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BDO identifies innovative companies in the region
Mid-market businesses have always relied on investment in innovation as one way to ensure they remain competitive. But in recent years innovation has moved higher up the board agenda as companies compete in ever-more global markets.
As part of its Central South Mid Market focus, BDO LLP in Southampton has identified 20 companies that highlight the breadth of innovation in the region, including six from Southampton and the New Forest: RTL Materials in Lymington, Universe Group plc, SPI Lasers UK, Green Marine, I20 Water and Ventilating Equipment Supply Holdings.
James Tetley, tax director at BDO in Southampton, explained: “The term ’innovation’ can encompass many different things. In order to identify these 20 companies we have analysed the mid- market population with turnover between £10 million and £300m and consulted with other professionals in banking, law and intellectual property. We believe these companies truly demonstrate the breadth of innovation in the Central South.
“While it is easy to focus on the ’products’ aspect of innovation, it is important also to recognise the process innovation. Process changes
that may appear from the outside to be a relatively simple improvement, development or adaptation can result in a genuinely innovative result. This equally applies to the use of new, environmentally-friendly technologies to enable production processes to be more efficient.“
In recent years, the Government has given clear signals that it intends to make the UK an ’Innovation Nation’, a point which has been reinforced through R&D tax credits and more recently with the patent box regime.
BDO’s latest study within the mid-market bracket indicates that investment in R&D is essential. Tetley continued: “When companies can potentially recover £33 for every £100 spent on research and development through the tax credit regime, and then halve their future tax rate through exploitation of a patent, in many respects investing in innovation is a highly cost-efficient way to achieve strong sustainable growth.“
Yet R&D tax credits are not the only driver for these innovative businesses. Paul Mason of Rimor commented: “It’s the process innovation, proven skills and engineering knowledge of our workforce that underpins our steadily growing order-book.“
It’s been a record year for Blue Chip
Leading IT specialist Blue Chip has recorded an eighth consecutive year of growth, with turnover for 2013/2014 at £22 million and staff numbers increasing to over 175.
Managing director Richard Cook said: “We have worked hard in recent years to take the business forward, investing in infrastructure for a new generation of IT services and expanding our business services further. By default this has led to the formalisation of business processes to provide consistency and efficiency at an even higher level, with both customers and staff clearly understanding the above- industry expectations and standards of our award-winning service and delivery.“
Underpinning this has been the investment of a further £1m in the best available datacentre capacity and infrastructure at Vodafone’s Tier 3 datacentres in Leeds and Uxbridge, expansion of its Leeds operation and a restructure of the account management team to provide dedicated, specialist support.
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E.indd 1 THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – FEBRUARY 2015 12/11/2013 16:12
www.businessmag.co.uk
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