Barclays forecast bumper year for UK tech in 2015
A new survey compiled by Barclays is forecasting a bumper year for UK tech firms in 2015, with growth expected to run four times higher than the economy as a whole.
The rosy prediction was made in the banks Fast growth tech survey which quizzed the owners of UK tech firms on their growth expectations, which averaged out at 11 per cent – four times the UK’s GDP forecast of 2.6 per cent.
This saw 58 per cent of respondents predict growth of up to 10 per cent whilst 18 per cent thought growth of up to 20 per cent was achievable. For the most optimistic 9 per cent of respondents even this growth rate was thought to be beatable.
Moreover such double digit expectations carry over into 2016 with the average prediction settling at 15 per cent in that year.
Barclays managing director Sean Duffy said: “These remarkable growth predictions reveal the optimism and drive of the UK’s world-leading tech sector. 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. 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.”
Accounting for their success 79 per cent of firms cited strong leadership whilst 73 per cent cited their marketing and advertising strategies as being instrumental.