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Expanding tech firms cite recruitment as key growth factor

Nov 28
Tags: Deloitte
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Expanding tech firms cite recruitment as key growth...

The chief executive officers of nearly half of the UK's fastest-growing technology firms see recruitment as the most important contributor to their recent success, research has revealed.

Deloitte this month published its Fast 50 ranking of the UK tech firms that are currently expanding the quickest, based on the last four years of revenue growth.

At the top of the list was London-based programmatic, paid social and pay-per-click media agency Brainlabs, with an average four-year growth rate of 8,255 per cent. It was followed by direct debit provider GoCardless, mobile services specialist Exsel Group, betting exchange Smarkets and Nervecentre Software, a provider of mobile apps for the NHS.

Fintech and software companies dominated the top ten.

The 50 businesses in the list generated £884 million of combined revenue in 2015-16 and employed more than 7,100 people. They achieved an average four-year growth rate of 1,240 per cent last year.

While nearly half of CEOs said recruitment was the key factor in their growth, a quarter had concerns that a lack of skilled workers would pose a threat to their future success.

Daniel Gilbert, chief executive and founder of Brainlabs, said the UK is home to one of the world's richest technology ecosystems, offering "amazing conditions" as far as skills, technical capabilities, funding, advisors and the ease of doing business are concerned.

“However, finding the right talent - and quickly - is a perennial problem for fast-growing tech companies such as ours," he added. "We want people who are willing to join us on a journey in which they are constantly enriching and broadening their perspectives.

"We don't know what we will look like in six months' time and could be a completely different business by then. This industry is constantly changing, so we have to as well."

David Cobb, lead partner for the Deloitte UK Technology Fast 50, said the tech start-up scene is clearly in "rude health" in Britain, but can only continue to grow if businesses are able to scale and recruit in line with their ambitions.

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