Tech companies in Manchester confident of growth: Businesses in Manchester have predicted growth of 10.4% for this year — that’s according to Barclays’ Fast Growth Tech survey. Impressively, this I’d four times faster than the UK’s GDP forecast.
Further research has shown that 41% of businesses are expecting growth of up to 10%, with another 23% of businesses expecting growth between 10% and 20%.
Nearly three-quarters of Manchester firms suggested that the driving force behind their growth was strong leadership that placed a strong emphasis on delivering new products to the market place.
Barclays Relationship Director for TMT, Richard Faulkner, said: “These remarkable growth predictions reveal the optimism and drive of Manchester’s tech sector.”
He added, “Manchester is a real launch pad for innovative tech business.”
The outlook for 2016 is even more positive, with the average Manchester firm expecting 15% growth on 2015.
Of course, there are several external factors that cannot be factored into these projections. Firstly, are the fluctuating oil prices. The Saudis’ continued exportation of oil increased the supply, and consequently drove the prices down. The death of King Abdullah shook the market again, and we must also consider the implications of fracking on these prices.
This may not directly affect the tech market of the North, but it does influence the country’s growth as a whole, which ultimately does affect the North’s tech companies.
Secondly, and most importantly, we should consider the implications of a referendum on EU membership, should the Tories win this May’s general election.
Faulkner believes that “Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business,” so a ‘yes’ vote would shake Manchester’s tech market considerably.
Whatever the external conditions though, it looks like Manchester’s tech companies are set to prosper for a long while.
His experience in editing includes work on behalf of the European Commission, the Financial Conduct Authority, and numerous county councils. He has worked extensively for Plain Language Commission.