Two Cyprus-registered companies have been named among the fastest-growing European businesses, securing spots on the annual list compiled by the Financial Times in collaboration with the German data analysis firm Statista.
This year’s list ranks companies based on their Compound Annual Growth Rate (CAGR) from 2019 to 2022.
Leading the Cypriot entrants at position 562 is Theon International, established in 1997 and specialising in the Aerospace and Defence sector. The company boasts a CAGR of 57.8% and employed 247 staff in 2022.
Following closely at position 678 is Paphos-based Intergo Telecom from the Media and Telecommunications sector. Founded in 2016 and with a workforce of 25, Intergo Telecom recorded a CAGR of 50.3%.
Sectors
The list showed a strong representation from Information Technology and Software companies, with 188 making it to the top 1000. Construction companies were also well represented with 94 entries, followed by E-commerce companies with 78 entries, showing a decline as the world moves away from pandemic-related restrictions. Energy and Utility companies secured the fourth spot with 69 entries.
Top companies
The top spot for Europe’s fastest-growing company in 2023 went to Raylyst Solar, a Prague-based distributor of solar panels and other photovoltaic products. Founded in 2018, Raylyst Solar witnessed a growth rate of 824.4% in 2023, capitalising on the surging demand for renewable energy.
Other notable mentions include the French advertising firm Adagio with a growth rate of 582.6% and the Italian digital advertising company Bidberry with a rate of 424.4%.
Countries, cities
Italy led with 309 companies on the list, followed by Germany with 202.
London maintained its position for the eighth consecutive year as the city with the most companies on the list, totalling 69, while Milan overtook Paris for second place with 44 companies. Paris had 39 entries.