The Factors and Discounters Association of the UK and Ireland (FDA) has published industry figures today showing a 15.03% increase in factoring and invoice discounting volumes to Ј30.50bn in the first three months of 2004 (Q1 2003: Ј26.51bn).
Of the services offered by the FDA’s members, export invoice discounting increased by 31.61% in Q1 2004 to Ј712m (Q1 2003: Ј541m), domestic invoice discounting increased by 17.67% to Ј25.19bn (Q1 2003: Ј21.41bn), while domestic factoring remained stable at Ј4.18bn (Q1 2003: Ј4.17bn).
For the first time the FDA have analysed members’ deals by sole lender and syndicated deals. The results show that, of the total advances of Ј30.50bn, the overwhelming majority of deals are made by individual lenders (by volume, 97.83% and by client numbers, 99.93%). Only Ј128m of the total volume was from syndicated deals.
