8 June 2018
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 7% in April, compared with the same month in 2017.
New business in the plant and machinery finance and business equipment finance sectors was up by 13% and 18% respectively, while commercial vehicle finance new business increased by 13% over the same period.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The recovery in asset finance new business in April was broad-based. The manufacturing, agricultural and construction equipment finance sectors each reported strong growth, with new business up by 61%, 35% and 27% respectively, compared with April 2017.”
|
Apr 2018 |
% change on prev. year |
3 months to Apr 2018 |
% change on prev. year |
12 months to Apr 2018 |
% change on prev. year |
|
|
Total FLA asset finance (£m) |
2,738 |
+7 |
8,068 |
-1 |
31,650 |
+3 |
|
Total excluding high value (£m) |
2,554 |
+10 |
7,739 |
+1 |
30,019 |
+5 |
|
Data Extracts:By asset: |
||||||
|
Plant and machinery finance (£m) |
574 |
+13 |
1,717 |
+1 |
6,627 |
+8 |
|
Commercial vehicle finance (£m) |
649 |
+13 |
1,981 |
+1 |
7,485 |
0 |
|
IT equipment finance (£m) |
136 |
+14 |
501 |
-5 |
2,335 |
+4 |
|
Business equipment finance (£m) |
206 |
+18 |
637 |
+3 |
2,617 |
+7 |
|
Car finance (£m) |
891 |
+5 |
2,484 |
-1 |
9,396 |
+3 |
|
Aircraft, ships and rolling stock finance (£m) |
15 |
-91 |
53 |
-83 |
289 |
-56 |
|
By channel: |
||||||
|
Direct finance (£m) |
1,259 |
+3 |
3,864 |
0 |
14,978 |
+2 |
|
Broker-introduced finance (£m) |
525 |
+24 |
1,554 |
+9 |
5,823 |
+10 |
|
Sales finance (£m) |
771 |
+14 |
2,321 |
-1 |
9,218 |
+6 |
|
By product: |
||||||
|
Finance leasing (£m) |
319 |
+11 |
987 |
+7 |
3,876 |
+6 |
|
Operating leasing (£m) |
476 |
-20 |
1,584 |
-15 |
6,412 |
-5 |
|
Lease/Hire purchase (£m) |
1,610 |
+16 |
4,591 |
+5 |
17,083 |
+6 |
|
Other finance (£m) |
195 |
-15 |
662 |
-23 |
3,116 |
-7 |
Note to editors:
- In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £32 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2017.
- For media enquiries, please contact the FLA press office on 020 7420 9656.