The figures for the period April-June 2009, show that asset finance overall fell by 39% compared with the same period last year but the use of operating leasing (excluding cars) in increased by 9%.
Around £1bn of new equipment, ranging from commercial vehicles, aircraft, ships, rolling stock to plant and machinery, IT and other business equipment, was acquired by businesses through operating leases during the second quarter of 2009.
According to FLA, the leading trade association for the asset, consumer and motor finance sectors in the UK, the value of operating leases for business equipment (including copiers, telecoms, vending and catering equipment, security equipment, medical equipment and office furniture) increased in the second quarter of 2009 by 42% on the same period last year.
Operating leasing for plant and machinery grew by 27% over the same period. The majority of these agreements are associated with smaller businesses.