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Asset Finance up 16% in May
New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew in May by 16% compared with the same month last year.
The plant and machinery finance and business equipment finance sectors reported new business up in May by 28% and 31% respectively, compared with the same month in 2016, while new finance for commercial vehicles was up by 3% over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“Asset finance new business grew by 9% in the first five months of 2017, as the industry continued to help businesses invest.
“The growth in plant and machinery finance new business so far in 2017 has been broad-based, with increases in new finance provided for construction equipment, agricultural equipment, forklift trucks, and production and process plant over that period.”
|
May 2017 |
% change on prev. year |
3 months to May 2017 |
% change on prev. year |
12 months to May 2017 |
% change on prev. year |
|
| Total FLA asset finance (£m) |
2,676 |
+16 |
8,890 |
+8 |
31,321 |
+7 |
| Total excluding high value (£m) |
2,600 |
+15 |
8,538 |
+9 |
29,956 |
+6 |
| Data Extracts:
By asset: |
||||||
| Plant and machinery finance (£m) |
572 |
+28 |
1,796 |
+18 |
6,285 |
+9 |
| Commercial vehicle finance (£m) |
609 |
+3 |
2,051 |
+4 |
7,456 |
+4 |
| IT equipment finance (£m) |
175 |
-7 |
555 |
-6 |
2,208 |
-5 |
| Business equipment finance (£m) |
231 |
+31 |
638 |
+6 |
2,527 |
+18 |
| Car finance (£m) |
841 |
+15 |
2,981 |
+11 |
9,593 |
+6 |
| Aircraft, ships and rolling stock finance (£m) |
100 |
+222 |
327 |
+192 |
731 |
+62 |
|
By channel: |
||||||
| Direct finance (£m) |
1,302 |
+10 |
4,303 |
+7 |
15,229 |
+5 |
| Broker-introduced finance (£m) |
527 |
+26 |
1,573 |
+19 |
5,550 |
+15 |
| Sales finance (£m) |
771 |
+15 |
2,662 |
+6 |
9,178 |
+2 |
|
By product: |
||||||
| Finance leasing (£m) |
315 |
0 |
1,027 |
0 |
3,986 |
-3 |
| Operating leasing (£m) |
574 |
+8 |
2,153 |
+15 |
6,966 |
+6 |
| Lease/Hire purchase (£m) |
1,476 |
+19 |
4,706 |
+12 |
16,322 |
+9 |
| Other finance (£m) |
311 |
+39 |
1,004 |
-11 |
4,047 |
+11 |
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