Recession doesn’t faze UK tech firms


Recession doesn’t faze UK tech firms

Microscope contributor

British technology companies are more concerned with maintaining their sales rates, than the effects of the credit crunch, according to accountancy practice BDO Stoy Hayward.

A survey of 50 of the 100 fastest growing privately held technology companies in the UK– as listed by the Sunday Times – found that just 16% of businesses owners felt that the downturn would be the biggest commercial issue they faced in 2009.Over 40% said that keeping their sales growth going would be the biggest issue they faced, while 26% said they were concerned with recruitment and staff retention.

“In the current climate many would be astounded that the financial crisis wasn’t the number one issue facing technology chiefs,” said BDO Stoy Hayward technology head Julian Frost.

“However, given the ambitious and entrepreneurial nature of the individuals behind these businesses – many of whom haven’t worked through a recession before – it isn’t surprising that sales growth comes so high up the agenda, particular as on average these firms have grown at a rate of more than 80% over the past year,” he added.

Frost also pointed to a much-remarked on upward trend in trade sales and IPOs, which 18% of techies said would be on their agenda this year, suggesting that the downturn would create opportunities for those inclined to be acquisitive this year.

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