Enabling the Extraordinary
To Fly To Power To Live

SMART Support for Meggitt’s products and systems

Enabling operational excellence for our customers worldwide.

Our Services & Support team is dedicated to keeping Meggitt’s global customers airborne and operational.

  • Spare parts
  • Repairs
  • Exchange pool
  • Upgrades
Find out more

Payment Practices and Performance

Under the payment practices and performance legislation UK entities that meet the medium-sized company criteria under the Companies Act 2006 are required to report their payment practices and performance. Three of our Group entities meet this criteria and a summary of their payment practices and performance is set out below. Full reports for each entity are available on the payment practices public reporting website (https://www.gov.uk/check-when-businesses-payinvoices).

The factors that determine our current payment periods are our standard terms and conditions or the individual agreements that we make with suppliers. Our payment terms are consistent with terms and conditions prevalent across the global aerospace industry. We offer financing arrangements to our suppliers. We remain committed to maintaining fair working relationships with our suppliers at all times.

We also continue to adjust to changing market conditions as a result of COVID-19 and to support our suppliers to mitigate any disruption across the supply chain. While prompt payment continues to be an area of focus, the associated business interruption caused by the pandemic has resulted in a slight deterioration in performance in 2020.

Meggitt (UK) Limited

Reporting period: 1 July 2020 to 31 December 2020

Average time taken to pay invoices: 56 days

Percentage of invoices paid:
20% within 30 days
47% in 31 to 60 days
33% in 61 days or more

Percentage of invoices due in reporting period but not paid within agreed terms: 66%

Meggitt Aerospace Limited

Reporting period: 1 July 2020 to 31 December 2020

Average time taken to pay invoices: 71 days

Percentage of invoices paid:
9% within 30 days
35% in 31 to 60 days
56% in 61 days or more

Percentage of invoices due in reporting period but not paid within agreed terms: 59%

Meggitt PLC

Reporting period: 1 July 2020 to 31 December 2020

Average time taken to pay invoices: 132 days

Percentage of invoices paid:
14% within 30 days
35% in 31 to 60 days
51% in 61 days or more

Percentage of invoices due in reporting period but not paid within agreed terms: 85%

 

Reports for prior periods are available here.

January 2021


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