The country’s biggest private contractor has now set out its action plan to shorten payment times.

Latest six-month returns show that between April – September, Laing O’Rourke paid 94% of invoices by value within 60 days.

Judged by volume, which is the Government’s preferred measure, 79% of invoices were paid under 60 days, a 22% improvement on Oct 2018 – March 2019 returns.

The firm added that its payment performance was improving month-on-month, with 93% of invoices paid within 60 days in September as a stand-alone month.

John O’Connor, group commercial director at Laing O’Rourke, said: “Laing O’Rourke values its supply chain partners who are integral to our ability to deliver world-class projects for our clients.

“The UK business set out a clear action plan to address prompt payment, which was agreed with the Chartered Institute of Credit Management.

“We are pleased that those actions, which have included investment in technology and a refinement in payment processes have seen improvements in supplier payments, resulting in our reinstatement to the Prompt Payment Code live list.”

Philip King, chief executive at the Chartered Institute of Credit Management, said: “Laing O’Rourke has demonstrated that the actions implemented through its plan have resulted in improved payment performance, with an ongoing upward trend. We are delighted that this has led to their reinstatement to the Prompt Payment Code.”