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Asset finance up 27% in March

8 May 2015

Figures released today by the Finance & Leasing Association (FLA) show growth of 27% in asset finance new business in March 2015, compared with the same month a year earlier, and 19% growth in Q1 2015 overall.

In March, IT equipment finance grew by 35%, and plant and machinery finance and commercial vehicle finance by 27% and 21% respectively, compared with March 2014.

First quarter results show IT equipment finance up by 53% compared with Q1 2014, while plant and machinery finance and commercial vehicle finance each grew by 13% in Q1 2015.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The asset finance market, through the provision of leasing and hire purchase, has made an excellent start to 2015. March new business of £3.1 billion was the highest monthly total since September 2008, with record levels of new business reported by some asset finance sectors.”

Mar

2015

% change on prev. year

3 months to Mar 2015

% change on prev. year

12 months to Mar 2015

% change on prev. year

Total FLA asset finance (£m)

3,098

+27

6,936

+19

27,131

+14

Total excluding high value (£m)

2,939

+21

6,635

+15

26,088

+13

Data Extracts:

Plant and machinery finance (£m)

620

+27

1,420

+13

5,587

+19

Commercial vehicle finance (£m)

736

+21

1,629

+13

6,209

+10

IT equipment finance (£m)

201

+35

479

+53

1,791

+14

Business equipment finance (£m)

204

+4

533

+7

2,224

+10

Car finance (£m)

1,001

+22

2,035

+13

8,305

+14

Aircraft, ships and rolling stock finance (£m)

139

+2168

225

+463

449

+63

 

Note to editors:

  1. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £26 billion of finance was provided to businesses and the public sector. FLA members financed more than 27% of UK investment in machinery, equipment and purchased software in the UK last year.