London is the centre of the UK’s technology sector, according to Deloitte – but the rest of the country is catching up.
Companies based in the capital made up 40% of Deloitte’s latest Fast Fifty list, which identifies the 50 fastest-growing technology companies in the UK, and accounted for 47% of total revenue.
Clerkenwell-based Infectious Media came first on the list, averaging 9,774% revenue growth over the past five years. The real-time ad buying firm works with clients including Sky, John Lewis and Waitrose. Infectious' turnover for the year ended in March was £13.4 million.
Co-founder and chief executive Martin Kelly said: “There was no London tech scene when we started in 2008. It was incredibly difficult to hire. London is now regarded as one of the technology centres of Europe.”
David Halstead, the Deloitte partner leading the project, said: “London is maintaining its position as the place to be for technology companies.”
But he added: “The rest of the country is starting to catch up a little bit. The number of London companies in the top five has decreased. There’s only two in the top five this year, all five were from London last year.”
Halstead said the outlook for tech companies across the country was improving. He said: “Three years ago the main problem was cash flow. This year the issue is raising money for expansion.”
The Fast Fifty, now in its sixteenth year, looks at revenue growth over a five year period. Other London-based companies on the list include Lovestruck, Monitise, Just Eat and notonthehighstreet.com.
