Leyton more than doubles UK revenue in the past two years

Research and development funding consultancy Leyton has doubled its UK revenue in the last two years. According to the latest results of the firm, the consultancy brought in £32 million in the last financial year.

In an increasingly combative world of start-ups and innovative competitors, businesses are finding it even more difficult to obtain the funding needed to take their firm to the next level. In this environment, firms often turn to innovation funding consultancies for help.

This is particularly pronounced in the UK, following the introduction of the research and development (R&D) tax credit initiative in 2000. The scheme aimed to encourage greater R&D spending and drive investment in innovation, the number of claims for R&D tax credits rose significantly ever since, with HMRC having recently confirmed it permitted £3.5 billion in R&D tax relief for the 2016-17 financial year. This has led to a boom in the appetite among businesses for consultancies which can facilitate their accessing of such relief mechanisms.

Amid this demand, with clients looking to tap into a host of tax credit schemes offered by the UK and EU, consultancy Leyton has been experiencing a sustained period of growth in the UK. Late in 2018, the firm launched new offices in Glasgow and Manchester, creating upwards of 80 new jobs over the next two years. Founded in 1997, the global innovation funding consultancy now holds 25 offices in 11 countries across the world.

In the UK, the firm boasts that it has a 100% success rate in claiming R&D tax relief from HM Revenue and Customs, and in the last year alone it has worked with nearly 6,000 clients and has claimed in excess of £250 million in tax benefit for their clients. The firm is home to technical consultants from a wide range of backgrounds – including engineering, software, architecture and life sciences – who work to advise clients on all aspects of innovation funding, energy consultancy and capital advisory to maximise the innovation potential of businesses of all shapes and sizes.

London-headquartered Leyton has enjoyed unprecedented growth in recent years, with growing awareness of government innovation funding schemes, and the needs of clients for specialists to simplify the process and maximise potential claims for tax relief both buoying Leyton’s annual revenue. Continuing this trend, the UK division of the privately-owned company has revealed annual revenue growth of 50% for the financial year 2018/2019, its most successful year in its 10-year trading history. This means it is now the fastest growing locale of the firm’s global portfolio.

Leyton currently employs more than 250 employees in the UK across their four offices. Alongside the opening of its new offices, there has also been a diversification of products, including a new energy service launched to help businesses capitalise on Government schemes enabling them to claim compensation for costs associated with their energy generation. This service is available to companies in the UK’s most electricity-intensive industries, helping mitigate the extra costs passed on by UK electricity suppliers in reducing the use of fossil fuels and switching to renewables.

Speaking on the results, Leyton UK Managing Director William Garvey said, “The UK has a strong embedded culture of innovation and a higher proportion of SMEs than other countries… As we reach our 10th anniversary we expect strong growth in the medium term as we diversify and offer a series of connected products for our clients. The UK has still a way to go to catch up with other countries and we would urge government to go further and faster with incentives in this scheme to ensure the UK can remain an innovation leader.”