The ongoing Brexit negotiations may still be up in the air but medium-sized companies from the technology, media and telecom (TMT) sector are seemingly thriving abroad. In fact, mid-sized businesses in this sector have grown their international sales more than any other sector’s in the last five years, according to research from BDO, the accountancy and business advisory firm.
In the last 12 months, businesses in this sector have added £4bn in overseas revenue. Moreover, their turnover has grown by 91.46% since 2013, reaching £18bn in total. In total, the tech and media sector grew its turnover by 28% in the last year.
But the TMT sector wasn’t the only sector to grow its overseas turnover in the past five years. Professional services and consumer markets – as in retail, leisure and hospitality – grew by 87.5% and 52.4% respectively over that period. In the last year, their turnover grew 18.17% and 13.45% respectively.
Commenting on the fact that these sectors have grown despite the uncertainties of the UK’s divorce from the EU, Tony Spillett, head of technology and media at BDO, said: “It’d be wrong for me to suggest Brexit isn’t causing uncertainty or fail to recognise that tech and media companies are in some way less-reliant on EU supply chains than other sectors. However, by their very nature tech firms are run by innovative, often unshakable, entrepreneurs who are working their way around any uncertainty and striding ahead with growth plans.
“Those that were considering setting up EU subsidiaries prior to the referendum have gone ahead with their plans. They’re not sitting back and waiting for politicians to decide their fate for them.”
So while it may at a quick glance seem as if these sectors are unaffected by the Brexit negotiations, this has less to do with there not being things to worry about but rather the excellence of entrepreneurs in the sector.