Vibration safety expert Reactec Ltd has received a major business accolade after being announced as one of the 50 fastest growing technology companies in the UK.
The firm, which produces the award-winning HAVmeter safety system, was placed 48th in the Deloitte Technology Fast 50 list - one of the leading indicators of business growth that highlights the fastest growing UK technology firms over the past five years.
Reactec secured its place on the list after recording a 697% increase in revenue over the past five years, making it the only vibration safety firm in the top 50. It was also placed 4th in Deloitte's list of the fastest growing technology firms in Scotland.
The Fast 50 accolade follows a sustained business drive for the firm's innovative HAVmeter safety monitors - which record workers' exposure to vibration in order to limit the chances of them contracting Hand Arm Vibration Syndrome (HAVS). Over the past five years the technology has been provided to more than 18,000 workers across the construction, ground maintenance and manufacturing sectors and is now seen as the industry standard for vibration safety equipment by high profile businesses including Tarmac, Aston Martin and Balfour Beatty.
Jim O'Hagan, managing director of Reactec Ltd, said: "We're delighted to have made it onto the Fast 50 list. It's one of the biggest indicators of business growth in the UK and recognises some of the most successful firms in the technology sector, so it is a very important accolade for us.
"We've worked extremely hard over the past five years to develop and promote the HAVmeter system, which is now recognised as best practice for measuring vibration exposure and maintaining safety in the workplace. Our technology is already used by many of our target industry's biggest names in the UK and we are securing new clients every month.
"Although the continuous monitoring of Hand Arm Vibration exposure is not mandatory, the data collected and analysed by the HAVmeter system allows employers to better manage employee working practices and optimise tool usage patterns, this then determines individual tool usage and subsequent service intervals. As a consequence, employee working practice efficiencies and reduced tool rental and servicing costs can deliver a return on investment in a matter of months.
"The HAVmeter presents a simple, easy to use solution that is becoming more and more popular in every sector that relies on vibrating tools. It's a testament to the success of our technology and the hard work of our staff that we've seen our revenue rise by almost 700% in the past five years - and earned a place in Deloitte's Fast 50."
Deloitte's UK Fast 50 Awards programme, now in its fourteenth year, ranks the 50 fastest-growing technology companies in the UK. It covers both public and private companies in all areas of technology, from internet specialists to life sciences, computers to semiconductors, software to telecommunications.
To determine the fastest-growing companies, Deloitte reviews the revenues of all applicants for the preceding five years,it then calculates each firm's revenue growth percentage during that period, before compiling the Top 50 list.
Mike McGregor, partner leading the Deloitte Technology Fast 50 in Scotland, said: "The Deloitte Technology Fast 50 gives great profile to technology companies and is internationally recognised as being one of the most important business awards in the sector.
"The Technology Fast 50 awards are an opportunity for businesses to gain recognition for their successes and achievements over the last five years. This year's ranking highlights the importance of finding a niche product or service to beat the recession."
"The Deloitte Technology Fast 50 measures sustained revenue growth over five years, so to be one of the 50 fastest growing technology companies in the UK is an impressive achievement. Reactec deserves a lot of credit for its remarkable growth and the company has proven that its leadership has the vision and determination to grow in competitive conditions."
Reactec's HAVmeters are small, easy to use devices that have been designed to accurately monitor and record vibration levels from power tools and other vibrating equipment, to ensure workers do not exceed the limits set by the Health & Safety Executive (HSE).
Under the system, every employee is provided with a HAVmeter device that is programmed with their individual vibration exposure limits, which they attach to every tool that they use during their shift. The meters collate data about the amount of vibration that workers are exposed to and flash a warning when the limits are reached.
The data can also be downloaded using Toolminder software to create full, comprehensive and accurate set of reports on vibration exposure for health & safety managers to use for every employee's healthcare plan.