More than three quarters (75.4 per cent) of respondents to the ECA’s Building Engineering Business Survey, held in association with Scolmore, reported a hold or increase in turnover, with more than a third (36 per cent) reporting an increase.
ECA Group CEO Steve Bratt said, ‘A first quarter increase in sector turnover is encouraging, though we should note that this return covers a period well before the EU referendum. However, it confirms ongoing problems with late payment and retentions, which affect contractor confidence, growth and profitability.’
Just under half (48 per cent) of survey respondents were paid within 30 days of invoicing for ‘up to half of private sector work’, while 46 per cent were paid within the same timeframe for ‘up to half of public sector contracts’.
Steve Bratt added, ‘We continue to push for improved payment practice across the industry, and for now widely recognised good payment practices, such as under 30-day payment, to be underpinned by legislation.’