A Glasgow-based laser manufacturer, which supplies a number of high profile, cross sector companies, has been listed amongst the fastest growing UK firms.
M Squared Lasers appeared at number eight in the Deloitte Fast 50 list, posting a five-year growth rate of 1,600 per cent.
The list also saw the appearance of four other Scottish companies, a new record. In 2010, just two Scottish firms appeared on the list.
It is the development of their products, which includes lasers and phototonic instruments, which Graeme Malcolm, the chief executive for the firm says is key to the success:
“In the last 12 months we have redeveloped our Firefly laser, originally designed for the defence industry, to provide a remote leak detection system with unparalleled accuracy to the oil and gas sector. International exports are also important in helping the company grow, with around 80 per cent of our customers based in North America and Asia.”
The investment in overseas markets and R&D focus is also seen as key to Paul Copland from Deloitte. The director of the professional services firm said:
“The company’s unparalleled growth in Scotland, during what have been challenging market conditions for all businesses, highlights the importance of finding a marketable product or service to beat the recession.”
Other companies finding marketable products and services have also grown, many with the help of factoring companies in Scotland.
The other Scottish firms making the top 50 list this year were prosthetic technologies firm Touch Bionics, at 15; travel comparison site Skyscanner (25); telecoms firm Pinnacle Technology (30) and engineering company Reactec (41).