Quarterly Payment Performance in Republic of Ireland improves according to new data from Experian
Dublin, 6th August 2013 — Irish businesses improved their payment performance by nearly three and a half days in the second quarter of 2013, according to the latest insights from Experian®, the global information services company.
Businesses in the Republic of Ireland paid creditor invoices on average 23.14 days beyond invoice terms during April, May and June, compared to 26.61 days during the first three months of the year.
In Northern Ireland, businesses continued to pay significantly faster than their counterparts in the Republic, paying on average 14.5 days beyond terms in the second quarter 2013.
By analysing the payment records of thousands of businesses in the Republic of Ireland and Northern Ireland, including those owned by overseas companies, Experian is able to identify if and when they are going to pay their debts. The latest Experian payment performance analysis reveals that:
• Businesses in the Republic paid their bills on average 23.14 days beyond terms in Q2 2013 compared with 26.61 days beyond terms in Q1.
• In Northern Ireland, businesses paid their bills on average 14.5 days beyond terms during the three month period, compared with 15.9 days beyond terms in Q1 2013.
• Businesses in Leitrim pay their bills the fastest, averaging 17.07 days beyond terms from April to June 2013.
• Businesses in Cavan are now the slowest to settle their bills averaging 26.84 days beyond terms.
Fin O’Driscoll, Managing Director at Experian Ireland explains, “The improvement in payment performance is a welcome development for Irish SMEs who rely on prompt payments to ensure a healthy cash flow in their business. The introduction of the European payment directive in March this year seems to be having a positive effect on the overall payment performance of Irish businesses and we hope this trend continues. Coupled with that, however, Irish businesses need to operate with caution and carefully examine their credit policies and procedures to ensure they are only extending credit to those customers that are in a position to pay in a timely manner.”
Experian has the largest database of up-to-date commercial payment data in Ireland, which is extracted from more than 6,500 ledgers processed every month.
Counties with fastest paying businesses Q2 2013
Rank County Average DBT
1 Co Leitrim 17.07
2. Co Westmeath 17.99
3 Co Clare 18.13
4. Co Limerick 18.90
5. Co Kilkenny 19.09
6. Co Donegal 19.96
7. Co Mayo 20.25
8. Co Laois 20.58
9. Co Waterford 20.61
10. Co Cork 20.65
Counties with slowest paying businesses Q2 2013
Rank County Average
1. Co Cavan 26.84
2. Co Meath 25.86
3. Co Louth 25.77
4. Co Carlow 25.27
5. Co Monaghan 25.06
6. Co Tipperary 24.58
7. Co Wexford 24.34
8. Co Kildare 24.11
9. Co Galway 23.64
10. Co Kerry 23.26
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Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2013 was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit http://www.experianplc.com