Companies paying bills more quickly

FIRMS paid their bills two days quicker in the first half of this year than in 2009, but they still lag well behind firms in the North.

Businesses in counties Waterford and Wexford took the longest time to settle their bills, while those in Co Kerry were the fastest.

According to research from service firm Experian, companies in the Republic are paying their bills seven days later than those in the North.

During the first six months of this year, businesses in the Republic of Ireland paid their invoices 26 days beyond terms, two days faster than in the first six months of last year.

Irish businesses paid their bills an average of 27.82 days beyond terms in the second quarter of this year, which is a marginal year-on-year improvement compared to the 28.38 days beyond terms in the same period last year.

However, the payment performance of Irish companies deteriorated by one day in the second quarter, at 27.82 days beyond terms, compared to the first quarter of 2010 when the average was 26.53 days beyond terms. Payment performance among Irish companies has been moving in a negative trajectory since the third quarter of last year, when the average payment duration was 25 days beyond terms.

Kerry businesses averaged just 19 days beyond terms in the second quarter of this year, while businesses in Waterford averaged 37 days beyond terms.

Business development manager at Experian Ciaran Canning said: “The continual movement of cash -flow through a business is imperative to the stability and growth of any business.

“The culture of late payments in Ireland, despite the EU’s late payment directive, could be a factor that hinders growth.”

Fastest paying:

* 1. Kerry.

* 2. Mayo.

* 3. Cavan.

* 4. Laois.

* 5. Clare.

* 6. Galway.

* 7. Wicklow.

* 8. Limerick.

* 9. Cork.

* 10. Carlow.