The UK’s tech businesses are confident of their growth prospects for the year ahead, despite the government’s “awful” handling of Brexit.

Studio Graphene’s first quarter Tech Tracker Survey, which spoke to C-suite staff at more than 100 UK-based technology startups, revealed that businesses are either ‘very confident’ (39 per cent) or ‘confident’ (40 per cent) that they will increase their turnover over the coming 12 months.

Looking to the year ahead, 91 per cent said they plan to hire more staff, 67 per cent intend to expand into new overseas territories, and 66 per cent will seek investment.

In terms of the challenges they foresee, hiring the right talent was the most commonly cited issue - 60 per cent predict this will be an obstacle to their future growth - followed by increasing sales (58 per cent), securing investment (44 per cent) and enhancing their products or services (25 per cent).

As for Brexit, just over half (53 per cent) of early stage businesses believe it will have a negative impact on their growth opportunities in the months ahead, compared to just 12 per cent which felt it will have a positive effect.

The research also showed that 88 per cent of UK tech startups feel the government’s handling of Brexit has been ‘awful’ (65 per cent) or ‘poor’ (23 per cent).

Ritam Gandhi, founder and director of Studio Graphene, commented: “The survey shows that even Brexit chaos cannot derail the optimism of tech entrepreneurs in this country, which is to be celebrated.

“But it also illustrates that raising investment and hiring talent are key concerns among tech firms – that’s why it’s vital both the government and private sector work together to ensure these obstacles are addressed and, ultimately, that Britain’s exciting early stage businesses get the support they need.”

Share Story: