Gazelles Discovered in Finland – Who Leads the Pack?

We recently discovered a herd of gazelles running around the Finnish economy, so Nordic Business Report began a study to see just who was leading the pack. Thanks to our successful expedition, we have the privilege of presenting you with our list of the Finnish Gazelle Companies 2015.

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When we set out to look for the Finnish gazelle companies, first we had to adjust the definition of a gazelle company. As you may well know, a gazelle company is a high-growth company that has doubled its revenues over a four-year period. We applied the most commonly used definitions of a gazelle company and ended up with the following:

The company has a financial statement from 2011, 2012, 2013, 2014.
The company’s revenue has grown by 100% from 2011 to 2014.
The company’s revenue was over €135,000 in 2011.
The company’s profit has been positive each year (2011, 2012, 2013, 2014).

The Finnish Gazelle Companies list is based on the information provided by Asiakastieto as of September 3rd 2015 and includes only companies with calendar year as their accounting cycle. All in all 1,200 Finnish companies met the criteria. In 2013 there were 283,290 companies in Finland (source: Statistics Finland, excluding agriculture). From this list only 0.4% of Finnish companies could be classified as gazelles. The most common industry represented on the list is construction (both residential and other buildings).

Clearly it is not easy to become a gazelle. It was surprising that two notable companies were missing from the list, Supercell and Rovio. For Rovio, their biggest revenue growth occurred just before the 2011-2014 period. However, during that time their revenue still grew by 97%, falling only narrowly short of the gazelle criterion.

Supercell, on the other hand, has experienced a staggering 1,023,379% revenue growth during 2011 to 2014 (in 2011 revenue was €151,000 – in 2014 revenue reached €1,55 billion). Despite this, Supercell’s success started slightly too late to meet the gazelle timeframe. In 2011 Supercell’s revenue was only €151,000 and the company had a €1,8 million loss, causing it to miss out on the list. Without this setback it would have naturally surged to the top of the rankings. It is highly likely Supercell will be leading the list next year.

As we know it is easier to multiply your revenue when the figures you are dealing with are small, but when your turnover is already a €100+ million, this is a different story altogether. For this reason, we also examined the companies based on their revenue and divided the companies into 7 categories. Not surprisingly, it turns out that the higher the revenue, the fewer gazelles we found. There are altogether 743 companies with less than €2.5 million in revenue, but only 13 companies with more than €100 million in revenue.

You can view the top 5 gazelle companies in each revenue category below. View the entire Gazelle 2015 list here »


TOP 5 Gazelles €100M+ revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Kamux Oy 197 902 299 587
NCC Property Development Oy 195 259 000 301
International Paper Nordic Sales Company Oy 157 480 000 266
Energi Försäljning Finland Oy 181 026 773 217
Graniittirakennus Kallio * 143 760 413 203

Altogether 13 companies in this category. *Information based on consolidated financial statement


TOP 5 Gazelles €50M – €100M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Teknopower * 74 853 817 836
Almaco Group Oy 58 293 568 377
Fimlab Laboratoriot Oy 88 054 393 346
Crayon Oy 58 618 000 283
Elisa Appelsiini Oy 64 233 000 241

Altogether 15 companies in this category. *Information based on consolidated financial statement


TOP 5 Gazelles €25M – €50M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Prosapia Ab 31 128 000 10834
Haanpaa Oy 33 282 662 7396
Laattapiste Oy 29 497 808 4818
Serres Group * 28 160 434 1550
Auratum Asunnot Helsinki Oy 25 005 000 1253

Altogether 41 companies in this category. *Information based on consolidated financial statement


TOP 5 Gazelles €10M – €25M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Auto-Outlet Helsinki Oy 22 489 252 2840
Wise Group Finland Oy 20 697 548 2683
Turun Seudun Vesi Oy 19 352 000 2356
Touhula Varhaiskasvatus Oy 15 682 247 1337
Orava Asuntorahasto Oyj 15 383 703 1082

Altogether 70 companies in this category.


TOP 5 Gazelles €5M – €10M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Ab A. Kastén Oy 5 065 000 3518
TLT-Building Oy 9 476 000 2387
Vaaka Partners Oy 7 377 000 1682
Bayerncar Oy 6 460 000 1614
Blue Water Shipping Oy 5 265 504 1367

Altogether 124 companies in this category.


TOP 5 Gazelles €2,5M – €5M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Pohjanmaan Talotekniikka Oy 4 879 254 2770
Arelia Invest Finland Oy 3 593 000 2395
EmCe Yritysjärjestelmät Oy 3 469 000 1796
Filippa K Oy 3 655 000 1755
Lion Music Ab Ltd 3 270 000 1717

Altogether 194 companies in this category.


TOP 5 Gazelles < €2,5M revenue

COMPANY REVENUE 2014 (€) GROWTH 2011-2014 (%)
Askelmerkki Oy 1 925 000 1210
Ab Ess-Ma Oy 1 842 920 1089
Wirmax Oy 1 793 000 1049
X-Group Oy 1 879 000 1046
Ab DU-tec Oy 2 342 681 1000

Altogether 743 companies in this category.


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View the whole gazelle list here »


Did you find your company on the list?

All companies who made it to the gazelle listing can request a Gazelle logo to be displayed on their website at info@nbreport.com.

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