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GROWTH FIRMS BUCK THE RECESSION TREND

Despite the recession there are still a significant number of companies in Wales driving profitability and market share.

That is the message from the 11th Wales Fast Growth 50 list, the barometer of the state of the entrepreneurial sector in Wales.

The full results will be published in a Western Mail supplement, sponsored by the University of Wales Global Academy, on November 4th.

During the past decade, the Fast Growth 50 project has become the list to which every growing Welsh firm aspires to.

Since the project was started in 1999, 317 firms have appeared on the ten lists published in the Western Mail, creating more than 15,000 jobs and generating £3.8 billion of turnover into the Welsh economy, much of which is spent on local goods and services.

To qualify for the Fast Growth 50 2009 competition, firms should be independent and privately held, have had sales of at least £250,000 in 2006 and be based in Wales.

Rankings are based on percentage growth of revenues from 2006 to 2008 and, for the first time, the list is open to all qualifying Welsh companies, regardless of size.

As the person responsible for managing the entries, I can honestly say the companies that have entered this year have outperformed all expectations. The response to the competition has been tremendous, despite the fact that we have suffered one of the worst recessions in living memory.

All the companies on this year's list are worthy winners and demonstrate, unequivocally, that despite some of the toughest trading conditions for a generation, Wales still has the entrepreneurs that can grow successful businesses and make a real difference to the economy.

Overall, the 50 firms have more than doubled their turnover during the last two years, created jobs at a time of high unemployment and have demonstrated growth across all sectors of the economy.

I believe many will be surprised by the performance and resilience of this year’s Fast Growth 50 firms when their success stories are announced in the Western Mail in November. These companies, their founders and their staff are a tribute to the business talent that exists in this great nation of ours and beacons of hope to all Welsh firms.

The achievements of the winning companies will be celebrated at the annual Fast Growth 50 Gala dinner, hosted by BBC Wales newsreader Siân Lloyd. With awards sponsors including Enlli Associates, HSBC, Newport Business School, the University of Wales, the Welsh Assembly Government, MediaWales and the Welsh Built Environment Forum, the event is sold out with more than 400 businesspeople attending.

It should be another great night to remember!

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