- {JLinkedShare}
- Written by Lisa Laverick
-
-
New figures launched by the Finance & Leasing Affiliation (FLA) present that complete asset finance new enterprise (primarily leasing and rent buy) grew in February 2023 by 20% in contrast with the identical month in 2022. Within the first two months of 2023, new enterprise was 13% larger than in the identical interval in 2022.
The enterprise new automobile and business automobile finance sectors reported new enterprise up in February by 46% and 24% respectively, in contrast with the identical month in 2022. The plant and equipment finance sector additionally reported new enterprise development of 18% over the identical interval.
Commenting on the figures, Geraldine Kilkelly, Director of Analysis and Chief Economist on the FLA, stated: “The asset finance market reported a tenth consecutive month of recent enterprise development in February which was extra broad-based than in current months, albeit in contrast with a comparatively subdued February 2022. Asset finance new enterprise supplied to SMEs and bigger companies elevated in February by 16% and 28% respectively.
“The newest figures clearly show that the business is constant to assist companies to take a position and develop in a difficult financial atmosphere. Amongst SMEs, the success price is excessive when making use of for asset finance, with 95% supplied a facility. Moreover, 93% of SMEs making use of for asset finance had been glad with the end result of the method in contrast with solely 54% of these making use of for a financial institution mortgage.”
| Feb 2023 |
% change on
prev yr
|
3 mths to
Feb 2023
|
% change on
prev yr
|
12 mths to
Feb 2023
|
% change on
prev yr
|
|
|---|---|---|---|---|---|---|
|
Complete FLA asset finance (£m)
|
2,609 | 20 | 8,458 | 15 | 34,457 | 8 |
| Complete excluding excessive worth (£m) | 2,430 | 17 | 8,032 | 18 | 32,513 | 9 |
| Information Extracts: | ||||||
| By asset: | ||||||
| Plant and equipment finance (£m) | 654 | 18 | 1,836 | 7 | 7,896 | 7 |
| Business automobile finance (£m) | 734 | 24 | 2,153 | 13 | 8,997 | 7 |
| IT tools finance (£m) | 99 | 19 | 363 | 16 | 1,588 | 3 |
| Enterprise tools finance (£m) | 144 | -5 | 442 | -10 | 1,946 | 1 |
| Automobile finance (£m) | 715 | 26 | 2,713 | 38 | 10,059 | 16 |
|
Plane, ships and rolling inventory finance (£m)
|
11 | -59 | 78 | -38 | 294 | -25 |
| By channel: | ||||||
| Direct finance (£m) | 1,099 | 26 | 3,826 | 32 | 14,450 | 13 |
| Dealer-introduced finance (£m) | 604 | 16 | 1.831 | 16 | 7,664 | 12 |
| Gross sales finance (£m) | 727 | 6 | 2,374 | 2 | 10,399 | 0 |
| By product: | ||||||
| Finance leasing (£m) | 242 | 10 | 863 | 16 | 3,464 | 9 |
| Working leasing (£m) | 556 | 45 | 1,956 | 42 | 6,714 | 9 |
| Lease/Rent buy (£m) | 1,435 | 14 | 4,432 | 11 | 19,350 | 10 |
| Different finance (£m) | 287 | 15 | 950 | -4 | 3,709 | 1 |
