Financial Times: Six Czech companies are among the fastest growing in Europe

Six Czech companies have secured spots in this year’s ranking of Europe’s fastest-growing companies, compiled by the business outlet Financial Times and data aggregator Statista. 

While the number of Czech firms on the list has dropped from 11 last year, the country’s top performer, photovoltaic technology distributor Raylyst, ranked an impressive 15th overall, making it the fastest-growing company in the Czech Republic.

The ranking evaluates the top 1,000 companies in Europe based on their compound annual growth rate (CAGR; the rate at which an investment grows annually) revenue from 2020 to 2023. 

To qualify, companies needed to have had at least EUR 100,000 (approximately CZK 2.5 million) in revenue in 2020 and at least EUR 1.5 million (CZK 37.6 million) in 2023. Additionally, businesses must be independent entities headquartered in Europe.

Aside from Raylyst, another Czech company, Woltair, which sells heat pumps and photovoltaics, made it into the top 100 at 65th place. Other Czech firms included in the ranking are logistics and technology company Skladon (491st), auto parts wholesaler Volmet (529th), e-commerce retailer Růžový slon (890th), and augmented reality cycling application ROUVY (991st).

The overall top-ranked company in Europe is Poland’s Menlo Electric, a distributor specializing in solar and renewable energy technologies. Between 2020 and 2023, its CAGR was 830.8 percent. 

The second and third places went to British financial services firm Allica and German advertising company Almedia, respectively. Italy’s Olla Home Solution and Raya rounded out the top five. The majority of companies in the ranking—more than three-quarters—hail from Italy, Germany, France, and the UK.

Raylyst, the Czech Republic’s highest-ranked company, achieved a CAGR of 293.7 percent, demonstrating strong growth in the renewable energy sector. The presence of Czech firms in the ranking highlights the country’s dynamic business environment and its increasing role in Europe’s economic landscape.