Two Cypriot companies have made it to the prestigious list of the thousand fastest-growing European firms.
The annual ranking was published by the British newspaper Financial Times, which compiled it in collaboration with German data analytics company Statista.
Under the terms of the competition, all companies were ranked based on their compound annual growth rate (CAGR) between 2019 and 2022.
The fastest-growing Cypriot company was Theon International. It placed at 562 in the overall ranking. The firm, founded in 1997, operates in the aerospace and defense sector, has an average growth rate of 57.8%, and employs 247 people. Another Cypriot company, Intergo Telecom, made it to the 678th position in the ranking. Founded in 2016 and with 25 employees, the company specializes in media and telecommunications. And its average annual growth rate is 50.3%.
Interestingly, the largest number of places in the fresh ranking was taken by companies that are involved in the information technology and software sector (188). They are followed by construction companies (94), online trading firms (78), and energy and utilities companies (69).
In turn, the fastest-growing company in Europe in 2023 was Raylyst Solar, a Prague-based distributor of solar panels and other photovoltaic products. Founded in 2018, the company recorded a growth rate of 824.4%, capitalizing on increased demand for renewable energy. France's Adagio came in second place with a growth rate of 582.6%, while Italy's Bidberry came in third with a growth rate of 424.4%.
In terms of geographical distribution, Italy leads the list with 309 companies on the list, followed by Germany with 202 companies. By city, for the eighth consecutive year, London leads the list with 69 companies, followed by Milan with 44 companies and Paris in third place with 39 companies.