The 2005 list of Atlantic Canada’s Fastest Growing Companies.
Halifax-based company tops the list.

Halifax, N.S. – Progress magazine is pleased to release the 2005 list of Atlantic Canada’s Fastest Growing Companies. Now in its sixth year, this is a highly anticipated ranking of the 35 companies in Atlantic Canada that have seen the most significant increase in revenues over the last three years. These are the companies that are setting the pace for Atlantic Canada’s economy.

MECCA Corp., a Fredericton-based construction firm, ranked No. 5 on Progress’s 2005 Fastest Growing Companies List. Founded in 1994, the company specializes in commercial renovations and leasehold improvements. Over the last two years Mecca’s annual sales have increased by a whopping 281%. "Our projects have steadily grown in size over the past 10 years and repeat business continues to fuel our growth,” says MECCA president Richard McGuigan. “Making Progress’s Fastest Growing Companies List is something we are very proud of. We consider this growth to be our reward for a job well done."

Jungle Jim’s Restaurant (No. 26), a St. John’s-based restaurant chain, was the top Newfoundland company to make the list. Founded in 1991, the company has grown from one single restaurant to a franchise with 22 locations throughout Atlantic Canada. In the last two years the company’s sales have increased by a whopping 45%. “The main reason for our growth is that Atlantic Canadians have made us their EATertainment destination–casual dining is as much about the fun as it is about the food and we combine the two,” says Jungle Jim’s franchisor Stephen Pike. “The greatest thing about appearing on Progress’s Top 101 and Fastest Growing Companies List is the contacts we have made with so many excellent companies! We’re thrilled to be among such companies. Go Atlantic Canada!”

Topping this year’s list is Armament Technology Inc., a Halifax-based aerospace and defense company. The company supplies special weapon-sighting systems that can detect heat patterns of bombs by as much as 750 metres away. Over the last two years Armament’s annual sales have increased by a whooping 1,119%. "Like many small Nova Scotia companies, our company was a source of expertise looking for a larger market. Now that a large and urgent market for our expertise has developed, our company has been recognized as a ready and reliable supplier,” says company president Andrew Webber. “Earning an esteemed position on Progress’s Fastest Growing Companies List will increase our profile in the eyes of our company's business partners and peers.”

Island Tee Time Inc., a Charlottetown-based golf travel agency, ranked No. 3 on this year’s list. Founded six years ago, the company has grown from a customer base of just 30 to more than 1,500. Over the last two years the company’s annual sales have increased by a whopping 354%. “We listen to what our customers want and try to exceed their expectations,” says Island Tee Times owner Amanda Stewart. “Pretty standard, although our customer base has grown 5000% in 6 years and that may be a bit exceptional.”

Also topping the list is Powerpost Productions (No. 2) of Halifax, a film production company; Island Tee Time Inc. (No. 3) of Charlottetown, a golf travel agency; I.T. Interactive Services Inc. (No. 4) of Halifax, an IT firm; and MECCA Corp. (No. 5) of Fredericton, a commercial construction company.

On this year’s list, revenue growth ranges between 1,119% and 27% with a median growth rate of 72%. Five of the 35 companies boast annual sales of more than $40 million while 26 report less than $20 million in sales. Interestingly, the most important market for 21 of the 35 companies is either the home province or Atlantic Canada, while the remaining 14 highlight the primary market being outside the region. Not surprising, almost all of the companies anticipate higher revenues, profitability, and employment for 2005.

"This year's survey and the stories that accompany it show how the most successful companies are in tune with their markets," says Progress editor David Holt. "In these days of rapid change, no company can take its current market for granted, and neither can it afford to overlook other markets that may have future potential."

You can read more about these exciting and innovative companies in the January/February issue of Progress magazine, on newsstands now. Plus, read what new initiatives Frank McKenna has planned for 2005, get practical how-to tips on building a business, and get informed on the latest immigration issues shaping Atlantic Canada.

Progress magazine is Atlantic Canada’s best-read business magazine, reaching more than 100,000 readers per issue. The magazine is published 10 times a year and is the flagship publication of the Halifax-based company ProgressCorp, publisher of Nova Scotia Open to the World, Progress Halifax, Progress Visitor, Progress Book of Lists, and Progress Research and Development.

For more information, please see the Fastest Growing Companies List below or contact:

Colleen Ritchie
Promotions & Special Events Co-ordinator
Progress Corp.
(902) 494-0999 ext 40
critchie@progresscorp.com

1 Armament Technology Inc. Halifax, NS
2 PowerPost Productions Halifax, NS
3 Island Tee Times Inc. Charlottetown, PE
4 I.T. Interactive Services Inc. Halifax, NS
5 MECCA Corporation Fredericton, NB
6 Testori Americas Corporation Summerside, PE
7 Johnston Collaborative Solutions, Inc. Bedford, NS
8 Varcon Inc. Fredericton, NB
9 Wilson Fuel Co. Limited Truro, NS
10 Royal LePage Commercial Eastern Inc. Halifax, NS
11 Theriault Financial Inc. Dartmouth, NS
12 Wiebel Aerospace (1995) Inc. Summerside, PE
13 Survival Systems Limited Dartmouth, NS
14 Enerscan Engineering Inc. Halifax, NS
15 Major Drilling Group International Inc. Moncton, NB
16 Funeral Directors' Choice Saint John, NB
17 Independent Security Services Atlantic Inc. /Independent Armored Transport Atlantic Inc. Halifax, NS
18 Privateers Harley Davidson Halifax, NS
19 Ramar Construction & Ramar Developments Sackville, NS
20 Nubody's Fitness Centres Inc. Dartmouth, NS
21 Carelton Pioneer Credit Union Woodstock, NB
22 SEAMARK Asset Management Ltd. Halifax, NS
23 A.P. Reid Insurance Stores Dartmouth, NS
24 Newfoundland Capital Corporation Limited Dartmouth, NS
25 Just Us! Coffee Roasters Co-op Wolfville, NS
26 Jungle Jim's Restaurants St. John's, NL
27 Apropos Marketing Communications Inc. Moncton, NB
28 GFT Aerospace Technologies Gander, NL
29 Darmos Group Halifax, NS
30 Whitehill Technologies Inc. Moncton, NB
31 The Safety Group Hartland, NB
32 Diagnostic Chemicals Limited Charlottetown, PE
33 AWARD Wholesale and Retail Distributors Ltd. Bedford, NS
34 Dexter's Automotive Group Halifax, NS
35 CBCL Limited Halifax, NS

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