The United Kingdom-based business news site Financial Times has released their annual ‘FT 1000’ ranking for the eighth time, which lists European companies by their rate of growth. The list is ranked in order of the companies’ highest compound annual growth rate (CAGR). The German research company Statista has been a partner in FT’s project, supplying some of the data. An annual growth rate of at least 36.9 per cent and an annual turnover of €1.5 million in 2022 are required to be eligible for inclusion.
Among the 1,000 fastest-growing European companies listed by the Financial Times, 13 are Hungarian, three of which are ranked in the top 100.
The financial software developer company Taxually is the highest on the list at the #11 spot. Their revenue in 2022 was €10.613 million, according to the report, which constitutes a 318.6-per-cent triannual growth rate. Taxually was founded in 2018, and it is headquartered in Budapest, Hungary. However, their leadership, according to their website, is not Hungarian—two British and a Serbian men are listed on their ‘about us’ page as company leaders.
This is not the case for the manufacturing company Continest, headed by CEO Vidor Kis-Márton, the second highest-ranked Hungarian company on the list at #18. Contitest is registered in Szentendre, Hungary, but they have their manufacturing plant in Székesfehérvár, Hungary. They turned over €9.119 million in revenue in 2022, and their compound growth rate was 282.8 per cent in the period.
United Shipping Hungaria is the next from our country, in the ‘logistics & transportation’ category. They had higher revenue than the two companies cited above, €33.321 million. However, they had lower growth, 191.4 per cent. United Shipping Hungaria is based in Budapest, was founded in 2008, and is currently headed by managing director Zoltán Tamás Kummer. All of their leadership, according to their website, is local Hungarian.
The ten other Hungarian companies that made the list are: Datapao (ranked at #328), Maraelite KFT (#568), Abylon Consulting (#649), Cool4u (#661), Pallet Solution (#751), Lakógép (#775), Expleo (#807), V-Inox Outlet (#861), ZMT Hungary (#873), and mcule.com (#949).
Meanwhile, the company topping the list was Raylyst Solar based in the Czech Republic. The wholesale company had an annual revenue of €111.275 million in 2022, and a three-year compound annual growth rate of 824.4 per cent.
These companies managed to overcome less-than-favourable market conditions and achieve outstandingly high growth. Coming out of the COVID-19 lockdown and its consequent recession, a whole new slew of challenges came. As the Financial Times put it:
‘The return to growth after the pandemic has been hampered by high inflation and a cost-of-living squeeze, exacerbated by an energy crisis fuelled by the war in Ukraine. Though many businesses have struggled or failed to survive, others have demonstrated resilience and been able to thrive.’
Minister of National Economy Márton Nagy hosted the top executives of the 13 Hungarian companies included on the list for a congratulatory meeting
last Thursday, 11 April, with special attention paid to the three companies that made the top 100.
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