Deloitte & Touche seeks high growth in technology sector


12-08-2003

Smaller specialists in new technologies will be next sources of growth



As the recent rise in the stock market is sparking renewed interest in the technology sector, Deloitte & Touche is championing those that focus on niche markets, embrace new open technology standards and establish strong manag

ement teams. The professional services firm launches today its search for the 50 fastest-growing technology companies in the UK and Ireland.



The programme, in its sixth year, showcases technology companies that have achieved high revenue growth over a period from 2000 to 2002. The programme is co-sponsored by Hewlett-Packard, the global provider of technology products and services, Specialist Computer Holdings, Europe's largest private IT organisation, the London Stock Exchange, and Intellect, the trade body for the UK-based information technology, telecommunications and electronics industry.



David Halstead, partner in charge of the Fast 50 for Deloitte & Touche in Cambridge said: 'We are not expecting growth rates to be as spectacular as last year, as there's no doubt that 2000 to 2002 represented some of the most challenging times for the sector, and so the achievements of companies that maintained their growth rates during this time are to be applauded. The Fast 50 programme represents Deloitte's on-going commitment to growing technology companies. Our intention is to highlight and champion those that have been resilient enough to weather the tough economic conditions and who have put in place the necessary checks and balances to make their businesses more robust.'



Richard Knights, partner in charge of technology for Deloitte & Touche in the Eastern region said: 'The Fast 50 awards will once again showcase the cream of the region's technological expertise and pinpoint the rising stars within the sector. The ability of some of these leading companies to withstand the difficult economic conditions that have existed over the past few years is a testament to their hard work and flexibility. Despite the current uncertainties future prospects for the sector are encouraging with growth opportunities predicted amongst the private equity market, businesses selling to the public sector and with new generation of 3G technology.'



'There has never been a more important time to highlight the achievements of those innovative technology companies that are growing rapidly and delivering new products and services to the market. The Exchange is committed to supporting the development of the technology sector and is delighted to be a national sponsor of Deloitte & Touche's Fast 50 programme,' said Tracey Pierce, Head of UK, London Stock Exchange.



The criteria for Fast 50 eligibility is based on financial performance and revenue growth and companies will be ranked on percentage growth in turnover over three years from 2000 to 2002. The programme is open to UK technology companies defined as:

 In business for a minimum of three years and;

 UK-owned and headquartered in the Eastern Region (subsidiaries do not qualify) and;

 Either develops proprietary technology that contributes to a significant proportion of operating revenues;

 Or manufactures a technology-related product;

 Or is technology intensive or uses unique technology in problem solving;

 Or devotes a high percentage of effort to research and development.



The Eastern Region Fast 50 winners will be revealed at an awards ceremony on 22nd October 2003 at Tattersalls, Newmarket. Last year the Eastern Region Fast 50 winner was Cambridge Display Technology who recorded an impressive 4,787 per cent turnover growth over the three-year period 1999 to 2001.



To obtain a nomination form, please contact Claire Campbell on 01223 259357 or visit http://www.fast50.co.uk



ENDS



Notes to editors:



1. The programme started in San Jose, the centre of Silicon Valley, California in 1995 and has expanded to over 20 major cities world-wide.



2. The Fast 50 programme tracks the growth rates of technology companies in seven regions in the UK and Ireland, culminating in a national ranking and then a European Fast 500 ranking.



3. The Eastern Fast 50 Programme is open to companies operating in the following postcode areas:



CB, CM, CO, IP, MK, NR, PE, RM, SS, Al, HP, LU, WD, SG, NN1-5, 7, 9, 10, 12, 13, 19-29



4. About Deloitte & Touche:

Deloitte & Touche LLP is the UK's fastest growing major professional services firm based in 21 UK locations, with over 10,000 staff nationwide and fee income of 1,228 million in 2002/2003. It is a member firm of Deloitte Touche Tohmatsu, a leading professional services organisation, delivering world class assurance and advisory, tax and consulting services, with around 120,000 people in over 140 countries. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.



Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority



The information contained in this article is correct at the time of going to press.



For further information on Deloitte & Touche LLP, you can access our website at www.deloitte.co.uk

 

The Deloitte Cambridge office comprises 8 Partners and over 250 staff who deliver a full range of professional services to the East Anglian region. As well as focussing on the life sciences and technology sectors for which the region has become so renowned, the office has long standing specialisms in other sectors including the professions, consumer business, food and agribusiness.

Deloitte LLP