The new list was published yesterday (21 February) and examines the last two years of published accounts.

Compostable packaging specialist Vegware was the highest ranked industry firm at number 27, with two-year average international sales growth of just over 87% and overseas sales of £19.2m in 2019.

The company exports to more than 70 countries.

Print managers and marketing services firms also featured: Adare International was at 139 with an increase of 29.16% to just under £199.7m; while HH Global was ranked 164 with a near-25% increase over the period, to £380m.

Walstead Group, which has made a string of acquisitions on the continent, was ranked at 167 with a 24.7% rise to £465.8m.

Swan Mill Holdings, which makes paper tableware and other products including giftwrap, was at 197 with an 18.5% increase in export sales to nearly £19.5m.

The league table is in its 12th year, and “identifies the midmarket private companies making hay overseas”. It was sponsored by HSBC and DHL.

“The 200 companies almost doubled their combined overseas sales over their last two years from £4.7bn to £8.7bn,” the Sunday Times stated.

However, the trading periods analysed were largely prior to the Covid-19 pandemic. The importance of Europe as an export market for many of the firms featured was also highlighted.