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Tag: Manufacturing
Asset finance market rebounds in April
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.
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