Virginia Chamber of Commerce announces its annual Fantastic 50 list
Cynet’s revenue performance tops all list leaders since 2011
- April 29, 2016
The top company in this year’s Fantastic 50 set a revenue growth pace that Virginia has not seen for five years.
Ashburn-based Cynet Systems Inc., a staffing and recruiting firm, saw its revenue soar 7,388.7 percent from 2011 to 2014. That is the highest number recorded in the annual list of Virginia’s fastest-growing companies since 2011 when the top firm, Reston-based NetWitness Corp., had a growth rate of 7,752 percent.
But Cynet’s accomplishment was almost overshadowed by the news surrounding another company on the 2016 list. Beer giant Anheuser-Busch announced in early April it plans to acquire Devils Backbone Brewing Co.
The Lexington-based company will join Anheuser-Busch’s “high-end brewers, which include Stella Artois, Shock Top and Goose Island.
For the second year in a row, Devils Backbone led manufacturing companies in revenue growth on the Fantastic 50, with an increase of 415.9 percent from 2011 to 2014.
The overall revenue performance of companies on this year’s list improved in comparison to last year. The median revenue growth rate for the 50 companies this year was 225.5 percent, nearly 78 percentage points higher than the 2015 group.
The Virginia Chamber of Commerce announced the names of the Fantasic 50 Thursday night at an awards ceremony at the Westfields Marriott in Chantilly. The program recognizes 50 of the fastest-growing firms in Virginia based on revenue growth over a four-year period.
One aspect of the Fantastic 50 this year, however, did not change. Northern Virginia companies continued to dominate, occupying 37 of 50 spots. Seven companies were from Hampton Roads, while three were from Central Virginia, two from the Fredericksburg area and one was from the Northern Neck.
While recognizing the company with the highest overall revenue growth on the list, Fantastic 50 sponsors also present Vanguard awards to the firms with the best growth rates in four industry groups.
In addition to Devils Backbone in manufacturing, the winners this year are:
- Top service company: Patriot Group International, Warrenton
- Top technology company: Synaptek Corp., Reston
- Top retailer/wholesaler: Morooka USA, Ashland
To be eligible for this year’s list, a company had to have revenue of at least $200,000 in 2011. It also must have made a profit in 2014 and have revenue of less than $100 million in its most recent fiscal year.
The accounting firm Dixon Hughes Goodman reviews the financial records of the entries to determine the winners. Virginia Business is a sponsor of the Fantastic 50.
2016 Fantastic 50