for Q112 showing that both total funding and turnover from companies using
invoice finance remain broadly positive with year-on-year growth, reports the
Asset Based Finance Association (ABFA). UK and Irish firms, however, still
remain cautious and are not accessing all of the funding available to them.
ABFA says that turnover from companies using invoice finance grew by 6% in both
Q112 and over the same period last year, with total client sales rising from
£59.2bn against £55.6bn for Q111. Funding by the ABFA’s members to businesses
also rose 4% year on year, with £15.4bn outstanding in advances at the end o f
March. The Association adds that while this figure is 1.9% down on last
quarter’s total advances the fall was fully expected with Q112 figures
traditionally showing a slight drop and annual growth remaining positive.
Sharp, chief executive officer (CEO) of the ABFA, said: “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.
However, the new figures also show a conservative approach to accessing funds
from firms, with their appetite for new investment and maximising growth
potential being muted. With the economy back in recession perhaps this is not
surprising, but equally it does mean there will probably be missed
The country is expected to survive the review, which it must do to retain its place in the European Central Bank’s asset purchase programme.
The bank believes that the battered UK currency, recently only just holding above the US$1.20 level, could be trading at US$1.36 by this time next year.
The Middle East oil producer’s debut global bond issue surpassed the total of US$16.5bn raised by Argentina when it tapped the market earlier this year.
The IT research and advisory group forecasts that worldwide IT spending in 2017 will edge 2.9% higher to total US$3.5 trillion.