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Equipment Finance News Plant and machinery drives UK asset finance growth Published: 16th August 2017 Share New figures released by the Finance & Leasing Association (FLA) have shown strong growth for asset finance new business in the first half of 2017. June 2017 % Mth YoY Quarter to June % Qtr YoY Year to June % year to June Total FLA asset finance (£m) 3,133 +16% +8,474 +12% 31,809 +8% (ex high value) 3,085 +17% +8,160 +9% 30,442 +8% By asset Plant and machinery 729 +37% 1,801 +25% 6,456 +12% Commercial vehicles 718 +9% 1,905 +2% 7,527 +4% IT equipment 258 +17% 552 +1% 2,242 -3% Business equipment 274 +6% 684 +8% 2,530 +14% Car finance 944 +9% 2,759 +10% 9,724 +7% Aircraft, shipping, rolling stock 14 -10% 287 +172% 730 +58% By channel Direct 1,614 +19% 4,242 +8% 15,492 +7% Broker 490 +9% 1,452 +12% 5,700 +17% Sales finance 982 +17% 2,467 +10% 9,250 +4% By product Finance lease 385 +8% 999 +1% 4,018 -2% Operating lease 684 +16% 1,971 +16% 7,065 +7% Lease/HP 1,591 +11% 4,466 +11% 16,058 +10% Other 473 +52% 1,038 +27% 4,219 +16% The figures, primarily covering leasing and hire purchase, grew by 16% in June, compared with the same month last year, and by 12% in the second quarter of 2017 overall. The plant and machinery finance and IT equipment finance sectors reported new business up in June by 37% and 17% respectively, compared with the same month in 2016. Over the same period, new finance for commercial vehicles and business equipment grew by 9% and 6% respectively. Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market reported its sixth consecutive month of growth in June, with new business in the first half of 2017 up by 11% compared with the same period in 2016. “The plant and machinery finance sector has seen particularly strong growth in 2017 so far. “In the first six months of 2017, new asset finance for construction and agricultural equipment grew by 34% and 28% respectively, while production and processing plant finance increased by 29%.” Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance
