Czech firm Europe’s fastest growing

Czech photovoltaic distributor Raylyst Solar is the most rapidly growing company in Europe, according to the latest rankings by UK daily the Financial Times and German data platform Statista.

Czech entrepreneur Jan Kamenicek founded Raylyst in 2018, and the company now delivers photovoltaic panels in Czechia, Germany, Slovakia, Italy and Austria. Another ten Czech firms were named in the top 1,000, Bratislava-based daily Hospodarske Noviny reports. 

The list ranks Europe’s top 1,000 companies with the highest rate of revenue growth – or compound annual growth rate (GACR) – from 2019-22. Raylyst Solar’s GACR was 824.4%. 

Independent European companies with revenues of at least EUR 100,000 in 2019 and EUR 1.5mn in 2022 qualify for the rankings. 

According to the FT, the new rankings show companies trying to move on from the COVID:19 pandemic. The return to growth is being hampered by high inflation and cost-of-living cuts, exacerbated by the energy crisis sparked by the war in Ukraine. Many businesses did not survive, while others showed resilience and have managed to thrive, the FT added.

French advertising and marketing firm Adagio.io was ranked Europe’s second fastest growing firm, with 582.6% growth, Italian advertising and marketing company Bidberry third, German energy company Solar Direktinvestment fourth, and Swedish technology company Vakanta fifth.