Research report 2016 Britain's small and medium-sized (SME) private companies with the fastest-growing international sales - Fast Track
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Research report 2016 SME Export Track 100 research report 2016 1 Britain's small and medium-sized (SME) private companies with the fastest-growing international sales In association with @ST_SMEexport #SMEexport100
SME Export Track 100 research report 2016 i CONTENTS INTRODUCTION 1 Top 10 SME Export Track 100 companies 1 EXECUTIVE SUMMARY 2 KEY STATISTICS 3 International sales 3 Overseas markets 4 Sector breakdown 5 Industry breakdown 6 Regional breakdown 6 Job creation 7 Main ownership 7 Foundation dates 7 KEY THEMES & SELECTED COMPANY PROFILES 8 Routes to market 8 External capital 9 Acquisitions & joint ventures 10 Media & advertising 11 Brand Britain 12 2016 SME EXPORT TRACK 100 LEAGUE TABLE 13 METHODOLOGY 17 Qualification criteria 17 Research approach 17 SPONSOR & MEDIA PARTNER 18 ABOUT FAST TRACK 20 Compiler & publisher 20 The authors 20 Fast Track 21 CONTACT DETAILS 21 © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 1 INTRODUCTION This is the second year of The Sunday Times SME Export Track 100, which ranks Britain’s small and medium-sized (SME) private companies with the fastest-growing international sales. Heathrow Airport is the headline sponsor of the league table, and it is supported by the government's 'Exporting is GREAT' campaign. The SME Export Track 100 ranks companies based on their average The No 1 company is Black Swan Data, which helps growth in international sales over the last two years. SMEs are defined multinationals, such as Disney, Panasonic and GSK, as companies with total sales of £5m to £25m in their latest year, and understand and act on their customer data international sales were required to be a minimum of 20% of total sales. This year’s findings show that companies operating in a broad range of sectors and industries can grow successfully overseas. Average international sales growth for the 100 companies was 84% a year to a total of £685m, on combined total sales of £1.3bn, compared with an average growth rate of 73% on last year’s table. Featured companies include manufacturers such as mouldings specialist Sovrin Plastics (No 9) and toy maker Casdon (No 86), and emerging consumer brands such as Red Paddle Co (No 55) and Wool Overs (No 71). The No 1 company is Black Swan Data, an analytical software developer that correlates data from sources such as weather forecasts, social media and consumer feedback to help brands better target their marketing campaigns. It grew international sales over the last two years an average of 357% a year to £3.6m in 2015. The companies export to all corners of the globe and employ more than 9,000 people. They are outlined in more detail in the following pages. Top 10 SME Export Track 100 companies 2-year av Int'l Total Rank Company int'l sales sales sales [2015] Activity HQ location FYE growth pa £000 £000 Staff Comment Black Swan Data In March it secured £3m from international 1 Central London May 15 357.19% *3,620 *8,419 205 Analytical software developer investors, including Japanese conglomerate Mitsui 2 Shiner Exports sports equipment such as skateboards Bristol Apr 15 346.00% 10,455 22,369 59 [8] Sports goods distributor to over 35 countries LoveCrafts With £18m of venture capital it has created a 3 Central London Mar 15 311.44% *2,827 *5,340 75 Online crafts communities global craft community covering 140 countries PrivateFly Launched in 2008 with £2m from 10 business angels, it 4 St Albans May 15 238.78% *4,545 *10,236 21 Online private jet hire has more than 7,000 private jets on its booking system Denis Ferranti Group Traces its roots to inventor Dr Sebastian Ziani de 5 Bangor Mar 15 209.72% 2,120 10,603 105 Aerospace technology & manufacturing Ferranti, a pioneer of power transmission systems BrandFuel Produced Google's Zeitgeist event for the last 6 Central London May 15 207.44% 12,675 17,415 37 Creative design agency nine years CQC Recently secured a contract to supply protective 7 Barnstaple Sep 14 165.29% 7,175 8,069 57 Military clothing manufacturer clothing to the armed forces in Oman Ebury Has raised more than £70m from venture capital 8 Central London Apr 15 162.06% 3,513 9,233 185 Business finance provider investors 9 Sovrin Plastics Last year it invested £4.5m in larger headquarters Slough Dec 14 161.17% 4,207 10,759 112 [25] Plastic mouldings specialist following increased demand from the US and Europe Andusia Ships household waste to Amsterdam, which has 10 Hertford Mar 15 154.08% *16,899 *16,915 10 Waste exporter the world's largest waste incineration plant * supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 2 Growth in international sales* EXECUTIVE SUMMARY Number of companies in each range International sales >200% 6 • The SME Export Track 100 companies increased their overseas sales by an average of 84% a year over two years, from a total of 150%–200% 4 £247m to £685m 100%–150% 13 • The vast majority of companies (80) sell to mainland Europe, making it the most popular market, followed by North America 80%–100% 16 (71) and Asia (45) 60%–80% 15 • The top countries for overseas sales are the US (66 companies), 40%–60% 32 Germany (27), Australia (25), France (21) and China (19)
SME Export Track 100 research report 2016 3 KEY STATISTICS International sales • Companies on the league table are required to have total sales between £5m and £25m in their latest year, with latest year international sales at least 20% of total sales • The minimum average growth rate in international sales to qualify was 33% a year over two years. Actual international sales growth rates for the 100 companies range from 33% to 357% Sports goods distributor Shiner (No 2) is one of the 23 companies with triple-digit growth in international sales • The top-ranked company is analytical software developer Black Swan Data. It has offices in the US, Canada, South Africa, Singapore and Hong Kong, and grew international sales an average of 357% a year to £3.6m in 2015 Latest total sales Number of companies in each range • 23 companies had triple-digit growth in international sales, which compares favourably with last year when there were only 14 companies in this category. They include sports goods distributor £20m–£25m 15 Shiner (No 2), which grew international sales an average of 346% a £15m–£20m 24 year to £10.5m in 2015 £10m–£15m 23 • International sales for the 100th-ranked company, medical device £5m–£10m 38 maufacturer Micro Systems, grew an average of 33% a year, from £3.2m in 2012 to £5.8m in 2014 • Turbine Efficiency (No 26), which provides turbine maintenance Latest international sales services in remote locations, such as the Burmese Jungle, had the highest international sales on the league table at £22.1m Number of companies in each range • Combined international sales for the 100 companies were £685m £20–£25m 2 and total sales were £1.3bn £15m–£20m 6 • Some companies made all, or the vast majority, of their sales overseas. They include NMS International Group (No 51), which £10m–£15m 13 manages infrastructure construction projects in Africa, and £5m–£10m 30 specialist training firm SCM World (No 94), which generated 97% of its sales overseas in its latest year £1m–£5m 49 • Companies did not need to be profitable to qualify for the league table. Of the 82 companies that were in profit, imaging technology developer Apical (No 79) disclosed the highest operating profit Top 5 companies with the largest international sales margin of 52%, with £8.7m profits on total sales of £16.6m Company Exports • Of the 18 companies that made a loss, 11 were venture capital Rank Activity FYE £m or angel investor-backed technology companies. Online loan 26 Turbine Efficiency Mar 15 22.1 provider Borro (No 20) disclosed the largest losses on the table, Turbine maintenance services with an operating loss of £6.4m Miura Systems 27 Dec 15 20.2 Payment hardware provider McGavigan 85 Dec 15 18.8 Decorative plastics manufacturer Tangle Teezer 33 Mar 15 18.7 Hair products supplier Alba Power 25 Dec 15 17.3 Turbine maintenance services © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 4 Overseas markets • The vast majority of companies (80) sell to mainland Europe, making it the most popular market, followed by North America (71) and Asia (45) • Whilst many companies (42) focus their international activities on one or two continents, more than one fifth of the companies have their markets spread across four or more continents (22). For example, payment hardware provider Miura Systems (No 27) has Miura Systems (No 27) payment hardware technology customers in six continents thanks to distributor deals it has with is used in six continents payment multinationals, including WorldPay and iZettle • By country, the US is a major market for the most companies (66) followed by Germany (27), Australia (25), France (21) and China (19) • 44 companies have customers in one or more of the fast-growing emerging markets†, such as dispute resolution consultancy Blackrock PM (No 44), which has worked on construction disputes in Poland, South Africa, China and the UAE † Emerging markets as defined by the FTSE list of emerging countries, March 2016 Main overseas markets of the SME Export Track 100 companies* 80 71 Europe North America 45 Asia 21 14 Middle East 11 Africa South America 33 Australasia * map shows the numbers of companies targeting each market © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 5 Sector breakdown The SME Export Track 100 companies operate in a range of sectors. Due to the breadth of their activities, 16 companies are considered to operate in two sectors. These include Plextek (No 72), which provides design consultancy services, and also manufactures products such as radars and street light control units. The largest sector is services, with 54 companies, followed by manufacturing (31). McGavigan (No 85), which is run by Steve Mathers and David Taylor, makes plastic parts for cars and has a • Services (54) encompasses a wide range of industries, from factory in China architects such as Wilkinson Eyre (No 40), specialist consultancies, such as car dealership consultancy ASE Global (No 78), and marketing firms, such as Search Laboratory (No 54) • Manufacturers (31) include McGavigan (No 85), which makes Sector breakdown plastic parts for cars and has a factory in China, and display case manufacturer Click Netherfield (No 42) • Retailers (16) include online pharmacy Chemist 4U (No 47), Construction 5 which can dispense medicine to anyone registered with an EU Wholesalers 10 doctor, and knitwear firm Wool Overs (No 71), which has eight international websites Retailers 16 • Wholesalers (10) include sports good distributor Stateside Skates (No 58), which has customers in Scandinavia, France, and Germany, and Pet Brands (No 35), which has a licence to sell branded pet products in Asia Manufacturers 31 • Construction (5) include NMS International Group (No 51), which manages £300m of infrastructure projects in sub-saharan Africa and Desco (No 76), which has consulted on extending a sports Services 54 academy in Doha Note: companies can operate in more than one sector. Stateside Skates (No 58) sells skateboards, scooters and roller skates across Europe © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 6 Industry breakdown Industry breakdown • Consumer goods is the best represented industry, with 17 companies. This category includes Amara (No 30), which sells luxury Consumer goods 17 home furnishings as far afield as Australia and the UAE, and toy maker Casdon (No 86) • Media & advertising also features strongly, with 12 companies, Media & advertising 12 ranging from social media monitoring firm Brandwatch (No 34) to Simworx (No 49), which has made special effects for theme parks in Germany and Colombia Business services 11 • Business services is represented by 11 companies, including cloud software developer HighQ (No 32) and Mind Gym (No 77), Engineering 11 which makes bite-size training courses for staff at Starbucks, Versace and Microsoft Food & drink 7 • A further 11 companies are in the engineering industry. Building-related 7 They include chemicals packaging manufacturer Sanglier (No 93) and Laser Quantum (No 97), whose €500,000 lasers are sold to Computers & electronics 6 research and commercial laboratories globally Finance 5 Transport 5 Leisure 4 Automotive 4 Healthcare 4 Oil & gas 3 Other 4 Regional breakdown of UK HQ Regional breakdown More than one third of the companies (36) are headquartered in Scotland London, and another 20 in the southeast. 5 Regions with export strength in particular areas include: Northwest –– Scotland, where all five of the companies are manufacturers. 10 Northeast They include Argyll-based Springbank Whisky (No 41) and Fife firm Sabre Safety (No 21), which designs, builds and installs 6 emergency breathing systems N. Ireland –– The Southeast, home to six of the 17 companies in the Midlands 2 consumer goods industry. They include knitwear retailer Wool 12 Overs (No 71) and Kent-based Kit for Kids (No 96), which sells its children's games in the Middle East Wales East 1 2 –– London, where four of the five companies in the finance sector are based. These include online loan provider Borro (No 20) and financial software developer Vermilion (No 75) Southwest The region with the lowest representation on the table is Wales. The London one company located in this region is Bangor-based Denis Ferranti 6 Southeast 36 20 Group (No 5), which makes aerospace and defence equipment, such as motors for hybrid electric helicopters. © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 7 Job creation • The 100 companies employ more than 9,000 people, with typical staff numbers ranging between 25 and 100 people • The largest employer is decorative plastics manufacturer McGavigan (No 85), which employs 324 people. The smallest employer is Forest Boards (No 62), which exports plywood for panelling in lorries and has just 4 staff • The companies have collectively increased their total staff number Ex-RAF pilot Adam Twidell, and his wife, Carol Cork, retain by almost 3,700 over the past two years. For example, the a majority stake in PrivateFly (No 4), the online private jet firm they founded in 2008 headcount at web technology developer Qubit (No 14) topped 210 in 2015, compared to 66 in 2013 Number of employees Main ownership Number of companies in each staff range • Entrepreneurs and founders majority-own more than half (56) of the companies. For example, Adam Twidell and Carol Cork own >175 13 and run the online private jet firm PrivateFly (No 4), which they set up in 2008 150–175 5 • 21 companies are majority-owned by private equity, venture 125–150 8 capital or business angels. They include sports nutrition developer 100–125 Grenade (No 50), which the founders sold to Grovepoint Capital in 9 2014, and advertising technology developer Lineup Systems (No 75–100 13 38), which delisted from AIM in 2012 with investment from NVM Private Equity 50–75 25 • 14 are family-owned, including Sladmore Gallery (No 63), which 25–50 15 has sold work by French artists Rodin and Degas and is owned 10–25 10 and run by Edward Horswell, son of the company's founder
SME Export Track 100 research report 2016 8 KEY THEMES & SELECTED COMPANY PROFILES On the following pages we profile examples of companies that demonstrate some of the key themes from this year’s league table. ROUTES TO MARKET The companies have achieved organic international sales growth in different ways. Almost half (43) have set up a local office or subsidiary, such as IT consultancy Hatstand (No 23), which last December opened an office in Dubai to drive sales in the Middle Stefano Martinetto is CEO of designer brands wholesaler Tomorrow (No 66) which has showrooms in Milan, Paris East. 23 companies have used distributors to reach overseas and New York customers, for example toy maker Casdon (No 86) boosted sales in the Far East after meeting distributors at trade fairs in China. Export growth for 17 firms has been driven by online sales, including for maternity wear retailer Séraphine (No 53) which has websites in France and the US. Further examples are profiled below. Amara 30 Home furniture online retailer Last year it launched a German website Location Essex Ralph Lauren and Missoni are two of the luxury brands Amara FYE Dec 15 sells online. Started in 2005 by husband and wife team Sam CAGR§ 93.23% and Andrew Hood, 48 and 51, it ships from its Essex warehouse Int'l sales £3.7m* home furnishings as far afield as Australia and the UAE. Exports Total sales £8.8m* hit £3.7m last year. Employees 65 Click Netherfield Partners with a network of distributors to sell display cases to 42 museum galleries worldwide Display case manufacturer Location Livingston Click Netherfield was formed in a 2003 merger and is led by Mike FYE July 15 Chaplin, 49. Exports rose to £8.8m last year, with strong demand CAGR§ 76.61% prompting investment in its Livingston factory. Customers Int'l sales £8.8m include The National Museum of African American History and Total sales £11.6m Culture, which opens in Washington DC this September. Employees 125 66 Tomorrow Has opened showrooms in Milan, Paris and New York Designer brands wholesaler Location East London Tomorrow gives new fashion brands access to buyers by putting FYE Dec 15 on sample displays at its showrooms in Milan, Paris, New York CAGR§ 51.82% and London. Overseas sales hit £15m in 2015. Last November Int'l sales £15.0m* chief executive Stefano Martinetto, 42, led a management Total sales £17.2m* buyout, which was backed by Three Hills Capital Partners. Employees 46 § compound annual growth rate between 2012/13/14 and 2014/15/16 *supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 9 EXTERNAL CAPITAL Thirty-two companies have boosted their ability to fund their growth by taking on investment from private equity, venture capital or business angels. This compares to just 23 companies on last year’s table. They include electric vehicle charging developer POD Point (No 24), which is backed by tech entrepreneur Peter Hiscocks. Last October, social media technology firm Brandwatch (No 34), secured £23m in a deal led by San Francisco-based Partech Ventures to help it expand in the US. Red Paddle Co (No 55), which makes stand up paddleboards, raised £4m from Mobeus Equity Partners last July Monica Vinader Ambitions to become a global brand were boosted in February 28 when Piper Private Equity led a £20m investment Jewellery designer Location Norfolk Jewellery designed by this firm in rural Norfolk are favourites of FYE July 15 international celebrities, including Hollywood actress Charlize CAGR§ 95.68% Theron and Chinese model Liu Wen. Monica Vinader, 47, Int'l sales £5.3m started the business 2007 and exports grew to £5.3m last year. Total sales £19.8m Ambitions to become a global brand were boosted in February when Piper Private Equity led a £20m investment. Employees 138 32 HighQ Raised £35m in January to expand its international presence and Cloud collaboration software developer invest in new product development Location Central London A £35m investment in January led by One Peak Partners will help FYE Apr 15 this London firm develop its software. It has an R&D operation CAGR§ 87.48% in India, and its offices in Europe, the US and Australia sell to Int'l sales £5.8m banking and corporate customers. Started in 2001 by Ajay Patel, Total sales £13.6m 44, and Veenay Shah, 43, exports grew to £1.6m last year. Employees 13 Red Paddle Co It raised £4m from Mobeus Equity Partners last July to take 55 Watersports equipment designer advantage of a fast-growing watersports niche Location Devon Riding a wave of paddleboarding popularity, this Devon firm sells FYE Feb 15 inflatables, boards and accessories in more than 58 countries, CAGR§ 58.37% and it says it has an 18% share of the global market for Int'l sales £4.3m* inflatable paddleboards. Strong demand in the US and Europe Total sales £7.5m* helped exports to £4.3m in 2015. Led by Roger Tushingham, 61, and John Hibbard, 39, last July it raised £4m from Mobeus Equity Employees 14 Partners. § compound annual growth rate between 2012/13/14 and 2014/15/16 *supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 10 ACQUISITIONS & JOINT VENTURES More than 12 companies have bought or partnered with businesses to expand internationally. Examples include UK Gas Technologies (No 48), whose partnership with Spanish firm Telstar Life Sciences has helped it win business in the US, and Original Steel Services (No 19), which has offset falling steel prices by buying and turning round steel processors. Other examples are outlined below. Laser Quantum (No 97), which is led by Lawrence Gloster, has made acquisitions in Germany to help grow its product range Victor Last year it bought private jet charter service YoungJets, which 15 managed Rihanna's 7 Countries in 7 Days tour Online private jet hire Location Central London Flying the super-rich to ski resorts and chartering flights FYE Dec 15 for popstars are among the services of this exclusive travel CAGR§ 135.05% management app. Founded in 2011 by Clive Jackson, 56, it Int'l sales £9.3m* has raised £15m from angel investors, including Sir Elton John. Total sales £16.2m* Overseas sales – which represents total booking value – hit £9.3m last year, accelerated by the acquisition of California- Employees 70 based jet charter firm YoungJets. 78 ASE Global Exports will be boosted by last August's acquisition of Austrian Car dealership consultancy software firm E-Dentity Location Manchester More than 17,000 car dealers worldwide use this Manchester FYE Dec 14 firm's software to report sales performance to manufacturers. CAGR§ 42.12% Led by Rob Jones, 40, it has offices in 12 countries and sales Int'l sales £10.8m* reps in a further 20. Exports of £10.8m in 2014 will be boosted Total sales £17m* by last August's acquisition of Austrian software firm E-Dentity. Employees 196 Laser Quantum 97 Laser technology developer Has bought two laser companies in Germany Location Stockport This Stockport firm's lasers are exported to research institutions FYE Sep 14 and commercial laboratories globally. The acquisition of two CAGR§ 34.31% laser companies in Germany and a sales office in California Int'l sales £12.6m helped exports to £12.6m in 2014. Chief executive Lawrence Total sales £13m Gloster, 47, teamed up with two fellow University of Manchester PhD physicists to start the firm in 1994. Employees 97 § compound annual growth rate between 2012/13/14 and 2014/15/16 *supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 11 MEDIA & ADVERTISING Twelve companies operate in the media & advertising industry, compared to five on last year’s table. Some of these companies have leveraged the reputation of British-made television and film, including Arrow Media (No 12) whose shows have won slots on the Discovery and National Geographic channels in the US. Others are technology focused, such as Flixmedia (No 68), which creates and manages digital content for some of the world’s biggest brands, including Microsoft and Samsung. Arrow Media (No 12) made the documentary Sherpa, which investigated a series of disasters on Everest Qubit Has raised more than £50m, including £28m in February which 14 will be invested in product development Web technology developer Location Central London Qubit has raised more than £50m since it was started in 2010 FYE Dec 15 by four ex-Google employees. Its technology helps retailers CAGR§ 136.14% optimise their websites, and customers include New York Int'l sales £3.4m* fashion brand Nine West and Irish bookmaker Boylesports. Total sales £11.4m* Offices in the US and Europe helped exports to £3.4m last year. Qubit is led by Graham Cooke, 33. Employees 210 80 Group IMD Last July it bought a Shanghai-based video advertising firm Video advertising software developer Location Central London Group IMD develops software to help the ad industry manage FYE Dec 14 workflow. Exports grew to £8m in 2014 and, with its associates, CAGR§ 41.09% it has 37 overseas offices. Last July, Simon Cox, 53, led the Int'l sales £8m London firm's acquisition of a Shanghai-based video advertiser. Total sales £17m Group IMD delisted from AIM in 2011 when it was bought by Vitruvian Partners for £34m. Employees 152 Mofilm Its filmmakers’ work has been shown on screens in India and 89 Crowdsourcing advertising agency Australia, and during the US Super Bowl Location Central London Filmmakers enter Mofilm's competitions to produce adverts FYE Dec 14 for iconic global brands, including AirBnB and Netflix. Led by CAGR§ 36.62% co-founder and chief executive Jeffrey Merrihue, 57, overseas Int'l sales £8.5m* sales soared to £8.5m in 2014. Last year it sold a majority Total sales £10.7m* stake to New York-based media investor You & Mr Jones for an undisclosed sum. Employees 58 § compound annual growth rate between 2012/13/14 and 2014/15/16 *supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 12 BRAND BRITAIN Britain’s reputation for innovation, creativity and high-quality goods has boosted exports for some of the companies, including architects, manufacturers of children’s products, and food and drink firms. For example, Heatherwick Studio (No 99) has designed Buddhist temples in Japan and public art on the banks of the Loire. The British heritage of hair and shaving accessories made by Kent Brushes (No 92) has helped them sell in India and Taiwan. Cosatto's (No 91) colourful pushchairs have been popular in Spain, Portugal and Iran. Tangle Teezer Rejected by Dragon's Den tycoons in 2007, the company now 33 sells a hairbrush every 3 seconds Hair products supplier Location South London This London firm makes almost 800,000 hairbrushes each FYE Mar 15 month, and with customers in more than 110 countries overseas CAGR§ 85.17% sales hit £18.7m in 2015. Shaun Pulfrey, 54, began selling his Int'l sales £18.7m detangling hairbrush in 2007 and last February launched his first Total sales £23.2m blow-styling brush. Employees 22 41 Springbank Whisky In 2013 a Chinese whisky collector bought a bottle of its 50 year-old Whisky distillery single malt for £50,000 Location Argyll Established in 1828, chairman Hedley Wright, 85, is the fifth FYE July 15 generation to run this family business. It showcases its malts CAGR§ 79.32% at whisky festivals in Europe and has built a strong distributor Int'l sales £3.5m network in the US and Asia. The appeal of Springbank's heritage Total sales £8.1m helped exports to £3.5m last year. Employees 61 Cosatto Its British-designed pushchairs, highchairs and car seats have 91 Pushchair manufacturer been popular in Iran and China Location Bolton Bolton-based Cosatto makes colourful highchairs, car seats and FYE Aug 15 strollers, including one with built-in speakers. Helped by a strong CAGR§ 36.30% distributor network, sales to countries such as Spain, Portugal Int'l sales £4.3m and Iran helped exports to £4.3m in 2015. Following the Total sales £14.9m relaxation of its one-child policy, chief executive Andrew Kluge, 53, expects future growth in China. Employees 55 § compound annual growth rate between 2012/13/14 and 2014/15/16 *supplied by company © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 13 2016 SME EXPORT TRACK 100 LEAGUE TABLE 2-year av Int'l Total Rank Company int'l sales sales sales [2015] Activity HQ location FYE growth pa £000 £000 Staff Comment Black Swan Data In March it secured £3m from international 1 Central London May 15 357.19% *3,620 *8,419 205 Analytical software developer investors, including Japanese conglomerate Mitsui 2 Shiner Exports sports equipment such as skateboards Bristol Apr 15 346.00% 10,455 22,369 59 [8] Sports goods distributor to over 35 countries LoveCrafts With £18m of venture capital it has created a 3 Central London Mar 15 311.44% *2,827 *5,340 75 Online crafts communities global craft community covering 140 countries PrivateFly Launched in 2008 with £2m from 10 business angels, it 4 St Albans May 15 238.78% *4,545 *10,236 21 Online private jet hire has more than 7,000 private jets on its booking system Denis Ferranti Group Traces its roots to inventor Dr Sebastian Ziani de 5 Bangor Mar 15 209.72% 2,120 10,603 105 Aerospace technology & manufacturing Ferranti, a pioneer of power transmission systems BrandFuel Produced Google's Zeitgeist event for the last 6 Central London May 15 207.44% 12,675 17,415 37 Creative design agency nine years CQC Recently secured a contract to supply protective 7 Barnstaple Sep 14 165.29% 7,175 8,069 57 Military clothing manufacturer clothing to the armed forces in Oman Ebury Has raised more than £70m from venture capital 8 Central London Apr 15 162.06% 3,513 9,233 185 Business finance provider investors 9 Sovrin Plastics Last year it invested £4.5m in larger headquarters Slough Dec 14 161.17% 4,207 10,759 112 [25] Plastic mouldings specialist following increased demand from the US and Europe Andusia Ships household waste to Amsterdam, which has 10 Hertford Mar 15 154.08% *16,899 *16,915 10 Waste exporter the world's largest waste incineration plant 11 Sabre Safety Provides equipment and health and safety Fife Dec 14 143.13% 6,310 12,962 162 [27] Safety systems manufacturer advice to BP's facilities in Pakistan Arrow Media Its documentary 'Sherpa' was nominated for a 12 Central London Sep 14 139.41% 8,794 10,857 52 TV & film producer BAFTA this year A-2 Sea Its engineers have worked on projects in 13 Southampton Sep 15 138.75% *2,327 *8,218 17 Subsea telecoms supplier Colombia, Panama, Iraq and Taiwan Qubit Has raised more than £50m, including £28m in 14 Central London Dec 15 136.14% *3,420 *11,352 210 Web technology developer February to fund product development Victor Last year it bought US-based private jet charter 15 Central London Dec 15 135.05% *9,336 *16,158 70 Online private jet hire service YoungJets CDEnviro Its soil cleaning technology has reduced waste at 16 County Tyrone Dec 15 126.84% *3,204 *9,418 44 Specialist waste recycler a tomato processing factory in Brazil LC Designs Its customisable jewellery boxes have been 17 Kent Mar 15 119.39% 2,802 13,942 54 Jewellery box designer popular in Asia and North America AHC Its online games and animations help businesses 18 Wakefield May 15 117.81% 1,456 6,535 69 Pensions communications consultancy in the US and Australia demystify staff pensions Original Steel Services 19 Dorset Mar 15 115.73% 11,467 23,420 188 Customers include European farriers Forgings & steel processing Borro Has offices in Manhattan and Beverly Hills to serve 20 Central London Dec 14 113.49% 3,814 11,371 62 Online loan provider its customers, who include Hollywood celebrities MRT Castings Exports specialist aluminium parts to customers 21 Hampshire Mar 15 107.11% 3,990 7,186 52 Aluminium parts manufacturer in Ireland, Hungary and Germany The Appointment Group Organised a VIP trip to the FIFA World Cup in 22 West London Dec 14 106.46% 4,645 15,325 182 Travel & events agency Brazil Hatstand Its new office in Dubai will help drive sales of its 23 Central London May 15 103.43% 5,431 20,822 83 Financial IT consultancy cybersecurity practice in the Middle East POD Point Has seen strong sales in Norway, where around 24 Central London Jun 15 99.71% 2,548 6,418 50 Electric vehicle charging developer 20% of new cars are electric Alba Power Has customers in 16 countries, including the US 25 Aberdeen Dec 15 98.90% *17,344 *21,151 64 Turbine maintenance services and Vietnam * Supplied by company † Annualised figure © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 14 2016 SME EXPORT TRACK 100 LEAGUE TABLE 2-year av Int'l Total Rank Company int'l sales sales sales [2015] Activity HQ location FYE growth pa £000 £000 Staff Comment Turbine Efficiency Past projects include replacing a turbine in the 26 Doncaster Dec 15 97.60% *22,100 *23,753 92 Turbine maintenance services middle of the Burmese jungle 27 Miura Systems Boosted by an £11m fundraising last year, future High Wycombe Dec 15 97.52% 20,209 24,819 44 [3] Payment hardware provider growth is expected in the US and Asia Pacific 28 Monica Vinader Justin Bieber wore one of its bracelets to this Norfolk Jul 15 95.68% 5,291 19,814 138 [23] Jewellery designer year's MTV Europe Awards in Milan The Knowledge Academy Its 50,000 online courses are studied as far afield 29 Bracknell Mar 15 94.63% 4,654 22,139 126 Training provider as Malaysia and Argentina 30 Amara Says it is the largest international retailer of Essex Dec 15 93.23% *3,694 *8,776 65 [11] Home furniture online retailer home accessories by Italian designer Missoni Butterfly Twists Sells its footwear in more than 50 countries 31 Central London Mar 15 91.13% *4,358 *5,134 30 Footwear designer including Japan, the Philippines and Mexico HighQ Raised £35m in January to expand its international 32 Central London Apr 15 87.48% 1,627 6,818 160 Cloud collaboration software developer presence and invest in product development 33 Tangle Teezer Rejected by Dragon's Den tycoons in 2007, the South London Mar 15 85.17% 18,655 23,176 22 [14] Hair products supplier company now sells a hairbrush every 3 seconds Brandwatch Last October it raised £23m of venture capital to 34 Brighton Dec 14 84.42% 8,361 15,246 260 Social media monitoring technology fund expansion in the US 35 Pet Brands Sells pet products - from dog shampoo to bird Wakefield Jan 16 82.34% *4,133 *10,786 42 [22] Pet accessory manufacturer feeders - in 62 countries 36 Avecto Last December it sold a minority stake to Manchester Jun 15 81.89% 9,612 14,675 119 [99] IT security software developer US-based growth investor JMI Equity, raising £32m Cult Wines Southwest Plans to open a Hong Kong office to capitalise on 37 Aug 15 80.70% *4,936 *17,020 16 Wine merchant London the rising demand for fine wine in China Lineup Systems At the end of last year it secured its first German- 38 Central London Jun 15 80.36% 3,187 5,402 65 Advertising technology developer language client, Austrian publisher Russmedia Lawton Communications Group In 2010 it opened an office in Los Angeles to be 39 Southampton Dec 14 80.24% 2,099 7,992 85 Digital marketing agency near its customers in the US gaming industry Wilkinson Eyre Is designing Australia's 2nd tallest building - a 40 Central London Mar 15 79.81% 7,531 22,325 185 Architect 90-storey hotel and apartment tower in Melbourne Springbank Whisky In 2013 a Chinese whisky collector bought a 41 Argyll Jul 15 79.32% 3,500 8,133 61 Whisky distillery bottle of its 50 year-old single malt for £50,000 42 Click Netherfield Partners with a network of distributors to sell Livingston Jul 15 76.61% 8,819 11,634 125 [17] Display case manufacturer display cases to museum galleries worldwide Seven Technologies Group Has developed surveillance technology to help 43 County Antrim Sep 15 75.06% 12,460 15,377 143 Security technology developer prevent poaching in Kenya’s national parks Blackrock PM Last year's investment from Dunedin will be used 44 Central London Oct 15 71.06% *12,795 *16,133 72 Dispute resolution consultancy to open offices in Paris and Singapore Agilitas New contracts will help it expand into Norway, 45 Nottingham Mar 15 69.39% †1,848 †6,993 75 IT services provider Sweden and Ireland this year 46 Coryton Advanced Fuels Provides specialist high-performance fuels to Essex Jun 15 67.23% 6,600 11,722 25 [66] Specialist fuel manufacturer global clients such as Ford, BMW and Airbus Chemist 4 U Treatments for hair loss and bad breath are among 47 Lancashire Sep 15 66.22% *4,133 *16,940 48 Online pharmacy the 16,000 parcels this firm dispatches each day UK Gas Technologies Has installed purified water generation systems 48 Redhill Mar 15 65.31% 3,260 8,447 30 Specialist engineering contractor as far afield as the Faroe Islands and Bangladesh Simworx Its 4D cinema at New Zealand’s Antarctic Centre 49 West Midlands Dec 15 62.02% *4,780 *9,622 27 Special effects developer includes wind, snow and water spray effects Grenade 50 Coventry Dec 15 61.49% *4,356 *8,550 16 Exports to markets as diverse as Brazil and Iraq Sports nutrition developer * Supplied by company † Annualised figure © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 15 2016 SME EXPORT TRACK 100 LEAGUE TABLE 2-year av Int'l Total Rank Company int'l sales sales sales [2015] Activity HQ location FYE growth pa £000 £000 Staff Comment NMS International Group Last year it won a £166m contract for up to 51 Northamptonshire Apr 15 61.31% 17,219 17,219 20 Construction consultancy & contractor 10,000 affordable housing units in Cameroon Equator Design Designed own-label packaging for Aldi US and 52 Manchester Dec 15 60.87% *8,966 *16,023 242 Food packaging consultancy Ireland 53 Séraphine Princess Sofia is the second Swedish royal to Central London Mar 15 60.81% 6,990 11,170 67 [79] Maternity clothing retailer wear a Séraphine maternity dress Search Laboratory Runs "cultural days" for staff, where foreign 54 Leeds Oct 15 60.66% 2,054 9,084 128 Online marketing agency employees give a talk and bring local foods to work Red Paddle Co Says it has an 18% share of the global market for 55 Devon Feb 15 58.37% *4,344 *7,543 14 Watersports equipment designer inflatable paddleboards Xceed Specialises in integrating IT systems for Wall 56 Central London Nov 14 57.00% 3,202 15,870 99 IT management consultancy Street clients undergoing a merger 57 European Braking Systems Manchester Mar 15 56.93% 9,095 18,162 61 Has a truckparts subsidiary in Wuhan, China [59] Vehicle brakes wholesaler 58 Stateside Skates Its action sports equipment is made in China and Amersham Jan 15 56.84% 4,200 9,140 21 [47] Sports goods distributor Taiwan, and sold across Europe TestPlant Last October it opened its 5th overseas outpost 59 Central London Dec 14 56.76% 5,848 7,403 55 Software testing tools developer in Philadelphia to be near East Coast tech firms REPL Group Has offices in the US, Canada, Australia and 60 Warwickshire Mar 15 56.57% 2,565 9,331 123 IT consultancy Singapore Webster + Horsfall Made the first transatlantic telegraph cable in 61 Birmingham Jun 15 56.08% 2,352 8,803 114 Wire & cable manufacturer 1866, which used 30,000 miles of wire Helipebs Controls A Chinese language website has helped this 62 Gloucester Mar 15 55.93% 2,814 7,292 76 Hydraulic cylinder manufacturer manufacturer win customers in the Far East Sladmore Gallery Has sold work by French artists Rodin and Degas, 63 Central London May 15 54.96% 10,832 13,891 7 Art gallery and customers include Arnold Schwarzenegger Sabichi Bright colours and low prices help it sell to West 64 Middlesex Oct 14 54.28% 2,532 11,836 67 Homeware designer & retailer Africa, Dubai and Australia 65 Sygnature Discovery Will move into £30m purpose-built labs in Nottingham Mar 15 53.83% 5,310 11,407 113 [50] New drug researcher Nottingham's bioscience incubator, BioCity, in 2017 Tomorrow Promotes new fashion brands at its 20,000 sq ft 66 East London Dec 15 51.82% *14,975 *17,155 46 Designer brands wholesaler showroom in Paris during the city's fashion weeks Forest Boards 67 Guildford Mar 15 50.55% 2,237 6,612 4 Sources its wood from Chile Timber exporter 68 Flixmedia Helps global brands, including Microsoft, Google North London Mar 15 50.15% 6,897 6,967 85 [80] Digital marketing platform and Samsung, manage digital content 69 Parallel Consulting Plans to expand in the US next year by opening Central London Dec 14 49.65% 7,637 24,396 81 [15] Recruitment consultancy offices on the East Coast Global Infusion Group Provided catering for Lenny Kravitz in Los 70 Buckinghamshire Dec 15 48.27% *9,059 *17,675 130 Events caterer Angeles, and Lady Gaga on tour in Hong Kong Wool Overs Its knitwear has been popular in France, 71 West Sussex Mar 15 45.61% 10,536 24,299 107 Knitwear retailer Germany and Russia Plextek In January it spun-out its subsidiary, Telensa, which 72 Cambridgeshire Mar 15 45.11% 7,911 21,679 123 Electronics design consultancy has sold its street lights to more than 8 countries Oxford Plastics 75% of its products are made from recycled 73 Oxfordshire Mar 15 43.89% 3,589 16,866 92 Safety barrier manufacturer materials 74 Open Destinations North London Dec 14 43.16% 4,038 7,147 35 Has a research and development team in Goa [54] Travel software developer Vermilion This January it won a deal to sell its Japanese 75 Central London Mar 15 42.31% *3,652 *6,983 50 Financial software developer language software to an asset manager in Tokyo * Supplied by company † Annualised figure © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 16 2016 SME EXPORT TRACK 100 LEAGUE TABLE 2-year av Int'l Total Rank Company int'l sales sales sales [2015] Activity HQ location FYE growth pa £000 £000 Staff Comment Desco Helped refurbish the Bank of Qatar’s retail 76 Sunderland Mar 15 42.31% 2,428 7,007 66 Engineering consultancy branches 77 Mind Gym Uses psychological techniques to help staff at West London Mar 15 42.30% 11,468 19,834 141 [16] Corporate learning provider Starbucks and Versace improve their performance ASE Global Exports will be boosted by last August's 78 Manchester Dec 14 42.12% 10,832 16,984 196 Car dealership consultancy acquisition of Austrian software firm E-Dentity 79 Apical Its microchip technology is used in more than Central London Mar 15 41.56% 16,615 16,615 64 [38] Imaging technology developer one billion mobile devices Group IMD Last July it bought a Shanghai-based video 80 Central London Dec 14 41.09% 8,022 17,025 152 Video advertising software developer advertising firm 81 Safeguard World International It opened an office in Budapest in August to Cheshire Dec 14 40.95% 5,781 19,641 242 [12] Payroll services provider service its customers in Europe 82 British Corner Shop Exports baked beans and other British foods to Bristol Mar 15 40.91% *7,055 *7,616 45 [91] British food exporter expats in 138 countries bluesource Manages the IT infrastructure for the WWF, 83 Central London Sep 15 40.76% 7,204 20,270 103 IT consultancy which has 100 offices in more than 80 countries 84 Brian James Trailers Its trailers are used by World Rally teams and Daventry Jul 15 40.62% 6,437 13,696 96 [64] Trailer manufacturer high-end car marques, such as Mercedes-Benz McGavigan Investment from Maven Capital Partners in 2011 85 Glasgow Dec 15 40.45% 18,776 19,332 324 Decorative plastics manufacturer funded a new factory in China Casdon Replica vacuum cleaners helped this toy-maker 86 Blackpool Apr 15 40.45% 3,146 7,725 16 Toy maker grow sales in Japan SFD Opened an office in New York after winning a 87 Watford Sep 15 39.45% *8,214 *23,336 80 Retail interior designer contract to fit-out Gap's US stores 88 A-Safe Is installing its barriers at Volkswagen’s new Halifax Dec 15 37.94% *12,536 *19,680 154 [33] Safety barrier manufacturer logistics centres in Ohio and Germany Mofilm Its filmmakers’ work has been shown during US 89 Central London Dec 14 36.62% *8,528 *10,667 58 Crowdsourcing advertising agency Super Bowl ad breaks Weatherbys Is investing in developing its DNA and genomic 90 Wellingborough Dec 14 36.56% 6,331 21,721 281 Horse racing testing laboratory in County Kildare, Ireland Cosatto Its colourful pushchairs, highchairs and car seats 91 Bolton Aug 15 36.30% 4,293 14,886 55 Pushchair manufacturer have been popular in Europe and China Kent Brushes Hemel Has been exporting its handmade clothes and 92 Dec 14 36.03% 1,968 5,767 40 Brush manufacturer Hempstead hair brushes to Asia since 1903 93 Sanglier The company's name 'Sanglier' means 'wild boar' Nottinghamshire Apr 15 35.14% 2,694 11,413 45 [37] Chemicals packaging manufacturer in French 94 SCM World Condolezza Rice was the keynote speaker at its Central London Dec 15 35.00% *7,667 *7,888 50 [75] Specialist training provider Leaders Forum in California last year 95 Potters Poultry Sells chicken breeding equipment to the supplier Rugby Mar 15 34.94% 2,467 10,864 44 [65] Poultry equipment supplier of all KFC outlets in the Philippines Kit for Kids Its educational and babycare products are sold 96 Kent Feb 16 34.76% *2,306 *7,800 130 Children's products manufacturer in more than 220 stores in the Middle East Laser Quantum Its €500,000 lasers are used by scientists 97 Stockport Sep 14 34.31% 12,615 12,985 97 Laser technology developer globally, from Silicon Valley to Japan Synectics Solutions Employs more than 45 software developers at its 98 Staffordshire Aug 15 34.26% 3,856 13,139 290 Specialist software developer Staffordshire headquarters Heatherwick Studio Is designing Google's new headquarters in 99 Central London Mar 15 33.64% 11,468 14,359 152 Architect & designer Mountain View, California Micro Systems Has manufacturing plants in Vienna and 100 Warrington Dec 14 33.20% 5,764 9,823 56 Medical device manufacturer Singapore * Supplied by company † Annualised figure © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 17 METHODOLOGY Qualification criteria Companies were ranked on their compound annual growth rate (CAGR) in international sales over their latest two years of available accounts, from 2012 to 2014, 2013 to 2015 or 2014 to 2016. International sales were defined as declared non-UK revenue. Of the 100 companies on the league table, 21 had financial years ending in 2014, 77 had financial years ending in 2015 and two had a financial year ending in 2016. Limitations: The research is based on the limited available data on international sales. Many firms file abbreviated accounts, and some firms that file full accounts do not disclose a geographical breakdown of sales on the grounds that it will be prejudicial to their interests. Qualification criteria also included: • UK-registered, independent, unquoted and ultimate holding companies • Base year international sales greater than £150,000 • Total sales of £5m to £25m in latest year • International sales greater than 20% of total sales in latest year i.e. greater than £1m international sales • No drop in international sales from penultimate to latest year • At least 25 trading weeks in latest and base year (trading on periods different from 52 weeks were annualised on a simple straight pro-rata basis) Research approach The main research was conducted by Fast Track primarily between November 2015 and April 2016. Companies were selected from a database of 2m private limited UK companies after extensive desk, telephone and case study research. The majority of the companies were interviewed. © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 18 SPONSOR & MEDIA PARTNER Fast Track would like to thank our headline sponsor Heathrow Airport and supporter Exporting is GREAT, for their support of the league table in its second year. The sponsors do not endorse, guarantee or recommend investment in any of the companies. Sponsor Heathrow Airport is the headline sponsor of SME Export Track 100 for 2016. John Holland-Kaye Chief executive Heathrow, the UK’s hub airport, is home to more than 80 airlines connecting to more than 180 destinations. Every year Heathrow welcomes over 75 million passengers with a commitment to ‘making every journey better’. By providing passengers with frequent and direct connections, millions of people rely on us every day to visit friends, take holidays, reunite families or simply get their business done. These connections drive the UK economy by connecting British businesses to the world’s established and emerging markets. In today’s global economy, our success is Britain’s success. Heathrow is also Britain’s most important port, carrying more freight, by value, than any other UK airport. Air Freight accounts for 40% of the UK's imports and exports and most of that comes through Heathrow. Following an investment of more than £11bn over the past 10 years, passengers have voted Heathrow the ‘Best Airport in Western Europe’ for the second year in a row, ‘Best Airport Terminal’ for Terminal 5 for the fifth year in a row and ‘Best Airport for Shopping’ seven years in a row. With over 75,000 people working at Heathrow, the airport is one of the UK’s largest single site employers while also supporting the local and national economy by working with our airlines, suppliers and other business partners throughout the UK. your.heathrow.com/takingbritainfurther © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 19 The ‘Exporting is GREAT’ campaign is supporting this year's SME Export Track 100. Launched in November last year by the Minister for Trade and Investment, Exporting is GREAT is a five year programme to enable 100,000 additional companies to export by 2020. The campaign presents live export opportunities to businesses and provides advice and expertise to support them at every step of their international journey. exportingisgreat.gov.uk Media partner The Sunday Times has been Fast Track's media partner for all 19 years. The Sunday Times is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over three million readers Dominic O'Connell Business editor every week. More than half (54%) of the business elite read The Sunday Times, a greater market share than any other publication, according to the latest Ipsos survey. thesundaytimes.co.uk © 2013 2016 SME Fast Export Track 100 Track 100 www.fasttrack.co.uk fasttrack.co.uk
SME Export Track 100 research report 2016 20 ABOUT FAST TRACK Compiler & publisher Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing cornerstone sponsorship from Richard Branson. He works closely with leading entrepreneurs, sponsors and media partners to try to ensure their expectations are exceeded, and that they remain engaged with the alumni network. He is an associate fellow at Green Templeton College, Oxford University, where he completed his masters and doctorate in management studies and subsequently set-up and held the Virgin research fellowship in entrepreneurship. The authors Richard Tyler leads Fast Track’s research and editorial, working closely with sponsors and companies within our network. He was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy towards business. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University. Claire Wheeler is responsible for managing the SME Export Track 100 research. She trained as a chartered accountant with Deloitte in its financial services tax department in London. She has a degree in geography from Durham University. © 2016 SME Export Track 100 fasttrack.co.uk
SME Export Track 100 research report 2016 21 Fast Track SME Export Track 100 is compiled by Fast Track, the UK's leading face-to-face networking events and research company, which ranks top-performing private companies and entrepreneurs. Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 19 years. It publishes six other annual league table awards programmes: Tech Track 100 ranks Britain's private TMT companies with the fastest-growing sales Fast Track 100 ranks Britain’s private companies with the fastest-growing sales (excluding tech companies) International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales (total sales over £25m) Profit Track 100 ranks Britain's private companies with the fastest-growing profits Top Track 250 ranks Britain’s leading mid-market private growth companies with the biggest sales (£140m to £650m) Top Track 100 ranks Britain’s private companies with the biggest sales (£650m to £20bn) Fast Track is based in Oxford with 23 staff, and a network of freelance researchers. CONTACT DETAILS Fast Track Angel Court 81 St Clements Street Oxford OX4 1AW Tel: 01865 297 100 Fax: 01865 297 001 Email: info@fasttrack.co.uk Web: www.fasttrack.co.uk twitter: @ST_SMEexport © 2016 SME Export Track 100 fasttrack.co.uk
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