The industry's third quarter statistics for 2003 demonstrate that export factoring and invoice discounting has seen a period of sustained growth as the industry turnover approaches a record Ј30billion. Export invoice discounting has risen by 25 per cent in the quarter with FDA members' client turnover hitting Ј783million up from Ј626million last quarter. Export factoring has also seen an almost 20 per cent increase in turnover.
The FDA's Chairman Ann Horan commented:
"The growth demonstrated by these figures shows that companies are finding factoring and invoice discounting the most effective and secure cashflow solution for trading in the European market. Those UK businesses capitalising on the international services provided by FDA members are doing so because the risks involved in exporting are greater than those of domestic trade. "
