Mitek shows how innovation can beat a downturn in a particular sector. The company imports computer components from Asia – particularly China and Taiwan – and distributes them to computer dealers and systems builders in Britain. A funding deal with IBM, which gave Mitek a £2m credit facility, has enabled it to expand sales 96% a year from £958,000 in 1997 to £7.2m in 2000, when it had 19 staff. Acquired in 1992 by Malcolm Roach, Mitek says it is beating the downturn in its sector by launching innovative accounting services. Customers, who tend to be small dealers with sales of between £1m and £2m, place their orders with Mitek, which then buys on their behalf and advances them up to £250,000 secured on their assets. ‘We act as their accounts, credit and procurement department,’ says Roach. ‘Our service enables them to concentrate on building sales and grow faster than they would otherwise.’
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