New business in the asset finance sector grew by 9% to almost £1.7 billion in January 2014, compared with the same month last year, the Finance & Leasing Association has reported.
Key asset sectors reported double digit growth with commercial vehicle finance, business equipment finance and plant and machinery finance up by 25%, 21% and 13% respectively.
IT equipment finance reported modest new business growth of 3% compared with the same month in 2013.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The positive start to 2014 follows exceptionally strong growth of more than a third in December 2013 and reflects growing confidence in the sector.
“The FLA’s Asset Finance Confidence Survey for Q1 2014 showed respondents expect asset finance new business to grow by up to 10% over the next 12 months.”
