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IMPACT OF THE 2024 FAST GROWTH INDEX FIRMS

The 350 fast growing firms featured on the 2024 Index had a combined turnover of £15.1 billion and had grown by £9.6 billion between 2021 and 2023, a growth rate of 173%.

Over 62,000 people were employed across all the companies involved in the 2024 Index and the 350 firms created over 24,000 new jobs in just two years.

Among the UK Fast Growth Index companies, the diversity in sectors is vast from construction to digital to professional services indicating that rapid growth is possible across industries.

Out of the 350 businesses featured, 162 companies achieved a turnover exceeding £20 million.

WHY ARE FAST GROWTH FIRMS IMPORTANT?

Fast growth firms – normally defined as achieving 20% growth per annum – make up less than 1% of the UK business population but represent 50% of the total SME turnover output. They are also significant job creators and whilst they might represent a small fraction of all companies, they contribute to a significant proportion of new jobs in the UK economy every year.

They are often at the cutting edge in their respective industries, bringing innovative products, services, and processes to the market and, as a result, make a tremendous contribution to the UK economy.