Revenue growth slowed significantly for B.C.’s 100 fastest-growing companies last year.
Over the five-year period ending in 2021, average sales at companies on Business in Vancouver’s Top 100 Fastest-Growing Companies list increased 643 per cent compared with an average sales growth of 1,485.5 per cent over the five-year period ending in 2020.
Revenue for Certn Holdings Inc. (No. 1) grew 33,109.8 per cent to $18.6 million in 2021 from $55,856 in 2016. But this impressive performance is dwarfed by the five-year growth of last year’s fastest-growing company.
Equinox Gold Corp.’s (TSX:EQX) (No. 3) revenue skyrocketed more than 96,000 per cent over the five-year period ending in 2020.
The five-year sales growth average of this year’s list is less than half of what it was the previous year, but double what it was five years ago.
Twelve companies on the list saw revenue decline over the past year, yet were still among the province’s fastest-growing companies based on BIV’s five year growth model.
Aurora Solar Technologies Inc. (CVE:ACU) (No. 85) had the largest one-year decline in revenue growth, falling 77 places on the list year over year. This was the result of a 43.4 per cent revenue decline to $1.87 million in 2021 from $3.3 million in 2020.
Last year Aurora was B.C.’s eighth-fastest-growing company, with sales up 1,048.8 per cent since 2016. From 2017 to 2021, the firm’s revenue grew 32 per cent.
West Fraser Timber Co. Ltd. (TSX:WFG) (No. 27) was the only company with more than $10 billion in revenue to rank in the top half of the list. The company’s revenue rose 156.8 per cent to $13.2 billion in 2021 from $5.1 billion in 2016.
Equinox Gold was the fastest-growing company with over a $1 billion in revenue, which jumped 6,653.9 per cent to $1.35 billion in 2021 from $20 million in 2017. ■
