Most of B.C.’s largest technology firms have continued to grow despite continued economic uncertainty locally and abroad.
On average, the top 20 B.C.-based technology companies by revenue posted a 6.5% increase in revenue between 2011 and 2012. In dollar terms, much of the growth was by Telus (TSX:T). The telecom’s revenue rose 5% to $10.9 billion in 2012 from $10.4 billion in 2011.
Excluding Telus, however, the remaining 19 companies posted relatively faster growth averaging 10.3%. Some of the companies with the most significant revenue increases included Avigilon (TSX:AVO), which had a 67% increase in annual revenue and Burnaby-headquartered Glentel Inc. (TSX:GLN), which posted a 34% rise in revenue.
Over the past five years, revenue growth of B.C.’s largest technology companies has risen 12.7% between 2008 and 2012. Avigilon again was one of the fastest-growing firms. Its revenue jumped 1,813% to $100.2 million from $5.2 million in 2008.
Global expansion has been a notable trend for many of B.C.’s fast-growing technology companies. Avigilon has continued to grow this year. In its first quarter ending March 31, 2013, company revenue rose 80.4% to $32 million from $17.7 million in the same period in 2012.
Sales of its high-definition video surveillance systems increased significantly in nearly all of its global markets, with sales rising 116% in the U.K., 114% in Asia, 83% in the U.S. and 74% in Canada. Stronger sales helped increase quarterly profits 332% to $2.8 million from $647,000.
Glentel’s first quarter revenue doubled to $305.7 million from $148.3 million for the quarter ending March 31, 2012. Nearly all of its growth has come from the company’s expansion in the U.S. and Australia last year. Its acquisition of Wireless Zone, the 419-store Connecticut-based Verizon wireless retailer for $83.3 million last November, contributed $103.2 million in first-quarter revenue. Meanwhile, its $67.7 million acquisition of Australia’s AMT Group contributed an additional $45.6 million in its first quarter.Despite the increase, however, Glentel’s quarterly net income was flat at $3.3 million.
With strong topline results, the company continues to expand. In April, Glentel’s Australian retail division entered into an agreement to open up to 250 mobile phone stores in the Philippines.
