A report out today from the London Stock Exchange revealed that the UK’s tech sector is growing quicker than any other industry.
The 1,000 Companies to Inspire Britain study found that IT is the best performing sector, with 65 IT companies featured in the report achieving an average 350 percent revenue growth over the last four years, beating retail in second place with 250 percent and manufacturing in third with 180 percent.
Three quarters of the companies featured in the study hail from outside London and Tech City UK chair Joanna Shields used this to highlight how the UK technology sector now encompasses a number of growing clusters outside the capital, including unlikely candidates such as Bournemouth and Dundee.
"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."
Shields, now digital advisor to prime minister David Cameron, claimed that the creation of the UK National Cluster Alliance, created by Tech City UK in 2013, has played an important role in driving the region's technology sectors.
“The report includes numerous examples of amazing businesses from all over the country which are creating jobs, economic growth and national prestige,” she added.
Technology firms on the list include Tracsis, 1Spatial Zoopla, Kainos and Soundcloud.
The exchange highlighted that growth in the tech sector in 2014 was the highest it has been for over seven years, predicting that £12 billion will be added to the UK tech sector over the next decade.
However, the number of tech firms featured in this year's list is lower than last year, when 105 tech companies made the grade.
The report included UK-registered companies with revenues of £6 million to £250 million that were more than three years old.
To identify the 1,000 companies, financial technology company DueDil used profit and loss data, balance sheet analysis and credit health checking.