Contractors working within the IT industry will certainly be interested to learn that the UK tech sector has recorded its best growth performance for almost a decade.
The fourth quarter of 2013 saw the UK tech sector shifted up another gear, according to the latest KPMG/Markit Tech Monitor report.
It was found that tech companies reported fastest improvement in profitability for six years and solid rate of tech sector job creation maintained at the end of last year.
IT contractors will also be pleased to learn that almost 44% of these companies plan to hire more staff over 2014.
Tudor Aw, Head of Technology at KPMG, said, “These figures prove once more that the UK tech sector is going from strength to strength. The last quarter of 2013 saw the sector’s best growth performance in almost a decade, with a sharp increase in business activity, a rise in new orders and an increase in profitability despite higher costs. More importantly the sector showed again solid rates of job creation, well above the rates in other sectors of the economy.
“UK tech companies are also more confident about the business outlook than firms in other industry sectors, with growth expectations at tech companies well above UK private sector average, underlining the impact the sector has on the country’s economic performance and the important role tech companies play in the burgeoning recovery.
“Our report also shows that contrary to the popular belief that the UK lags behind the US tech sector, as trends in UK tech business activity closely match the performance of the Nasdaq. These results show that we can be very proud of our tech companies and the strength of the sector in the UK.”
Tim Moore, Senior Economist at Markit, added, “Improving economic conditions across developed markets and rising domestic business sentiment have helped propel the UK tech sector to its fastest growth performance for almost a decade.
“Most encouragingly, our figures suggest that the tech sector has provided a positive contribution to recent falls in UK unemployment, as tech companies reported taking on extra staff at a solid clip during the final quarter of 2013.”
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