Novus recognised in Business in the Community's Responsible Business Awards 2015

  29 MAY, 2015
Novus recognised in Business in the Community's Responsible Business Awards 2015

We are delighted to have been recognised in the 2015 Responsible Business Awards, run by Business in the Community for the continual positive impact of our corporate social responsibility programme.

The Responsible Business Awards is the most prestigious and respected awards championing responsible business in the UK and abroad. It celebrates inspirational companies that are taking action to address social and environmental issues and transform their communities.

Today’s announcement coincides with Responsible Business Week (20-26 April 2015) an annual initiative to increase awareness of the positive contribution of business in society. The Responsible Business Awards celebrate the variety of ways that businesses are making a difference – from investing in the wellbeing of employees, to helping young people develop skills, or supporting small businesses to grow. 145 companies have been shortlisted in total across the UK, across the 13 award categories.

Every year as part of the Responsible Business Awards, Business in the Community ‘reaccredits’ a number of companies who are able to demonstrate the continual positive impact of a programme that has received an award accolade. We were initially recognised in 2014 as the Santander Responsible Small Business of the Year.

Stephen Howard, chief executive, Business in the Community said “The Responsible Business Awards celebrate the very best of business and raise awareness of business as a powerful force for good. We congratulate Novus for playing its part in creating a fairer society and more sustainable future and demonstrating that business has a greater purpose then simply generating profit.”

For further information about the 2015 Responsible Business Awards visit www.bitc.org.uk/awards

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payment practices, contractors

DELIVERING ON OUR COMMITMENT TO IMPROVE PAYMENT PRACTICES

Ahead of the filing of our latest payment practice statistics, Neil Washington, our finance director, provides a breakdown of our results. Late payments are a thorn in the side of smaller firms in the construction supply chain. That’s why we have placed an ongoing focus on doing all we can to reduce the time we take to pay our suppliers. Quite rightly, the issue has attracted negative headlines in the construction industry and large companies are now required to report on their payment practices every six months. So, with the deadline for businesses to file their latest available data falling this week, some may be nervous about what the statistics will reveal. Here at Novus, however, we’re happy to report that our commitment to reducing payment times is continuing to bear fruit. The data for the first half of the year shows that we took an average of 29 days to pay our subcontractors. This is an improvement on the already high standard we set ourselves for the same period last year, which was 30 days. To put this in context, according to Construction News’ latest analysis of payment-practice reports, the industry’s largest contractors took an average of 43 days to pay suppliers. It’s not just there where we’ve continued to make improvements. We also now pay 57% of our invoices within 30 days, up from 52% for the first half of 2018, while the proportion of payments outside of terms are down year-on-year. Of course, our work doesn’t stop here and we will continue to focus on this issue. Contractors and their supply chains are dependent on each other’s success. Prompt payment means that subcontractors can maintain healthy cashflow levels, increasing the likelihood of them accepting more work and consistently carrying out quality jobs. Late payment can also have a massive impact on cashflow, increasing the likelihood of insolvency. At a time of skills shortages, reduced access to labour and economic uncertainty, it’s vital that bigger players in the industry are doing all they can to ease the burden smaller firms face.