International Track 200 020200
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February 10, 2019 Researched and compiled by Fast Track BRITAIN’S Title sponsor Main sponsors MID-MARKET PRIVATE INTERNATIONAL COMPANIES WITH THE FASTEST- 10TH YEAR GROWING TRACK 2000 OVERSEAS SALES Overseas ANDREW FOX sales soar as Brexit ticks on A surge in demand for British ideas and innovation is driving success in markets across the world, writes Richard Tyler hile Westminster debates it had been negative. Only 9% said they Britain’s future trading had seen a positive result. Some are tak- relations with the EU, the ing action to protect themselves in case of country’s leading export- a no-deal Brexit. Safety product maker ers have quietly clocked up JSP (No 187) says it has used the prospect the air miles and secured as an incentive to open its new manufac- Woverseas orders at a record turing and logistics facility in Germany. rate, almost double that In a similar vein, financial technology achieved two years ago. firm Transferwise (No 12) has applied for Private mid-market companies ranked a money-transfer licence in Brussels. on the 10th annual Sunday Times HSBC Those looking further afield include International Track 200 grew their inter- Genius Sports Group (No 37), which pro- national sales by an average of 31% a year vides betting software driven by live for their past two years. The comparable sports data, and is performing strongly in minimum rate of growth in 2017 was 16% the liberalised US betting market; and per annum. Combined profits were Windhoist (No 114), which has built wind £2.3bn, a 77% rise on the 2017 cohort. farms in Australia and Morocco. This acceleration in sales is in part due Retailers embracing ecommerce fea- to the fall in the value of the pound. Yet ture prominently: 34 appear this year, up it also reflects the strong demand for from 25 in 2017. They include our No 1 British goods and services. ranked company, Gymshark, whose Europe is a key market for the majority range of figure-hugging workout wear Social media has been key to the success of Gymshark, founded by Ben Francis. It sells to customers in 178 countries and expects total sales of £175m this year of the companies (86%), followed by has proved a hit around the world, with North America (64%) and Asia (37%). The international sales rocketing 228% a year 1 Gymshark 228.06% Gymshark was initially envisaged as a they would promote the products to The company’s 13 multilingual latter includes 44 companies targeting to £81m on total sales of £103.2m in 2018. Fitness clothing retailer website selling health supplements, but their followers. websites sell directly to customers in China, such as childcare provider Busy Ian Wilson of DHL Express considers This fitness clothing brand has come a low profit margins and a gap in the The brand has continued to sponsor 178 countries. As well as moving to Bees (No 184), which plans to open 32 the advantages of ecommerce to both long way since it was founded in 2012 market for bodybuilding apparel saw popular YouTubers, Instagrammers and larger offices, the company has nurseries in the country over the next five consumer and business-facing compa- by Ben Francis, 26, in his parents’ Francis, a weightlifter with an bloggers, such as US fitness model Nikki invested in technology and recruited years, an opportunity that Jane Galvin nies on page 4. garage in Birmingham. It attracted entrepreneurial drive, turn to clothing. Blackketter and bodybuilder Steve Cook, data engineers to support product from HSBC explores further on page 3. Investing in the technology needed to 10-hour queues when it opened a pop- He bought a sewing machine for £200 who form part of the “Gymshark family” fulfilment. It is rolling out further Asked what impact the vote to leave reach new customers has been an impor- up store in Los Angeles last year, and and, with his grandmother’s help, began boasting a combined social media online stores, with the aim of the EU was having on their business, tant driver of growth. A wide range of now has more than 1.2m customers. to make gymwear. following of more than 80m. Today, the providing a local brand experience on more than half (57%) of the fast-growing companies from Niftylift (No 51) to Fenti- Its range of “conditioning” apparel has Growing up in the era of social media, brand’s own social media presence also a global scale. exporters said the impact had been neu- mans (No 174) and Charlotte Tilbury gone global under the stewardship of Francis identified a marketing has an impressive 8.9m followers. Debt-free and profitable, Gymshark tral or non-existent so far, while 34% said (No 60) have upgraded their IT to help chief executive Steve Hewitt, 45, a opportunity now considered almost Gymshark’s media savvy even extends is growing at a rate that continues to them manage their international expan- former Reebok executive who joined standard practice at many new to its huge logo in the courtyard of its far outpace the market for fitness sion — Nicky Tozer of Oracle NetSuite Gymshark in 2015. Last year, exports businesses. He initially gifted clothing new Solihull headquarters, where it clothing in general. It expects that FAST TRACK explores this theme further on page 6. reached £81m — more than three- to key social media personalities, moved in April, which is designed to be total sales will rise to £175m this year, Outside London, Manchester is home quarters of total sales of £103.2m and such as well-known bodybuilders seen on Google Earth. It houses 260 up more than fourfold from £40.5m to the highest number of company HQs up from £7.5m two years earlier. and fitness enthusiasts, in the hope staff, whose average age is just 26. two years ago. International Track 200 ranks Britain’s with eight. In total, 41 are based in the mid-market private companies with the north of England. Almost half (99) are fastest-growing overseas sales. majority-owned by an entrepreneur or 2 Cult Beauty 206.58% 3 White Light 198.42% 4 MiQ 174.74% 5 iPulse 167.26% The league table is produced for a 10th the founders, while private equity own Online beauty retailer Entertainment production supplier Digital marketing agency Hair removal technology year by Fast Track, the Oxford firm that 45, and 28 are family-owned. This online retailer sells beauty products Co-founded by chairman John Simpson, Gurman Hundal, 35, and Lee Puri, 45, The devices created by this Swansea researches Britain’s top-performing Ten years ago, retailers Cath Kidston from global brands such as Charlotte 76, in 1971, this London company founded this digital marketing agency in manufacturer use high-intensity pulses private companies and organises and architect Zaha Hadid featured on the Tilbury (No 60 on this year’s league supplied lighting for the first production 2010 to help clients use data to target of light to target unwanted hair and stop invitation-only dinners for their owners first league table. Their international table) and Sunday Riley, as well as of cult musical The Rocky Horror Show their marketing. Its proprietary software growth at the root. The products scan and directors to network and meet operations have rocketed since. Other emerging labels including Huda Beauty two years later. It has since diversified provides directed advertising campaigns the user’s skin tone before setting the its sponsors. alumni have floated on stock markets, and Drunk Elephant. Co-founders Alexia into audiovisual services and staging for for brands such as Audi, Mastercard and energy level required. The company such as Aston Martin, worth £2.8bn; and Inge, 41, and Jessica DeLuca, 44, started the theatre, concerts and events such as Sony. MiQ employs more than 550 staff sells its SmoothSkin range in more than For full ranking criteria, see page 2 Fever-Tree, valued at £2.9bn; and many the business in 2008 after growing product launches and awards across 15 offices globally, serving more 30 countries, with mainland Europe and have been acquired, including Skyscan- frustrated with spending hundreds of ceremonies. Its international sales than 650 clients. In 2017, private equity Asia the fastest-growing markets. In Follow us @ST_FastTrack ner, bought for £1.4bn by China’s Ctrip in pounds on ineffective cosmetics, with reached £12.6m in 2018, boosted by a firm ECI partners bought a minority 2017, international sales rose to £30.9m, Join the conversation 2016. This year’s cohort will also attract current co-chief executive Murray three-year contract with a theme park in stake to support overseas growth and representing 94% of turnover. The #IntTrack200 attention. With total sales of £31bn, and Salmon, 48, joining in 2011. Customers in the Middle East and work for the Winter product development. The same year, company is backed by BGF chairman almost 140,000 employees, up 38,000 in Europe and the Middle East, attracted by Olympics in South Korea, where it expansion into Germany, North Sir Nigel Rudd and early Betfair investor Awards dinner car partner the past two years, their past success and its social media campaigns, helped designed and supported the technology America, India and Australia boosted Richard Koch, and is led by chief ambitious plans are a credit to them all. overseas sales hit £35.3m in 2018. for Discovery Eurosport’s TV studio. exports to £121.9m. executive Giles Davies, 51. Export stars go global to navigate uncertain times UK companies While Europe is the most businesses feel positive about pound again, exporters have a brewery in China to December it refinanced its popular international market international trade.