Tech SMEs Highlighted as Top Performing Sector

The IT small and medium sized sector saw an average annual revenue growth of 350% between 2010 and 2014.

The research was found by the 'London Stock Exchange Group's 1000 companies to inspire Britain' report which featured 65 tech companies on its 2015 list.

The second release of the annual report found "the UK's most exciting and dynamic small and medium-sized businesses" and what they mean for economic growth and job creation.

The UK's "digital revolution" was highlighted as the top-performing sector in the report.

Of the 1,000 companies featured on the list, 75% were based outside of London and the inclusion of SMEs in Scotland, Northern Ireland and Wales saw a 30% rise.

The report was launched by Business Secretary Vince Cable who said: "These 1,000 exemplary businesses show how SMEs punch above their weight - more than doubling their revenue over the past four years to deliver growth and create jobs across the UK.

"The government is backing innovative and ambitious companies like these to grow and export their products all over the world, and I wish them continued success for the future."

The cyber security sector is estimated to be worth £3.4bn in 2017, up from £2.8bn in 2013.

Tech City Investment Organisation CEO and chair Joanna Shields believes the UK has become a tech nation.

She said: "In the past year, brilliant digital companies have continued to spring from collaborative communities of entrepreneurs, supported by established businesses and government.

"All across the country these companies are disrupting traditional industries, forging innovative sectors and creating an entirely new way of doing business."

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