The popularity of factoring and invoice discounting as a financing option in Ireland has continued to grow as industry turnover hit record levels of Ђ3.2bn, figures released by The Factors and Discounters Association (FDA) have revealed. The Irish members' client turnover has risen 38 per cent against the same period in 2003.
The FDA statement said: “The figures demonstrate the continual development of the Irish invoice finance market as companies are using the more flexible products on offer. It is a true reflexion of the expanding Irish market and also includes figures from new membership.”
Kate Sharp, chief executive of the FDA, said: “The figures demonstrate the strength and resilience of the receivables finance sector. For some time the impressive growth of the industry has been attributed to the increasing recognition of the benefits that invoice finance provides.”
Other figures show:
