This year’s Deloitte Fast 50 index results show there are "real stories of growth" in the South, Dunedin-based Deloitte partner Kyle Cameron says.
The annual index, announced at events throughout the country last night, including Dunedin, ranks businesses experiencing rapid revenue growth over three years and sets the benchmark for high growth businesses in New Zealand.
Mr Cameron said the services industry in the region had been particularly strong, driven mainly by recruitment and construction companies, and it was pleasing to see the number of local winners, given the region — particularly Central Otago — had been significantly impacted over the last few years.
"It’s just great to be able to celebrate the Fast 50 again — it’s been three years since we last had our in-person regional celebration, so its just nice to be back in the room together, celebrating the growing businesses in our region," he said.
The key factor coming through from businesses was the labour constraints, which was the biggest challenge to growth. There was a real emphasis this year by entrants on marketing, which was leading growth, and also sustainability, he said.
This year’s index had the highest growth percentage in its 22-year history; Auckland-based game design, development and publishing studio Legend Story Studios Trading achieved an unprecedented 6416% growth in revenue over the past three years.
Last year’s winner, digital class platform company Kami, was second, with 1137% growth, while popular wealth development platform Sharesies (1001%) was third.
Recruitment company Hirestaff (529%) and ready-to-drink beverage company Master of Ceremonies (483%), maker of Pals, rounded out the top five fastest-growing private companies in New Zealand.
Retail, technology, industrial products and construction and food and beverage saw particular growth, Deloitte Private partner Bill Hale said.
In the South, the best performer was Stoked Stainless, which produces stainless steel and cedar hot tubs and baths, placing 10th on the index with 374% revenue growth. Element Raw Material was 33rd with 221%, Remarkable People was 41st with 173% and Pacific Edge was 48th with 162%.
On the Master of Growth index, Auckland BioSciences secured the number one ranking with 546% revenue growth over the past five years, followed by school food and beverage supplier Libelle Group (482%) and wholesale internet services provider Devoli (350%).
Introduced in 2017, the Master of Growth index ranks the 20 fastest-growing established businesses achieving longer-term sustained growth. It ranks businesses starting from a larger revenue base, and over five years of revenue growth. Dunedin-founded Education Perfect was eighth on the Master of Growth index with a 299% increase.
