Smaller Tech Companies Experienced Huge Amounts Of Growth Between 2010 And 2014

SMEs specialising in technology and IT have been named the top-performing sector of the economy after experiencing an average annual revenue growth of 350% between 2010 and 2014, according to a new report.

The London Stock Exchange Group's 1,000 Companies To Inspire Britain report included 65 tech companies on the list of "the UK's most exciting and dynamic SMEs". Factors such as the UK National Cluster Alliance, a huge growth in the cyber-security market and support from investors has led to the UK becoming a "tech nation".

Of the 1,000 companies on the list, 75% were based outside of London. SMEs from Scotland, Northern Ireland and Wales were included for the first time, giving a 30% boost to the prevalence of firms outside the capital.

Commenting on the report, Tech City Investment Organisation CEO and chair Joanna Shields said: "In the past year, brilliant digital companies have continued to spring from collaborative communities of entrepreneurs, supported by established businesses and government.

"All across the country these companies are disrupting traditional industries, forging innovative sectors and creating an entirely new way of doing business."

Expert Opinion

This report has put an interesting spotlight on not only in which industries are SMEs thriving, but also on the fact that many are based outside of London. <br/> <br/>"Technology and IT are clearly key areas of growth for small businesses which are innovative and forward-thinking, but there of course remains significant opportunities in other areas for ambitious smaller firms. Regardless of their industry, the key issue for SMEs to bear in mind is that they need support and advice to help them on their way – legal help is an essential to this." Fergal Dowling - Partner