New business written by asset finance lenders in June amounted to £2.162bn (2.727bn), up 6% on last June’s figures, according to the Finance & Leasing Association (FLA).
Total FLA asset finance in the past 12 months stood at £23.478bn, which was an 8% increase on the 12 months preceding it.
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The FLA said "continuing broad-based recovery" was evidenced by solid performances in plant and machinery and commercial vehicle finance, which grew 19% and 18% respectively in the first half of 2014.
Of all sectors, the biggest percentage changes for the 12 months to June were commercial vehicle finance (+19% to £5.641bn); plant and machinery finance (+14% to £4.893bn); business equipment finance (+4% to £1.999bn) and car finance (+3% to £6,909), compared to the previous period.
Aircraft, ships and rolling stock finance has a steep drop of 43% on last year’s level, to £269m.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: "The first six months of 2014 have seen sustained growth in asset finance which has helped support the recovery in key sectors of the economy.
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By GlobalData"So far this year, more than 60% of asset finance new business went to support business investment by SMEs."
By Brian Cantwell
