New business in asset finance increased by 16% year-on-year in May to reach £2.68bn (€3.03bn), according to the Finance & Leasing Association (FLA).

Plant and machinery finance increased by 28% on May 2016’s figure, increasing to £572m. Business equipment finance increased by 31%, while IT equipment finance experienced a 7% decline in new business.

By channel, direct finance was the most popular, increasing by 10% year-on-year in June to reach £1.302bn. Broker-introduced finance grew the most, increasing 26% from June 2016’s figure to £572m.

Lease and hire purchase was the most popular asset finance product, accounting for £1.48bn in new business in June, an increase of 19% on the same period in 2016.

Other finance experienced the largest percentage increase among the products, rising by 39% year-on-year in June 2017 to £311m.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.