Top 50 fastest growing companies named

Business intelligence newcomer Alterian is the UK's fastest growing high-tech company according to Deloitte & Touche's annual Fast 50 report.

However, an accompanying survey finds increased pessimism amongst the UK's high-tech industry, with an economic slowdown at the fore of everybody's thinking.

Bristol-based Alterian, which provides software analysis tools for databases, was praised for a culture of innovative entrepreneurialism by the judges.

Alterian's revenue is 40 times what they were last year, and has grown at a rate three times faster than the closest runner up, bio-tech firm Phytopharm Plc.

Founded in 1997 it now employs 140 people in the UK and Chicago. Commercial director Luke McKeever said the firm has benefited from a strong management team and bright minds designing the technology: "We're absolutely delighted and amazed. We've benefited from being a youthful company, in a fast growing sector and a very successful IPO last year."

In July 2000 Alterian raised £35.5m with an IPO on the London Stock Exchange. However, McKeever warned similar companies would now have a much harder time. "Any company will struggle to do what we did last year, it's a much tougher market," he said.

The Fast 50 also brings good news for Irish security vendor Baltimore, reminding all of us that despite its recent troubles, it has had a stunning year. Baltimore comes in at number nine, with turnover up over seven times since last year.

Indeed salvation is given to a number of companies that have had more than their fair share of bad press recently. Troubled helpdesk firm iDesk also makes in at number fifteen - which only two weeks ago laid off 130 people. In addition embattled telco Colt scrapes in at number 42.

Despite the good news of rapid revenue growth for all of the companies, the accompanying survey paints a bleaker picture. 76 per cent think an economic slowdown is already upon us, with a fifth saying valuations will never regain the dizzy heights gained pre-March 2000.

A rapid decline in the desire to IPO was revealed by the 41 per cent of respondents who now see a trade sale as the preferred exit strategy for their firm, up from just 25 per cent last year.

John Higgins, director general of the Computing Services and Software Association, which endorsed the survey, said the downbeat mood perfectly represented the views of his members. He added: "The successes also prove that good high-tech businesses will always be good businesses, and should not be tarred with the same brush as failed dot-coms."