UK leasing business volume was up 6% year-on-year in the second quarter of 2013 to £5.75bn (6.68bn), according to the latest figures from the Finance & Leasing Association (FLA).
When high-value deals in excess of £20m are excluded, the total for the three months to 30 June is £5.57bn. Total new business transacted in June was up 3% year-on-year to £2.03bn, £1.87bn excluding high value.
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Much of the growth in volume was in the plant and machinery, commercial vehicle, IT equipment and business equipment sectors, which collectively grew 15% in the second quarter, compared to the same period in 2012.
IT equipment finance in particular grew 32% year-on-year in the quarter, while the business equipment sector grew 26%, to £1.83bn, and 20% in June, to £222m.
Plant and machinery finance was up 21% in June to £428m, while commercial vehicle finance grew 13% compared to the previous June to £463m, and was up 10% for the quarter to £1.23bn.
Julian Rose, head of Asset Finance at the FLA, said: "New investment in business equipment is a good indicator of future business growth, so these figures augur well for SME sales growth and employment trends over the rest of 2013."
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By GlobalDataThe figures mean the new business volume for the first half of 2013 was £10.69bn, down 0.4% on the first-half volume in 2012, while the figure for the 12 months to 30 June 2013 was £21.43bn, 1% below the figure for the previous 12 months.
