The Asset Based Finance Association’s (ABFA) latest quarterly figures have shown that companies in the UK using invoice finance have seen their turnover grow by on average 6% both this quarter and when taken into comparison to this time last year.
95% of invoice finance lenders across the UK, including Skipton Business Finance, are members of ABFA, the representative body for the invoice finance market.
ABFA reported total client sales for Q1 2012 had reached £59.2bn, rising from £55.6bn last year.
Funding levels by members of ABFA rose 4% year-on-year, with £15.4 billion outstanding in advances at the end of March.
The number of clients using invoice finance also rose noticeably, as a net total of 493 new clients took out facilities with ABFA’s members, pushing total client numbers up to 41,989.
Chief executive of the ABFA, Kate Sharp, said of the figures: “The new figures show a broadly positive picture, with both total funding and turnover from companies using invoice finance rising year on year, plus the number of clients increasing.”
Q2 is also looking set to be positive for the industry, as Skipton Business Finance was delighted to report it had sanctioned a record number of deals in Q1.
More than £17bn worth of funds were provided by the invoice finance industry to UK and Ireland firms in 2012.