Business is booming for tech SMEs

The UK’s tech industry is thriving, with nearly 60 per cent of small and medium sized IT businesses reporting strong growth in the last 12 months.

Some 59 per cent of tech SMEs report business growth, survey results from online accounting firm Crunch Accounting reveal.

The survey of technology business owners and key decision makers found that almost a quarter (24 per cent) have experienced an increase in work availability of up to 50 per cent compared to last year, while more than a fifth (21 per cent) of businesses saw more than 50 per cent growth and 14 per cent said their workload has doubled.

The East Midlands emerged as a clear winner regionally, with more than two thirds (67 per cent) of businesses reporting an increase in sales, while one in five confirmed their workload doubled over the year.

Tech companies in London and the North East are also performing highly, with 66 per cent and 65 per cent respectively reporting growth.

Find out more about the UK’s booming tech sector:

• Tech companies attracting record levels of venture capital funding
• How Croydon Tech City became London’s fastest-growing tech cluster
• UK tech sector records best growth performance for almost a decade

Businesses in Northern Ireland have fared worst, with only a third of tech SMEs experiencing an increase in workload and 18 per cent saying they did not receive any work at all during the time period.

“Countless small business clients have recently told me that their sales are picking up, and this survey proves that our economy, after some very long and dark days, is finally on the mend. It’s great to see that IT businesses, an area where the UK excels, is leading the way to recovery,” says Darren Fell, managing director of Crunch.

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