Asset finance new business was up 13% in the first quarter 2014 compared to the same period in 2013 in the UK, according to figures released by the Finance and Leasing Organisation (FLA). New business grew 17% year-on-year for March alone.

Overall, £5.69bn (€6.94bn) worth of business was done in the first quarter, with £2,353m done in March alone.

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The growth came across all sectors. IT equipment finance saw the biggest growth in March, up 29% year-on-year to £149m in the month. Total business for the quarter reached £312m, up 11% compared to 2013.

Plant and machinery finance saw the biggest overall growth in the quarter, up 21% year-on-year, to £1,238m, and the sector grew 16% in March to £482m.

Commercial vehicle finance grew 19% year-on-year in the quarter to £1,238m and grew 16% in the month of March to £579m.

Business equipment finance grew 20% in the quarter, to £499m, and 24% in March to £195m.

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Car finance, the biggest asset finance market, grew 6% year-on-year in the first quarter, to £1,681m. It also grew 27% year-on-year for the month of March.

Commenting on the figures, head of research and chief economist at the FLA Geraldine Kilkelly said: "In Q1 2014, the asset finance industry returned its best first quarter performance for five years, and the pattern of growth suggests a broad-based recovery in business investment.