Three Nordic companies have been named as the fastest growing hi-tech firms in Europe while a Cambridge firm is ranked fourth.

Europe's fastest growing hi-tech firms

Danionics of Denmark Sense Communications International of Norway Fast Search & Transfer of Norway Cambridge Display Technology of the UK Bibit Global Payments Services of The Netherlands VersaMed Medical Systems of Israel Schema of Israel Call Center Alliance of France Advanced Transport Systems of the UK Fasthosts Internet of the UK

"Although the technology sector has been severely challenged by a major economic slowdown, these companies have found successful ways to develop products and services that fit the needs of the technology market and outpace their competitors," said Karel Bakkes of Deloitte Touche Tohmatsu.

Danionics of Denmark enjoyed earnings growth of more than 33,000% during the last three years, dwarfing the 15,000% growth rate achieved by number two, Sense Communications International of Norway.

Norway's Fast Search & Transfer achieved earnings growth of more than 5,000%. While Cambridge Display Technology of the UK was close behind with growth of just under 5,000%.

But in terms of the number of fast growing firms included in the index, the UK scored the highest with 142 firms, followed closely by France with 99 and Germany with 54.

Norway was ranked fourth with 50 firms included in the index.

Steady strength

Many of the companies listed in the Deloitte Touche Tohmatsu 2002 list of the 500 fastest growing European technology firms have achieved strong growth throughout the dot.com drought.

"Forty per cent of the ranked companies have achieved the rare distinction of being on the Deloitte ranking for the second consecutive year," said Mr Bakkes.

"These 500 outstanding companies have made a marvellous achievement," said Deloitte executive Igal Brightman.

Steps ahead

More than one in three of the companies in the top 500 index were software firms.

Their average growth over the last three years was 528%.

But the top 100 performers reached an average of 1,661%.