By Maximilian Clarke
UK-based technology companies are defying the effects of the worsening global economic environment, posting record growth rates.
The UK’s top 50 companies, data compiled by Deloitte show, have increased their mean growth rate to 2820%. The single fastest growing company over the last five years is the London-based Fixnetix. By exploiting a niche in the market, Fixnetix have sold their computer chips to financial traders across Europe and North America, posting a staggering 24,557% growth over the period.
“To succeed in the technology sector, you need to understand your product, listen to your customers and know what you’re up against,” said the company’s CEO Hugh Hughes. “If you do all of that, and get your prices right, then you will continue to grow even in the toughest economic climate.”
London and the South East dominated the rankings, with two thirds of the UK total whilst London alone was home to 8 of the top 10. The majority of businesses were software or online companies, though GPEG International Ltd, coming in third place with over 17,000% growth, produces semiconductor chips and components.
“The large number of successful London based internet companies in this year’s Fast 50 reflects the importance of providing something bespoke whether the ability to play 3D poker online, to find good tradespeople or buy a distinctive gift online. The successful Fast 50 companies have combined winning ideas with successful business models,” comcluded David Halstead, partner at Deloitte Technology Fast 50.
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