Entries have now opened for the 2008 Deloitte Fast 50 Technology awards. The awards, now in their 11th year, recognises and ranks technology companies with an exceptional growth in turnover over the last five years.

Last year’s winning entry was ByBox, a company offering ‘unattended delivery solutions’. Their revenues had grown by 15,272%, from £119,235 in 2002 to £18,328,767 in 2006.

ByBox CEO Stuart Miller points out: “The award has added prestige to our company image. In addition, as the award focuses entirely on actual financial performance, it is very objective and a real indication of success.

“Being recognised as the Fastest Growing Technology Company of 2007 is a tremendous honour and testament to the hard work of all our staff.”

David Halstead, Deloitte Technology Partner and Chairman of the Fast 50 said: “The Fast 50 is an ideal way to showcase the success of your business and we look forward to seeing entries from companies from across the country in all areas of technology, from internet specialists to life sciences, computers to semiconductors, software to telecommunications.”

The launch of the Fast 50 coincides with the Deloitte report ‘Tooling Up’ which analyses the key operational and financial concerns of last year’s entrants to the Fast 50. The report reveals key hurdles currently faced by technology businesses, including the recruitment of new, highly skilled and motivated staff.

A quarter of companies found obtaining finance was their biggest financial concern. Given the current scarcity of external investors, executives are looking to bank finance and using their or their company’s resources to invest in their business.

David Halstead said: “The challenges facing technology companies with the current economic backdrop has led to scarcity of credit and this might dampen appetite for risk. In its place a premium may be given to steady, forecastable cash flows that elude most fast-growing technology companies.”

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For full details and awards entry form please visit:

www.fast50.co.uk

About the Deloitte Technology Fast 50 Programme:

To enter the Fast 50 Awards, companies must meet the criteria listed below:

• Have been in business for a minimum of five years;
• Considered a technology company, which is defined as

 - producing technology

 - manufacturing technology-related products

 - be technology intensive, or use unique technology to solve problems

 - devoting a high percentage of effort to technology R&D;

• The parent company must be UK-owned and have its headquarters in UK or Ireland (subsidiaries of multinational organisations do not qualify);
• Operating revenues must be at least £35,000 (50,000 Euros) for 2001 and £550,000 (800,000 Euros) in 2005.

About Deloitte

In this press release references to Deloitte are references to Deloitte & Touche LLP, which is among the country's leading professional services firms.

Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein, whose member firms are legally separate and independent entities.  Please see www.deloitte.co.uk\about for a detailed description of the legal structure of DTT and its member firms.

The information contained in this press release is correct at the time of going to press.