THE Watford-based drug distributor Sigma Pharmaceuticals has been listed 388th among the fastest growing European companies included in the 2004 Europe's 500.

The annual listing of top-performing companies is endorsed by 3i, Microsoft, Boston Consulting Group and PricewaterhouseCoopers and published by Europe's Entrepreneurs for Growth.

This year's 500 dynamic, entrepreneurial-driven companies who qualified for Europe's 500 have managed to sustain growth since the year 2000, boosting employment and sales at an impressive average annual rate of 15 per cent.

Despite the challenging business environment, these champions of growth have created more than 120,000 jobs across Europe.

They have continued to drive employment, creating an average of 81 new jobs per year, more than one new job per week per year during three of the most difficult economic years in the last half decade.

Sigma has increased employment by 28 per cent cumulative over three years and nine per cent annually and added 44 new jobs.

Sigma's managing director Bharat Shah said: "We are delighted to have made the Europe's 500 list. This is a great testament to our staff for their dedication and hard work."

Philippe Leonard of Europe 500 said the list shows that growth is not industry specific but is driven by "talented, innovative, risk-taking entrepreneurs."

The highest number of champions of growth in the 2004 Europe's 500 are found within manufacturing (industrial goods) and industrial services sector, 30 per cent of 500 companies, followed by IT services (15 per cent) and management services (ten per cent).

Mr Leonard added: "Given the economic environment of the last few years, Sigma Pharmaceutical's continued its growth is a real achievement.

"Europe needs to stimulate employment through more fast growing companies like Sigma Pharmaceuticals; we believe that these champions of growth should be recognised as role models."

Sigma Pharmaceuticals specialises in the distribution of drugs and was officially recognized and honoured for its business achievements during an awards dinner in Paris before Christmas.

Sigma is also a past winner of the Watford and North West London Business Awards.

For the complete 2004 Europe's 500 listing visit www.europes500.com.