Byline: SION BARRY
THE commercial arm of Glyndwr University was last night named as the fastest-growing indigenous business in Wales.
Wrexham-based Glyndwr Innovations, which provides a wide range of business solutions to a growing client base, took the top spot in this year's Wales Fast Growth 50 project after seeing its turnover from 2008-10 grow by 494% - up from pounds 284,000 to pounds 1.68m.
This year the 50 companies generated a turnover of pounds 3bn and between them have created 9,000 jobs.
This is due in part to the presence in the list of Cardiff-based motor insurance group Admiral which employs 5,000 in Cardiff, Newport and Swansea and has an annual turnover of more than pounds 2bn.
However, even excluding the impact of Admiral, the other 49 companies generated sales of pounds 815m in 2011 and have created 2,000 jobs - with a significant wider impact on their respective supply chains.
In terms of geographical representation the largest number of firms in this year's league table are in Cardiff, with 13.
Director of the Wales Fast Growth 50 initiative Professor Dylan Jones-Evans said: "At a time when the Welsh economy badly needs a boost, the firms featured in this year's Fast Growth 50 supplement demonstrate, yet again, the entrepreneurial and innovative potential that exists within our business community.
"In fact, despite trading within an economy that has been struggling to grow since the recession, this year's list shows a record increase in turnover, demonstrating that even within difficult economic times, Welsh business can be competitive in an increasingly turbulent global environment.
"Thanks to their wealth and employment-creating potential, such high impact firms are now becoming the focus of policymakers around the world. …