Private UK tech firms aim to grow through recession

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Private UK tech firms aim to grow through recession

Antony Savvas

UK tech firms are more worried about sales growth than the credit crunch, says accountant and consultant BDO Stoy Hayward.

A BDO survey of the UK's fastest-growing privately held technology companies has revealed that 40% felt that maintaining sales growth during 2009 is the biggest issue they will face.

This was followed by a quarter (26%) highlighting that recruitment and retention issues would be keeping their chiefs awake at night.

Julian Frost, head of technology at BDO, said, "In the current climate many would be astounded that the financial crisis was not the number one issue facing technology chiefs - as it is certainly top of the agenda for a significant number of UK company heads.

"However, given the ambitious and entrepreneurial nature of the individuals behind these businesses - many of whom have not worked through a recession before - it is not surprising that sales growth comes so high up the agenda."

The issue was particularly prevalent, because on average these firms have grown at a rate of more than 80% over the past year, he said.

The research identified that only 16% of the UK's fastest-growing technology companies felt that the commercial downturn was the biggest issue they would face this year.

BDO Stoy Hayward surveyed 50 of the 100 fastest growing-technology private companies in the UK. These companies were identified by The Sunday Times Tech Track 100.

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