Finnish sextet among top growers in Europe: FT 1000

ICEYE, an Espoo-headquartered manufacturer of synthetic-aperture radar (SAR) microsatellites, was ranked 30th overall and 1st in the aerospace and defence sector, having grown its revenue at a compound annual rate of 250 per cent in 2019–2022.

Although the FT 1000 is based on revenue growth, the ranking is also sign of company’s technological leadership and reputation as a trusted partner among organisations worldwide, viewed Rafal Modrzewski, CEO of ICEYE.

“It is an honour to be selected as one of the leading European growth companies by the Financial Times,” he said.

AppFollow, a Helsinki-based provider of insights on app performance, came in 297th with a compound annual growth rate of almost 89 per cent. Virta Global, which has created one of the largest charging point networks in Europe, was ranked 370th for growing at a compound annual rate of over 77 per cent over the three-year period.

Marketing agency Bou came in 520th with a growth rate of nearly 61 per cent, mobile payment provider Epassi 779th with a rate of 45 per cent and marketing agency Draivi 888th with a rate of almost 41 per cent.

Topping what is the eighth edition of the FT 1000 was Raylyst Solar, a Czech distributor of solar panels. A compound annual growth rate of 36.3 per cent was required to secure a place in the ranking, which is compiled with Germany’s Statista.

The Financial Times wrote that this year’s ranking reflects shifts in corporate fortunes as some companies faltered under and others withstood the effects of COVID-19. The post-pandemic return to growth, it added, has been inhibited by high inflation and a cost-of-living crisis exacerbated by the energy crisis set off by the Russian invasion of Ukraine.

“Though many businesses have struggled or failed to survive, others have demonstrated resilience and been able to thrive,” the British business daily analysed.

Finnish companies are no strangers to the FT 1000, with a total of 17 earning a spot in 2020 and 13 in 2021.