A survey commissioned by Barclays’ Bank has revealed that UK IT firms are confident about profits during 2015.The research indicates that, as an average, the businesses surveyed expect to grow by 11 percent this year.
That figure exceeds the UK GDP forecast for 2015 of 2.6 percent.
And the optimistic IT companies are predicting that 2016 will be even better, with growth for some anticipated to be as much as 20 percent year on year.
Sean Duffy, MD in charge of Barclays’ technology, media and telecoms unit said that the growth predictions reveal the optimism of the UK tech sector.
“The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for tech businesses,” he said.
Half of the businesses surveyed think that the government gives them enough support to grow. But the biggest challenges for respondents are increased costs and managing cashflow.
