34. Telindus - £61.4m

The integrator saw turnover skyrocket in 2011 as losses narrowed. But the firm is still operating at a loss equivalent to about £6,000 per annum for each of its 185 staff. Sales grew 50 per cent last year and operational losses were down from £1.5m to £1.1m. The directors’ report makes it clear that the company is intent on migrating its business towards the provision of higher-margin services.