Housebuilder expected to show 2021 pre-tax profit more than doubled when it publishes annual numbers next month

Vistry is still one of the industry’s slowest paying housebuilders despite the firm saying it will have more than doubled pre-tax profit when it publishes its 2021 results next month.

Latest government data compiled by Build UK showed the firm took an average of 44 days to settle its invoices, the same amount of time as when the figures were last reported in July.

It was also the housebuilder with the largest share of invoices not paid within agreed terms, at 35%, while 15% of its invoices were still not settled after 60 days.

In a trading update last month, Vistry said pre-tax profit for 2021 will be around £345m compared to £144m in 2020. It is due to publish its annual figures on 2 March.

Invoices Finance shutterstock

Source: Shutterstock

Firms now take an average 32 days to settle bills, Build UK said. The figure is down from the 34 days it took last July

Meanwhile, Skanska, Engie and Bam Nuttall were among the slowest paying contractors despite seeing marginal improvements since last summer.

Engie was the slowest with an average time to pay invoices of 42 days, followed by Bam Nuttall on 41 days and Graham on 40 days.

Skanska took an average of 39 days to pay invoices, while the firm’s ground engineering division Cementation Skanska took an average of 44 days to make payments and its M&E firm Skanska Rashleigh Weatherfoil took 48 days.

M&E specialist SES topped the list as the slowest paying firm across all construction sectors, with an average time of 76 days. 

TClarke, which also specialises in M&E, took an average of 60 days, while Rolls-Royce and Lidl were the slowest paying clients with average payment times of 73 days and 45 days respectively.

Sir Robert McAlpine, which was the joint fastest paying contractor alongside Vinci with an average time of 24 days in July last year, has seen its pace slip to 30 days.

But the figures showed that overall payment times are continuing to improve, with Build UK members now reporting an average of 32 days to pay invoices. This is down from 34 days last July and from 45 days when the group first started publishing the information in July 2018.

Half of members now pay within 30 days, while 95% of invoices are paid within 60 days. The percentage of invoices paid within agreed terms now stands at 82%, compared to just 61% in July 2018.

Amey was the fastest paying contractor and the fastest paying of all firms listed, with an average time to settle invoices of 14 days. ISG was the second fastest contractor at 15 days, while Costain was third on 21 days.

IM Properties was the fastest paying client with an average of 15 days, followed by British Land on 17 days, Landsec  on 20 days and Places for People on 21 days.

See Build UK’s rankings below.

Sector Company Name Percentage (%) of Invoices not paid within agreed terms Average Time Taken to Pay Invoices (Days) Percentage (%) of Invoices paid within 60 days
Contractor Amey 15 14 98
Client IM Properties 16 15 95
Contractor ISG 6 15 99
Client British Land 6 17 98
Client Landsec 7 20 99
Contractor Costain 13 21 97
Client Places For People 5 21 97
Specialist – Interiors Overbury 5 22 98
Specialist – Interiors Stanmore 0 22 99
Client St Modwen 11 23 98
Specialist – M&E Enerveo 11 23 99
Specialist – Concrete J. Reddington 6 24 86
Client Berkeley Homes 22 24 94
Contractor Vinci 11 24 96
Housebuilder Redrow Homes 8 24 97
Housebuilder Barratt Developments 20 24 98
Client Valero Energy 7 24 99
Contractor Wates 25 25 96
Contractor Morgan Sindall 7 25 98
Contractor Morrison Utility Services 6 26 89
Housebuilder Persimmon Homes 18 26 97
Contractor Lendlease 2 26 100
Contractor Murphy 20 27 91
Contractor Bouygues 22 27 93
Client SHE Transmission 29 27 97
Client Great Portland Estates 36 28 93
Client Heathrow 17 28 97
Specialist – Interiors ISG Fit Out 14 28 97
Specialist – Interiors Willmott Dixon Interiors 14 28 98
Contractor Galliford Try 8 28 98
Contractor Willmott Dixon 11 28 99
Contractor Osborne 30 29 93
Contractor Mace 17 29 94
Contractor VolkerWessels 23 29 95
Specialist – M&E Imtech 38 30 86
Specialist – M&E Crown House Technologies 14 30 90
Specialist – Demolition Keltbray 1 30 92
Contractor Laing O’Rourke 19 30 93
Contractor Tilbury Douglas 39 30 95
Contractor Sir Robert McAlpine 10 30 96
Contractor McLaren Construction 38 30 99
Professional Service Arup 52 31 95
Housebuilder Bellway Homes 20 31 97
Contractor Ilke Homes 31 31 99
Client National Grid 18 32 96
Contractor Novus Property Solutions 10 33 94
Contractor BAM Construct 28 33 95
Specialist – Interiors Parkeray Interiors 0 33 100
Contractor Kier 19 34 90
Housebuilder Taylor Wimpey 15 34 96
Specialist – Concrete Expanded Structures 25 35 82
Specialist – Concrete AJ Morrisroe and Sons 5 35 95
Professional Service AECOM 52 35 96
Contractor Robertson Construction 17 35 98
Contractor Balfour Beatty 25 36 93
Housebuilder Crest Nicholson 21 36 94
Specialist – Interiors Portview 6 36 95
Contractor Wilson James 12 36 96
Contractor Multiplex 21 37 90
Contractor Bowmer and Kirkland 27 37 95
Specialist – Steel Severfield 14 37 97
Specialist – Interiors BW Interiors 13 37 98
Specialist – Concrete CJ O’Shea 10 38 86
Contractor Canary Wharf Contractors 21 38 89
Housebuilder Bloor Homes 4 38 90
Contractor Winvic Construction 6 38 96
Contractor John Sisk & Son 23 38 97
Client Aldi 7 38 97
Contractor Skanska 14 39 87
Housebuilder Miller Homes 27 39 88
Professional Service RLB 39 39 95
Contractor Seddon 11 39 97
Contractor Graham Construction 10 40 96
Specialist – Steel William Hare 10 41 82
Contractor BAM Nuttall 23 41 88
Specialist – M&E NG Bailey 17 41 93
Specialist – Scaffolding Brand Energy & Infrastructure 42 42 87
Specialist – Concrete Getjar 4 42 92
Contractor Engie 1 42 97
Specialist – Concrete Carey Group 48 43 70
Specialist – Ground Engineering Keller 37 43 87
Housebuilder Vistry Homes 35 44 85
Specialist – Ground Engineering Cementation Skanska 12 44 89
Client Lidl 8 45 87
Specialist – Demolition McGee Group 9 46 79
Specialist – M&E Skanska Rashleigh Weatherfoil 12 48 86
Specialist – Ground Engineering Bachy Soletanche 17 49 83
Specialist – Concrete Byrne Brothers 1 49 89
Specialist – Ground Engineering Roger Bullivant 4 51 67
Specialist – Steel Billington 24 51 76
Specialist – Demolition Erith 8 54 68
Specialist – Roofing Prater 6 56 90
Specialist – Concrete Tamdown 23 57 52
Specialist – Scaffolding Enigma Industrial Services Ltd 52 57 58
Specialist – Scaffolding Altrad Services 38 59 62
Specialist – M&E TClarke 26 60 38
Specialist – M&E Briggs & Forrester 36 60 49
Client Rolls-Royce 7 73 29
Specialist – M&E SES 45 76 82

 

 

 

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