Companies including WHS Plastics, Truckeast, Tech 21 UK and Six Degrees Technology Group are included in a 50-strong list which combined to create a turnover of £13.1 billion during 2013 – up 92 per cent on the 2012 figure.

The 50 are also part of a larger cohort of 375 fast-growth science-based companies which were worth a combined £18.5 billion in 2013.

Coming together to recognise and formalise the companies are the Royal Society and Silicon Valley Comes to the UK.

The Science 50 Index is described as an ‘ongoing index’ which will track performance and growth and the way in which that boosts UK economic growth.

Hermann Hauser, co-founder of Amadeus Capital Partners and a serial entrepreneur in his own right, says that the UK has been a hub of science, innovation and technology for quite some time and has a research base second only to the US.

‘It is imperative that we do all we can to support British science entrepreneurs,’ he adds.

The development of a Science 50 comes soon after the creation of the Future Fifty. Devised by former Tech City UK CEO and now chair Joanna Shields alongside chancellor George Osborne in April 2013, the Future Fifty brought together companies including Zoopla, Just Eat and Mind Candy to connect high-growth businesses with tools needed to secure an initial public offering (IPO).

Future Fifty’s selection process was led by an advisory panel of 13 individuals such as Robin Klein of Index Ventures, Business Growth Fund CEO Stephen Welton and Tim Bunting of Balderton Capital.

The naming of the Science 50 was made as part of the Science CEO Summit held by Silicon Valley Comes to the UK and the Royal Society. The event, which took place during London Technology Week 2014, brought together CEOs of the growth companies involved to focus on the value ‘scale-ups’ bring to the British economy.

More on London Technology Week:

• London tech scene still needs more risk capital
• What to see at London Technology Week 2014
• Tech entrepreneurial spirit in London is thriving
• Five tech ventures leading the charge in the capital
• Why the capital is the best place to grow tech start-ups

Sherry Coutu, co-chair of Silicon Valley Comes to the UK and founder of Interactive Investor, comments, ‘We are excited to partner with the oldest scientific academy in continuous existence, expanding the work we have been doing in the UK focusing on celebrating and supporting the CEOs of the fastest-growing science-based companies.

‘The Index highlights the extent to which these companies contribute strongly to the UK economic growth.’