Coming fifth is a fantastic achievement and welcome recognition for our efforts in this highly competitive sector, and we look forward to another stellar five years of growth.
London (PRWEB UK) 25 November 2013
Dating site Lovestruck.com has been named the fifth fastest growing technology company in the UK, according to the Deloitte Technology Fast 50.
The Deloitte Technology Fast 50 is one of the UK’s foremost technology award programmes. Now in its sixteenth year, it is a ranking of the country’s 50 fastest growing technology companies.
The result is based on five years' revenue growth from 2008 to 2012. Founded in London in 2006, Lovestruck was also placed second the Internet category.
The 50 fastest growing UK tech companies generated over £672 million in total annual revenues, provide jobs for over 5,000 people and recorded an average five-year growth rate of 1382 per cent in the year 2012/13.
Almost nine out of 10 (88 per cent) of CEOs surveyed reported expectations of growing at a somewhat higher or significantly higher rate compared to the previous 12 months. Three years ago the focus was on managing cash flows and surviving, but now the focus is on financing for growth and R&D. Of those CEOs raising capital, almost one in five are looking to fund geographic expansion.
Brett Harding, Managing Director and co-founder of Lovestruck, commented, “We are delighted that our rapid growth over the last five years has been recognised by the judges. Coming fifth is a fantastic achievement and welcome recognition for our efforts in this highly competitive sector, and we look forward to another stellar five years of growth.”
David Halstead, Deloitte partner leading the UK Fast 50, said, "Britain’s technology companies have faced a challenging five years, even though the winners have grown significantly faster than the economy over the past five years. In line with the wider economy, the entrants reveal a challenging five-year period, but with a bright outlook.”
A case study on Lovestruck can be found on the Deloitte Fast 50 site.