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High-tech bonanza

It pays to invest in high-tech firms, according to a new survey by the British Venture Capital Association.


The survey with WM Company shows UK venture capitalists achieving returns from high-technology companies more in line with their US counterparts.


Average gross returns are 23 per cent per year with the best returns coming from early-stage investments at a rate of return of 28.3 per cent per year.


The BVCA and WM Company survey looked at 17 UK high-tech funds with investments in 171 companies.


High-tech fund MTI chief executive Paul Castle said: “In mid-1998 technology had not really come into its own in the UK. Since then things have blossomed.”


BVAC head of media relations Stephanie Smith-Maxwell said: ” We expect next years figures to show big increase in the returns from high-tech stocks.”


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