LONDON, 12 DECEMBER, 2013: Protection Vessels International (PVI), part of Protection Group International (PGI) and the world’s leading provider of private maritime security services, has been recognised by the Sunday Times Virgin Fast Track 100 as the fifth fastest growing private UK company based on sales growth over the past three years.
Now in its 17th year, the Sunday Times Virgin Fast Track 100 ranks the UK’s fastest growing private companies by sales over a three-year period. To meet league table criteria, companies’ annualised sales must exceed £250, 000 in the base year and not show a drop from the penultimate to the latest year, where total sales had to exceed £5m. Firms had to have ten or more employees, be making an operating profit of at least £500, 000 in their latest available accounts, and be forecasting further sales growth.
PVI has developed into the leading provider of private maritime security services globally. The company employs over 180 staff at its key sites in Tiverton, Devon, Caddington, Bedfordshire and London, and contracts over 500 highly trained private maritime security operatives, predominantly protecting ships transiting the Gulf of Aden and the Indian Ocean.
Employing only former Royal Marines with a minimum five years experience and insisting on the deployment of four man teams, PVI has pioneered the private maritime security market since its inception in 2008. By continuously setting the benchmark for the highest standards of professionalism, the company has earned widespread recognition as the market leader in terms of reputation, operational footprint and revenue.
Sir Tim McClement, chairman of PGI, commented: “In a young but slowly maturing marketplace, PVI unerringly subscribes to the highest levels of professionalism and consistently sets the benchmark in terms of standards. Recognition from the Sunday Times Virgin Fast Track 100 strengthens our belief that this approach is fundamental to our success and the associated growth of the company.
“Ultimately, our customers understand the value of these standards in safeguarding their people, assets and reputation. And that is why our company is devoted to providing genuine world class expertise on corporate intelligence and risk analysis, maritime security, cyber security and forensics, training and consultancy.”
In addition, in July of this year, PVI was also recognised by the Sunday Times International Track 200 as the 3rd fastest growing UK company based on its international sales. Today, PGI CEO, Barry Roche is number 36 in the Lloyd’s List Top 100
PVI is part of Protection Group International (PGI), a risk management company that is centred on intelligence-led integrated risk mitigation and response solutions in complex environments.
Fast Track has published league tables of top-performing private companies with The Sunday Times for the past 17 years. Its invitation-only dinners provide a valuable opportunity for entrepreneurs to network and meet its sponsors. The company was founded and is run by Dr Hamish Stevenson, who also holds an associate fellowship at Green Templeton College, Oxford University.
Previous Fast Track 100 success stories include chip designer ARM, which featured on the first league table 17 years ago with sales of £17m, floated in 1998 and is now valued at £14bn. Carphone Warehouse also featured in 1997 with sales of £65m. It floated in 2000 and is now worth £1.6bn.
League table criteria
Companies had to be registered in the UK and be independent, unquoted and ultimate holding companies. Sales growth was measured by compound annual growth rate (CAGR) over the latest three financial years.
A minimum of 25 weeks’ trading in their base and latest years was required. For accounting periods not equal to a year, financials have been presented in proportion on an annual basis.
Annualised sales had to exceed £250, 000 in the base year and not show a drop from the penultimate to the latest year, where total sales had to exceed £5m. Firms had to have 10 or more employees, be making an operating profit of at least £500, 000 in their latest available accounts, and be forecasting further sales growth. Unless otherwise stated, sales for recruitment and payroll services firms are the total amount invoiced to clients.
Excluded companies include technology firms (covered by our sister league table the Tech Track 100), LLPs, pure property and financial trading companies, and companies with turnover of £500m or greater.
The research was carried out by Fast Track between August and November. The majority of companies were interviewed by telephone or in person by the Fast Track team.
About Protection Vessels International:
Protection Vessels International (PVI) is the world leader in armed maritime security, providing safe passage to vessels transiting areas of the world at risk of piracy and maritime terrorism. With the largest operational footprint of any private maritime security company, PVI consults and advises on all aspects of maritime security, with the provision of patrol boats to escort shipping, security teams aboard vessels and training for ship’s crews to deal with various security situations. Through deterrence and prevention, PVI is capable of providing robust physical defence for vessels as and where required.
PVI is part of Protection Group International (PGI), a risk management company that is centred on intelligence-led integrated risk mitigation and response solutions in complex environments. The company provides world class expertise on corporate intelligence and risk analysis, maritime security, cyber security and forensics, training and consultancy.