British Columbia’s biggest tech companies have managed to increase their revenue during the pandemic, according to data collected on Business in Vancouver’s list of the province’s top B.C.-based tech companies (https://biv.com/lists).
The average revenue of the companies on the list grew 6.7% to $930 million in 2020 from $871 million in 2019. The growth helped push the average revenue for B.C.’s top tech companies above 2016’s average, which had declined 7% to $823 million in 2017. At 65.4%, the median revenue for the companies on the list grew significantly more than the average, which suggests that smaller companies lower on the list grew faster than larger companies higher on the list.
The companies’ average revenue did not grow as much as their median revenue in part because revenue for three of the list’s five biggest companies declined over the past year.
No. 2 Sierra Wireless (TSX:SW) suffered the largest revenue drop of the top five: down 36.4% to $601 million in 2020 from $936 million in 2019.
No. 16 Photon Control Inc. recorded the largest one-year revenue growth on the list: up 97.5% to $64.7 million in 2020 from $32.7 million in 2019.
On average, revenue for companies on the list grew 9.3% over the past year. •