After 25 years of publishing a list of Canada’s Fastest-growing Companies, Profit Magazine has changed up its 25th annual ranking and release the PROFIT 500. The new name also reflects a change in what these company represent and according to the publishers these firms have “raised the bar on what it means to thrive in a challenging economy.” The magazine also adds that, “The trailblazing entrepreneurs on the PROFIT 500 are a diverse group of super-achievers who prove that there are many paths to success.”
As can be expected a majority of the companies, 378 to be exact, are located in major cities like Greater Toronto (187 firms), Vancouver (60), Montreal (46), Calgary (42), Edmonton (24), and Ottawa (19). IT firms make up a major portion of the Profit 500 with 80 companies while the software development sector is also quite visible.
Profit looked at five-year revenue growth to make the list with the top five as follows:
“1. Avigilon Corp., Vancouver (49,908%), Sector: Business products
2. Mood Media Corp., Vaughan, Ont. (41,364%), Sector: Marketing services & media
3. EcoSynthetix Inc., Burlington, Ont. (9,676%), Sector: Business products
4. Terrapro Group Inc., Sherwood Park, Alta. (7,730%), Sector: Natural resources
5. PiiComm Inc., Alfred, Ont. (4,164%), Sector: IT”
The list also highlights the leaders that have lead their companies to deliver blistering growth. According to Profit magazine, a CEO of a company on the PROFIT 500 has an average age of 46. A whopping 61% are serial entrepreneurs while only 15% of the CEO’s have an MBA degree. A worrying trend though is the fact that 86% of these leaders are males while female CEO lag drastically in this area. The CEO’s of these fast growing firms also have great salaries with the average compensation hovering around $386,000.
The PROFIT 500 firms have not only out performed others in Canada they have also had a total of $25.2 billion in sales. Profit magazine also notes that, “Canada’s Fastest-Growing Companies have been hyper-prolific employers as well, adding 46,780 brand-new, full-time equivalent positions to their payrolls since 2007. That’s 94 full-time jobs for each business on the list—a stat thrown into sharper relief when you consider the average PROFIT 500 company had only 68 full-time staff at the start of this five-year span.”
Profit magazine also explained its selection process by stating that, “All applicants were ranked by five-year percentage revenue growth, generally from 2007 through 2012. PROFIT shortlisted companies based on revenue figures supplied on a short self-nominating ballot, then verified revenue claims and eligibility through phone interviews and reviews of applicant-supplied financial statements. A minimum revenue requirement of $2 million in the most recent fiscal year (e.g., 2012) applied to all companies; growth rates were calculated using a base-year (e.g., 2007) minimum of $200,000. Franchisors were ranked on their corporate revenue only, not system-wide sales.”
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