More than half of the UK’s fastest-growing technology firms are based in London, a survey has found.
Deloitte’s Fast 50 technology rankings found that some 52 per cent of firms were based in London compared to 36 per cent 12 months earlier.
London’s dominance was also evidenced by the fact that eight of the top 10 firms were based in the capital – leading experts to suggest the city was on its way to rivalling Silicon Valley.
Deloitte partner David Halstead said: “The recession has hit companies outside London quite hard, but companies in London seem to be doing very well.
“The high number of Fast 50 companies based in London demonstrates the importance of the right infrastructure and easy access to overseas markets.”
The firm recording the number-one growth was also London-based. Trading technology company Fixnetix was founded in the capital in 2006 and helps firms to carry out trades and keep abreast of the latest trading information with its products.
The firm has risen on the growing wave of computerised trading on the stock market.
Hugh Hughes, the company’s chairman and CEO, said: “We’re very pleased, and a bit surprised. To succeed in the technology sector, you need to understand your product, listen to your customers and know what you’re up against.
“If you do all of that, and get your prices right, then you will continue to grow even in the toughest economic climate.”
Halstead, who led the Fast 50, added: “This year’s Fast 50 demonstrates the continued dominance of technology companies London and the South East.
“The large number of successful London based internet companies in this year’s Fast 50 reflects the importance of providing something bespoke whether the ability to play 3D poker online, to find good trades people or buy a distinctive gift online.
“The successful Fast 50 companies have combined winning ideas with successful business models.”
He went on: “The 2011 Deloitte Fast 50 shows that tremendous growth rates are still possible, with internet and software sectors showing particular strength and making up over half (56 per cent) of the companies in the Fast 50 ranking.
“The . awards are an opportunity for businesses to gain recognition for their successes and achievements over the last five years. This year’s ranking highlights the importance of finding a niche product or service to beat the recession.”
The Fast 50 initiative ranks UK high-growth technology firms based on percentage growth in stated revenue over five years.