The search is on to find the fastest-growing indigenous firms in Wales.
Now its 25th year the Wales Fast Growth 50 initiative will again take revenue growth over the last two years as the determining factor for ranking the fastest growing firms in Wales - which last year went to Chepstow-based medical devices firm Creo after seeing revenues rise from £268,806 in its 2018-19 financial year to £25.1m in 2020-21 - a huge rise of 9,260%.
According to the latest report from the Scaleup Institute, fast-growth firms which are normally defined as achieving 20% growth per annum make up less than 0.6% of the UK business population but represent 50% of the total small and medium-sized enterprise (SME) turnover output. Research has also shown that this small group of firms are more productive, innovative, and export-oriented than other businesses and despite an impending recession, nine in 10 firms plan to grow further in 2023.
Applications are now open for 2023 Wales Fast Growth 50, which will be celebrated at the annual awards event to be held at the Cardiff International Arena in October.
The founder of the Fast Growth 50, Professor Dylan Jones-Evans, said: “When we published our first list back in 1999, we never would have guessed that we would still be identifying the fastest growing firms in Wales a quarter of a century later. More importantly, since then we have seen the massive impact that the fastest growing Welsh firms in Wales have had on the economy with 701 businesses creating 55,000 jobs and generating £30bn of additional turnover, much of which is spent in their local area.
I also cannot wait to bring together those Wales fast growth 50 firms and the business community together in Cardiff later this year to celebrate the achievements of those businesses that have such an impact on the Welsh economy.”
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