Latest figures from the Asset Based Finance Association (ABFA) have revealed that companies using invoice finance have seen growth in turnover.
Businesses using invoice finance reported a 6% turnover growth in Q1 2012, compared to Q1 in 2011, with client sales rising from £55.6 billion to £59.2 billion.
Funding by ABFA members to business also saw a 4% year-on-year rise, with £15.4 billion outstanding in advances by the end of March.
Despite these positive statistics, businesses in the UK and Ireland appear to be remaining cautious and are not accessing all of the funding available to them.
In Q1 2012, available funding grew by 8% to £22.9 billion, meaning a further £7.5 billion of finance has been available and untouched by companies who could be benefitting from it.
Kate Sharp, chief executive of the ABFA, said: “The new figures show a broadly positive picture, with both total funding and turnover from companies using invoice finance rising year-on-year, plus the number of clients increasing.
“However, the new figures also show a conservative approach to accessing funds from firms, with their appetite for new investment and maximising growth potential being muted. With the economy back in recession perhaps this is not surprising, but equally it does mean there will probably be missed opportunities.”