The research, independently commissioned by Barclays’ Technology, Media and Telecoms team revealed that on average, businesses surveyed predicted that they will grow by 11 per cent over the course of the year – over four times faster than the UK’s GDP forecast for 2015. The research showed that over half are expecting their business to grow by up to 10 per cent. Furthermore, 18 per cent are expecting between 10 per cent and 20 per cent, while 9 per cent predicted significant growth of over 20 per cent.
Respondents were even more positive about the outlook for 2016, with the average firm expecting 15 per cent growth on 2015, with 16 per cent of firms predicting growth to top 20 per cent.
Sean Duffy, Managing Director and Head of Barclays’ Technology, Media and Telecoms team, 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.”
Four fifths of all the firms surveyed asserted that strong leadership was at the heart of their growth in 2014. In terms of what was likely to be important for sustaining or accelerating growth over the next twelve months, businesses placed particular emphasis on marketing and advertising, in addition to the strong leadership that has helped them achieve success to date. 73 per cent also agreed that developing and protecting their IP was critical to the success of the business.
When considering the challenges facing the business in 2015, increased competition and the ability to attract and retain talent were the most pressing concerns for business chiefs.
