Construction firm Costain has secured its place back on the live Prompt Payment Code.

The company was removed from the list earlier this year due to paying suppliers late on a persistent basis.

Since its removal, Costain has demonstrated "real and fast progress". It is now the first of the 17 companies removed in April to be reinstated on the list.

A Costain spokesperson said: "Costain was an early signatory to the Prompt Payment Code and we have taken action to ensure we comply. We are pleased that the implementation of an improvement plan, which included moving all our suppliers onto payment terms of 45 days or less, increasing the frequency of payments and improving our processes, has been successful in meeting the standard required to achieve reinstatement."

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Philip King, chief executive at the Chartered Institute of Credit Management, added: "Costain has not only been able to demonstrate that its payment performance has reached the required standard, but it is also trending upwards. We are delighted that this has led to their reinstatement on the Prompt Payment Code list."

(CM/MH)