IT to cash in on banking reshuffle

IT FIRMS working in Scotland's financial services sector expect to capitalise on restructuring in the banking sector.

New entrants such as Tesco Bank and Virgin Money and the disposal of assets are throwing up new opportunities for small firms.

Data released yesterday from trade body ScotlandIS's annual survey showed that 78 per cent of IT firms expect their sales to grow this year, compared to 60 per cent last year.

Only 10 per cent of firms think their sales will shrink in the next 12 months, down from 20 per cent a year ago.

Scotland's IT sector employs about 70,000 people and has an estimated combined turnover of about 4 billion a year.

Polly Purvis, executive director of ScotlandIS, which represents about 200 companies, told Scotland on Sunday: "Firms that are supplying niche services – such as cost reduction and modelling software for risk management – are already seeing growth."

And she added: "Some of the bigger companies doing a much wider range of services are also expecting growth."