Switch Concepts tops Deloitte's UK Fast 50 ranking

The UK’s 50 fastest-growing technology firms have achieved an average revenue growth rate of 1,695% over the last five years, according to new Deloitte research.

The business advisory group’s latest UK Technology Fast 50 report shows that these companies also generated total annual revenues of more than £963 million over the 2013/14 period.

They now provide employment to a combined 8,500 people.

Switch Concepts named 2014 winner

The report is used by Deloitte to rank the nation’s fastest-growing technology businesses.

The ranking is based on their five-year revenue growth.

This year, Switch Concepts has been named as the overall Fast 50 winner, achieving 10,477% revenue growth over the last five years.

The firm, which focuses on decision-engine technology for real-time bidding processes, was only formed six years ago.

It bought the advertising sales house Unanimis back in the summer, further boosting its publisher and advertiser relationships.

Switch Concepts chief executive officer Tom Barnett said the group was quick to recognise the power of the web, in terms of advertising.

He added: “We set out to develop a system that could bring brands and consumers together more effectively and handle as many transactions as possible.”

CEOs back ‘sound business strategies’

Elsewhere in its Fast 50 study, Deloitte said a sound business strategy was named by technology chief executives as the main driver behind their growth.

Some 60% of the Fast 50 community chief executives who were questioned said that this has made the most important contribution.

Employee talent and a culture of innovation (both 41%) were also high on their agendas.

Owner-funding proves popular

In terms of their finances, Deloitte found that around three quarters (76%) of Fast 50 winners and entrants have used money generated by their organisation to fund their expansion plans over the last five years.

A further 31% said they have relied on bank debt to support their plans.

David Halstead, the Deloitte partner leading the UK Technology Fast 50 study, said owner-funding remains a popular option for fast-growing companies.

He said: “For some, this was a conscious decision to sustain the company themselves, for others a necessity during the financial crisis, when funding was difficult to secure.”

On a sector-by-sector basis, Deloitte concluded that 82% of this year’s Fast 50 winners operate in the software and internet industries.

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Copyright Press Association 2014