UK tech groups expect over 10pc growth in 2015

 
Oliver Smith
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BRITAIN’S tech businesses expect to grow four times faster than UK GDP growth (predicted to be 2.6 per cent) this year, with the average tech company predicting growth of 11 per cent in 2015.

And next year could hold even brisker growth. Companies polled in Barclays’ Fast Growth Tech survey said they expected an additional 15 per cent growth over 2015.

“The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for innovative tech businesses,” said Barclays’ Technology, Media and Telecoms managing director and head Sean Duffy.

“Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance.” The biggest risks to growth in 2015 were identified as increased costs (21 per cent of those surveyed) and managing cashflow (19 per cent), with strong leadership as the most important factor in driving growth for the businesses (79 per cent).