Two Cypriot companies were included in the recently released list of the 1,000 fastest-growing European businesses by the Financial Times, compiled in collaboration with the German data analysis firm Statista.

Topping the Cypriot entries at position 562 is Theon International, founded in 1997 and operating in the aerospace and defence sector.

With a remarkable Compound Annual Growth Rate (CAGR) of 57.8 per cent, the company has 247 employees as of 2022.

Following closely at position 678 is the second Cypriot entry, Intergo Telecom, specialising in media and telecommunications. Established in 2016 with 25 employees, it achieved a CAGR of 50.3 per cent.

The technology and software information sector dominated the list with 188 entries, followed by construction companies with 94 entries.

E-commerce businesses follow with 78 entries, reflecting a decrease in post-pandemic restrictions, which provided an unprecedented boost to online services.

Ranked fourth are energy and utility companies, making 69 entries on the list.

The fastest-growing company in Europe for 2023 is Raylyst Solar, a Prague-based enterprise dealing in the distribution of solar energy panels and other photovoltaic products.

Established in 2018, the company recorded a staggering growth rate of 824.4 per cent in 2023, capitalising on the increased demand for renewable energy.

Following in the rankings are the French advertising company Adagio with a growth rate of 582.6 per cent, and the Italian digital advertising firm Bidberry with a growth rate of 424.4 per cent.

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

London maintains its position at the top for the eighth consecutive year with 69 companies, while Milan surpasses Paris, securing the second position with 44 companies compared to Paris’s 39.