12° Nicosia,
25 June, 2024

Cypriot companies lead Europe's fastest growth

European business hub thrives with 69 top firms


Two Cypriot companies have made it onto this year's list of the one thousand fastest-growing European businesses, a list compiled annually by the British newspaper Financial Times in collaboration with the German data analysis company Statista.

The list ranks companies based on their Compound Annual Growth Rate (CAGR) for the period of 2019-2022.

The fastest-growing Cypriot company, ranked 562nd on the list, is Theon International, founded in 1997 and operating in the Aerospace and Defense sector, with a CAGR of 57.8% and 247 employees (in 2022).

Following closely at 678th is the second Cypriot company, Intergo Telecom, from the Media and Telecommunications sector. Established in 2016 with 25 employees, it recorded a growth rate of 50.3%.

The largest representation in the list comes from technology and software information companies, with 188 entries.

Construction companies follow with 94 entries, and e-commerce companies with 78 entries, down due to the easing of pandemic restrictions.

In fourth place are energy and utility service providers, with 69 entries.

The fastest-growing company in Europe for 2023 is Raylyst Solar, a solar energy panel distribution company based in Prague. Founded in 2018, the company recorded a growth rate of 824.4% in 2023, capitalizing on increased demand for renewable energy.

Following in order are the French advertising company Adagio with a growth rate of 582.6% and the Italian digital advertising company Bidberry with a growth rate of 424.4%.

Italy maintains the lead in geographical distribution with 309 companies on the list, followed by Germany with 202.

London remains at the top for the eighth consecutive year in terms of the highest number of companies on the list with 69, while Milan, with 44, surpasses Paris, which falls to third place with 39.

[With information sourced from CNA]

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