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 on their payment practices and performance. Two 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 public register.

The factors that determine our current payment periods are our standard terms and conditions and individual agreements that we make with our suppliers. Our payment terms are consistent with the terms and conditions that are prevalent across the global aerospace industry. We offer financing arrangements to our suppliers and remain committed to maintaining fair working relationships at all times. We also continue to support our suppliers to mitigate any disruption across the supply chain due to the COVID-19 pandemic.

Meggitt (UK) Limited

Reporting period: 1 July 2021 to 31 December 2021

Average time taken to pay invoices: 44 days

Percentage of invoices paid:
33% within 30 days
52% in 31 to 60 days
15% in 61 days or more

Percentage of invoices due in reporting period but not paid within agreed terms: 45%

Meggitt Aerospace Limited

Reporting period: 1 July 2021 to 31 December 2021

Average time taken to pay invoices: 68 days

Percentage of invoices paid:
11% within 30 days
40% in 31 to 60 days
49% in 61 days or more

Percentage of invoices due in reporting period but not paid within agreed terms: 40%

Reports for prior periods are available here.

January 2022


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