New Asset Finance Business Grows By 9% To Almost £1.7 Billion In January 2014
UK Finance & Leasing Association members report that new asset finance business grew by 9% to almost £1.7 billion in January 2014, compared with the same month last year.
Geraldine Kilkelly, head of research and chief economist at the FLA said that key asset sectors reported double digit growth – with commercial vehicle finance, business equipment finance and plant and machinery finance up by 25%, 21% and 13% respectively.
IT equipment finance reported modest new business growth of 3% compared with the same month in 2013.
Kilkelly added: “The positive start to 2014 follows exceptionally strong growth of more than a third in December 2013 and reflects growing confidence in the sector.
“The FLA’s Asset Finance Confidence Survey for Q1 2014 showed respondents expect asset finance new business to grow by up to 10% over the next 12 months.”
Jan 2014 | % change on Jan 13 | 3 mths to Jan 14 | % change on prev yr | 12 mths to Jan 14 | % change on prev yr | |
| Total FLA asset finance (£m) | 1,694 | +9 | 5,705 | +14 | 22,535 | +4 |
| Total leasing and hire purchase excluding high value (£m) | 1,672 | +7 | 5,603 | +13 | 21,843 | +4 |
| Data Extracts: | ||||||
| Plant and machinery finance (£m) | 343 | +13 | 1,069 | +9 | 4,513 | +5 |
| Commercial vehicle finance (£m) | 420 | +25 | 1,504 | +38 | 5,285 | +11 |
| IT equipment finance (£m) | 68 | +3 | 412 | +13 | 1,544 | +14 |
| Business equipment finance (£m) | 159 | +21 | 493 | +12 | 1,961 | +3 |
| Car finance (£m) | 505 | -8 | 1,599 | +1 | 6,707 | -1 |
| Aircraft, ships and rolling stock finance (£m) | 6 | -62 | 115 | +42 | 297 | -40 |
For more information visit the fla.org.uk
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