standard checks to confirm: - •The invoice is for Drax Corporate •We have authorised supplier details and bank account for payment •A Purchase Order (PO) number is quoted and matches an approved order number •The invoice details match the approved PO for quantity, price, and description of supply •The PO has been receipted •The invoice has not already been paid •We have received a copy of the invoice We target to complete these checks within 5 days of invoice receipt. If invoices are received on a timely basis and no queries arise from these checks, payment will be schedule by BACS in accordance with terms. Where queries arise, payment will be made by BACS once these queries are resolved. We target to resolve queries within 10 days and make payment on the next scheduled BACS run. Disputes should be sent to the following email address; accountspayable@drax.com This email is monitored daily by Accounts Payable.
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.
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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?
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