Fast growth a testament to ‘sheer hard work’

Nov 29 2008 by Iain Laing, The Journal

TWO North East technology companies have been ranked among the sector’s fastest growing across three continents.

Newcastle-based digital agency TH_NK was has been listed as the 36th quickest growers in Europe, the Middle East and Africa in the Deloitte Technology Fast 500 awards.

For the second year running the firm, which also has an office in London, made the top 500 and was one of only two in the league from this region after doubling its turnover to £4m.

The other was Merit, an installation, engineering and facility management firm based in Wallsend, which has grown strongly both in the UK and overseas since it restructured in 2002. It has recently expanded into Australia and Europe and currently has offices in Newcastle, East Kilbride, Oxford, Dresden and Sydney.

Now in its eighth year of the ranking in EMEA, Deloitte’s Fastest 500 is seen as the most objective industry-ranking standard to focus on the technology sector.

UK enterprise communications software company Thunderhead Limited, claimed the top spot, however France led this year in terms of overall numbers, closely followed by the UK, which saw the two countries switching places compared to last year. The software sector continued to dominate the ranking, making up 200 of the 500 companies.

David Wilkinson, TMT lead partner for Deloitte in Newcastle, said: “This year’s economic climate certainly isn’t slowing or diverting the attention of technology leaders in the North East, as these growth companies continue to maintain an optimistic outlook and remain focused on developing talent and innovating themselves.

“With research showing that average five-year revenue growth for all Fast 500 companies is 1,297%, this is testament to that. For two North East firms to rank so highly on an international scale is proof of the region’s growing strengths in digital marketing and engineering, as well as TH_NK’s and Merit’s hugely impressive business performance.”

Tarek Nseir, managing director of TH_NK, said: “To rank highly in the Deloitte UK Fast 50 and claim an impressive place in the Europe-wide Fast 500 league for the second year running is a true testament to the sheer hard work and determination of the team, who have excelled in the face of the challenging economic climate to make 2008 another successful year for TH_NK.

“Our move to London, coupled with the appointment of MT Rainey as our new chairman, spells an exciting milestone in our history and these prestigious awards are a further mark of our achievements as we look forward to the year ahead.”

Tony Wells, managing director at Merit, said: “Following on from our recent Deloitte Fast 50 award for fastest growing large company in the North East 2008, this is terrific news for the company and its staff, without whom we could not have achieved this substantial growth since the reorganisation in 2002.”