Asset finance new business (primarily leasing and hire purchase) grew by 2% in April, compared with the same month last year, according to latest figures from the Finance & Leasing Association (FLA).

In the first four months of 2016, new business was 6% higher than in the same period in 2015.

The business equipment finance sector reported new business up by 5% in April compared with the same month in 2015, while commercial vehicle finance grew by 3% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market reported its thirty-first consecutive month of new business growth in April, with a particularly strong performance by the broker channel.

“The solid performance by the industry so far in 2016 meant that that the percentage of UK investment in machinery, equipment and purchased software funded by it increased to 31.8% in the twelve months to March 2016.”