Invoice finance showed promising growth in the
third quarter of 2011, according to statistics released by the
AFBA.
Total funding by the Asset Based Finance
Association’s members to businesses this quarter reached £16bn, an
increase of 9% or £1,4bn year-on-year, and security values were
£34.61bn, an increase from £31.36bn recorded in the third quarter
of 2010.
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The surveyed companies collectively lost
2,819 clients, 19% more than in the same period in 2010, but gained
2,905 clients, up from 2,409 year-on-year and a net gain of 86
customers.
ABFA also compiled statistics from the
Republic of Ireland using six Irish invoice finance companies.
Total funding to businesses was €4.6bn, a 3%
rise from the third quarter of 2010, and total turnover was
€1.2bn, up from €1.1bn recorded in the Q3 of 2010. The
companies also collectively saw a 38% decrease in client losses
year-on-year.
The research also shows the turnover of the UK
businesses using invoice finance grew 16% to £62.3bn during the
quarter, an increase of £8.6bn, from the previous year, according
to the report, which collates data from the ABFA’s 42 members.
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