Contact: Jo Ouvry
Deloitte
Public Relations
+44 (0) 20 7303 0587
Innovative technologies backed by sound management are key to rapid growth, according to the Deloitte Technology Fast 50 awards announced today. The awards are an independent ranking of the UK’s fastest growing technology companies. This year they show that companies are spread evenly across the UK and cover a broad spectrum of technologies, from the cluster of biotechnology and life science companies based around Cambridge, through chip builders in Scotland and financial sector software companies in the City of London, to Internet specialists in Ireland and Wales. Many serve global markets and attribute their sustained growth to innovation and their ability to respond and act quickly to changing market opportunities.
"It is clear from looking at the 2005 Fast 50 that the UK can foster world class technology companies. Fast 50 companies have sustained revenue growth through difficult times and shown that the right sort of innovation generates good revenues and profits," comments William Touche, the Deloitte Chairman of the UK Fast 50.
“As shown in a Deloitte technology report launched earlier this year, many of the pieces of the puzzle are in place for the UK to become a leading international player in the technology sector – in terms of its strong science base, good innovations, strong economy and financial markets. The Fast 50 reveals which businesses are making the most of what is currently a relatively advantageous position for British technology companies.”
Software companies dominate the 2005 Fast 50 (64%), which is based on increase in revenue over the five years from 2000 and 2004. 18 are directly involved in developing and selling software and services. A further nine are Internet related, heavily reliant on software, and five companies offer services, most of which are software based. Biotechnology companies have taken up two more positions - increasing from five in 2003 to seven (14%) this time with four of them in the Cambridge area. Equipment designers and builders have also moved up slightly from five to six (12%).
Telecommunications companies make up just 8% of the Fast 50, although many of the software and Internet companies are closely tied/ related to telecommunications.
Many of the 2005 Fast 50 companies were founded in the late 1990s and have struggled through hard times and depressed technology markets - a factor which is acknowledged as an important contribution to their success.
“Today’s technology entrepreneurs are weathered businessmen who are adept at navigating through difficult times in pursuit of their objectives,” comments Touche. “More buoyant economic conditions, as well as an increase in customer acceptance of radical technology changes, are sustaining certain segments of the technology sector.”
"We started six years ago when the market was really poor. But we benefited from the hard conditions. We had to keep tight control over costs," says Dave Tomkins, financial director at Midlands software company Jumar Solutions, overall winner of the 2005 Fast 50 with a staggering 6,939 per cent growth. He goes on to say that Jumar's innovative approach to software development in the face of growing international competition has enabled it to sustain its growth and projected it into international markets.
Second place Cambridge Silicon Radio (CSR) with 5,512 per cent growth also attributes its success to innovation. With 2004 revenues of $253 million, CSR is the second largest company in the 2005 Fast 50 and is a global leader in Bluetooth technology. "We started in 1999 as a spin out from Cambridge Consultants, a group of engineers who had been working on wireless applications and who saw Bluetooth as a great opportunity," says Paul Goodridge, financial director at CSR.
Placed third in the Fast 50, CCTV company AD Group attributes its success to innovative products and strong research and development: "It's down to an emphasis on R&D and making sure we make the right products for the market. And we create our own technology which means we can stay in front of the competition," says Adam Wiseberg, AD Group director. "We have also concentrated on building up our international offices to keep up a good level of exports."
Deloitte's recent competitiveness survey showed the UK as the sixth most competitive economy in the world - but warned that the UK could slip down the rankings unless technology innovation and new company formation is carefully nurtured. The breadth of innovation demonstrated by the 2005 Fast 50 shows that the talent and skills are available. The challenge, as always for the UK, is exploitation.
- ENDS –
Notes to editors
Fast 50 split according to region and category
| Category |
Eastern |
London & South
(including Wales) |
Midlands &
the North |
Scotland |
Ireland |
|
| Software |
2 |
8 |
10 |
3 |
6 |
2 (580 |
| Telecoms |
|
|
|
3 |
1 |
4 (8%) |
| Internet |
2 |
2 |
1 |
1 |
3 |
9 (18%) |
| Biotech |
4 |
1 |
|
1 |
1 |
7 (14%) |
| Computer |
|
|
|
|
1 |
1 (2%) |
| Total |
8 (16%) |
11 (22%) |
11 (22%) |
8 (16%) |
12 (24%) |
50 |
About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP.
Deloitte & Touche LLP is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class audit, tax, consulting and corporate finance services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.
Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.
The information contained in this press release is correct at the time of going to press.
