Two Cypriot companies have been included in this year's prestigious list of the 1000 fastest-growing European enterprises, a ranking compiled annually by the Financial Times in collaboration with the German data analysis firm, Statista. The list ranks companies based on their Compound Annual Growth Rate (CAGR) for the period from 2019 to 2022.

Leading the charge for Cyprus, at position 562, is Theon International. Founded in 1997, this aerospace and defense sector company has achieved an impressive average growth rate of 57.8% and, as of 2022, employs 247 staff members. Following closely at position 678 is Intergo Telecom, a player in the Media and Telecommunications sector. Established in 2016 with a workforce of 25, Intergo Telecom recorded a growth rate of 50.3%.

Information technology and software companies have the largest representation in the top 1000, boasting 188 entries. Construction companies follow with 94 entries, and the list also includes 78 e-commerce companies. Notably, the presence of e-commerce firms has decreased following the lifting of pandemic-related restrictions. Energy and utilities companies occupy the fourth spot with 69 entries.

For 2023, the fastest-growing company in Europe is Raylyst Solar, a Prague-based distributor of solar panels and other photovoltaic products. Established in 2018, the company recorded a staggering growth rate of 824.4% in 2023, benefiting from the rising demand for renewable energy sources.

The list also includes the French advertising company Adagio, with a growth rate of 582.6%, and the Italian digital advertising firm Bidberry, growing at 424.4%.

In terms of geographical distribution, Italy leads with 309 companies on the list, followed by Germany with 202. London retains its top position for the eighth consecutive year as the city hosting the most companies on the list with 69 entries. Milan overtakes Paris for second place with 44 entries, while Paris ranks third with 39.

Check out the full list.