In our joint report with EY, we’ve identified the CEOs of the UK’s fastest growing businesses, and delivered survey results on their plans, priorities and problems. The EY Fast Growth Tracker offers a collective voice for UK entrepreneurs, and brings together 371 participants from fast-growing companies. Download the full report here.
The conclusions are largely hopeful, and this is somewhat expected given that the UK funding environment is becoming ever more favourable to fast growing businesses.
Nationwide, 55 % of survey participants expect revenue growth of half or more in the coming year, including 72% of businesses in London, 76% in East of England, and 67% in Wales. This is evidence of a spread of fast-growing companies across the UK, and an increasingly healthy entrepreneurial culture.
Perhaps unsurprisingly, Fintech is one of the leading sectors among fast-growth companies, with 65% expecting to grow revenues by half or more in the next 12 months. Fintech companies are also the most ambitious when it comes to funding, with just over a third aiming to attract more than £5m in the coming year.
Promisingly, three quarters of survey participants have completed their most recent round of funding in the last 12 or 24 months, with 71% intending to raise more in the next year. However, many struggled with finding suitable investors and the distraction that fundraising caused for their team. For most of the surveyed companies, availability of fundraising remains the biggest constraint on growth, but 41% of participants said that finding good staff proved to be their biggest challenge.