News: Deloitte Fast 50 report identifies the skills gap as the single biggest threat to the tech sector.
WorldRemit has been crowned the UK’s fastest growing tech company, having achieved an average four-year revenue growth rate of 20,385%.
WorldRemit offers online services that are designed to simplify sending money; it offers transfers to more than 125 destinations across the world, all from a smartphone, tablet or computer.
The Deloitte UK Technology Fast 50 report found that the 50 UK companies listed recorded an average four-year growth rate of 1,883% in the year 2014/15.
The report’s findings also revealed that the companies in the Fast 50 generated £820m in combined revenue for the year and employed 7,400 people.
Despite these positives, a survey included in the Fast 50 report identified a lack of new talent, with 35% of CEOs viewing the skills gap as the single biggest threat to the growth of the tech sector in the next 12 months.
This was seen as a much greater threat than the economic climate, access to capital or increased competition from larger companies; all 10%.
The business advisory firm also found that expansion into North America is seen as the biggest opportunity for international growth (66%), while many (77%) currently record revenue from outside the UK.
Funding is an important part of international expansion, Deloitte UK found that the most common source was cash generated by the business (78%), while CEO’s that have employed tax savings or refunds over the past five years has tripled from last year to 43% from 15%.
Perhaps unsurprisingly, London is the top location for Fast 50 winners, with eight of the top 10 in the capital, and 50% overall. Skyscape Cloud from the South West and FanDuel from Scotland are the only non-London based companies in the top 10.
The company surveyed 93 CEO’s from the Fast 50 companies and information submitted by 166 entrants.