Tech firms’ worst quarter since financial crash
The first quarter KPMG UK Tech Monitor index shows that British tech firms have posted their worst quarterly performance since the global financial crisis. Business activity across the sector declined for the first time in almost eight years – dropping to 47.1 from the 50.1 reading in the final quarter of last year, marking the fastest decline since the second quarter of 2009. Firms blamed the sharp downturn on the outbreak of coronavirus.
However, some areas enjoyed a boost in demand due to lockdown measures. Companies providing services related to home working and business continuity were among those to buck the trend and report growth in the first quarter.
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