Two North East tech businesses have made it onto a list of Europe’s fastest growing firms.
The Financial Times has published the FT-Statista 1000, its sixth annual list of Europe’s fastest-growing companies, which it said demonstrates the changing fortunes of many sectors since the start of the pandemic two years ago.
Research company Statista compiled the list, which highlights firms with the highest compound annual growth rate (CAGR) in revenue between 2017 and 2020. The minimum rate required to make the list was 36.5%, 1% above the lowest requirement needed for last year’s study.
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Wynyard company Everflow, which comprises innovative business water supplier Everflow Water and software developer Everflow Tech, has ranked 54th in the Times’ list, while Newcastle-based SoPost also makes the list, coming in at number 369 with compound growth rate of 74.57%.
The company helps brands run the most powerful product sampling campaigns in the world, with a focus on relevance, data and analytics, and it has worked for major companies such as Mondelez, L’Oreal, Estee Lauder and Coty, and sends one sample every couple of seconds.
The firm’s turnover in 2020 reached €7.82m in 2020, up from €1.48 in 2017. Its workforce also grew from 13 employees in 2017 to 32 employees in 2020.
Jonny Grubin, founder and CEO said: “SoPost is the market leader in online product sampling, and works with hundreds of brands in 20 markets to get samples into the right people’s hands. Our success is ultimately a result of our people.
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“We grew a lot through the pandemic, because it suddenly became impossible to sample through traditional channels, but managing that level of growth is a challenge in itself. We’ve worked really hard to develop a strong company culture, and the benefits of it are really easy to see.”
Meanwhile Everflow, which is based in Wynyard, Teesside, achieved the ranking after its revenue rose from €3.188m in 2017 to €64.22m in 2020. It is the second time Everflow has made it onto the list after it came third last year.
Chief executive Josh Gill, who set up Everflow in 2015 with the mission of making utilities simple, said: “It’s incredibly rewarding to have ranked for a second time, something only 30 per cent of firms on the list have done.
“The list really rewards innovation, which we’re passionate about at Everflow – this can be seen in the fact that once again, the top ten is made up solely of new entrants.
“It’s an incredible feeling to be ranked again. It’s a good endorsement and something to celebrate for the whole team, showing that all their hard work is paying off after a couple of difficult years.”
The list is topped by Finish firm Swappie, a smartphone reseller, which had CAGR of 477% and throughout the list technology firms lead the way, making up a fifth of all entries, followed by construction and retail.
Firms based in Italy figure most prominently, with 235 making list, followed by Germany with 194 and the 海角视频 with 155.