Peppermint Technology has been ranked at number seven in Deloitte’s 2016 UK Technology Fast 50, which recognises and ranks the 50 fastest growing technology companies in the UK, based on the last four years of revenue growth.
The legal cloud-based practice management system vendor, which was also the winner for the Midlands, recorded a four-year revenue growth rate of 2,331%. The average four-year growth rate recorded for the Deloitte UK Technology Fast 50 companies was 1,240%.
The results, out today (18 November) reveal that the 50 fastest growing technology companies in the UK generated £884 million in total annual revenues in the year 2015/16 and employed more than 7,100 people.
Brainlabs was named the overall winner, with the performance marketing agency delivering a staggering growth rate of 8,255% over the past four years.
The regional make up of this year’s top ten is more diverse than in previous years, with representatives from the South East, the Midlands and Scotland featuring. London continues to dominate as the biggest producer of fast-growth tech companies, being the headquarters of six of the top ten and 54% of the winners (up from 50% last year).
However, the Midlands has seen the biggest increase in its number of winners in the top 50, up eight percentage points from last year.
As part of the awards process, Deloitte analysed information submitted by the 122 Deloitte UK Technology Fast 50 entrants and surveyed 74 CEOs from these fast growing companies.
Recruitment and hiring was a recurring issue among CEOs, with 45% of respondents citing employee talent as one of the three most important factors for their fast growth. Significantly, more than half (55%) of respondents said that attracting and recruiting employees with appropriate skills and experience was the single biggest people challenge their company currently faces.
David Cobb, lead partner for the Deloitte UK Technology Fast 50, said: “The high growth rates achieved by our Fast 50 winners shows that the UK technology start-up scene is in rude health. However, attracting the right people can be a challenge for any business, but it is all the more difficult for Fast 50 winners. Business leaders of fast growing companies want to be able to scale in line with their ambitions. It is about getting the right people in the right positions, and, unless these businesses quickly recruit large volumes of skilled workers, they will become victims of their own success.”
You can access the full list of winners here.