Review of 2007: A year that began with euphoria and ended with the spectre of recession
With the internet finally living up to its promise, 2007 looked set to be the year the technology sector bounced back from the dark days earlier this decade. With Google and YouTube combining forces and Facebook exploding into life in the UK, a slew of software IPOs were set up to cash in on the new technology boom. Yet the credit crunch quashed those hopes and apart from the online video search engine Blinkx and datacentre business Telecity, most technology floats were pulled as the market shied away from any investment that looked risky.
Yet it could have been worse. Torex Retail’s spectacular implosion, caused by a sudden profit warning that triggered police raids on company offices and the homes of executives and wild allegations of nefarious behaviour in the papers, left a sour taste in the mouths of technology investors.