2009 Deloitte Fast 50 namedDunedin honey company is #1 |
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New Zealand’s 50 fastest growing companies were celebrated at events around the country tonight, as the 2009 Deloitte Fast 50 (www.fast50.co.nz) was revealed. Dunedin’s New Zealand Honey Co. topped the ninth edition of the annual Index and was named the country’s fastest growing business, with outstanding revenue growth of 995% between 2007 and 2009.
The winner
New Zealand Honey Co. was established in 2005 and is New Zealand's single largest producer of speciality honeys. It harvests wild honey and is owned by the beekeepers who look after its 14,000 hives. Its specialty is the production of multi-floral honeys – honeys that are predominantly from one floral source including the flowers of the rata and kamahi trees.
Matt McKendry, Deloitte’s Fast 50 leader, said New Zealand Honey Co. was an example of a company developing high-value niche products from an indigenous Kiwi source, and exploiting their “massive value-add potential”.
He said the Deloitte Fast 50 had made a habit of identifying emerging industries and honey was another great example. “New Zealand Honey Co. follows in the footsteps of last year’s fastest growing company, Masterton-based Watson and Son. Based on the performance of these two companies, there is no reason to think honey cannot become a much larger industry than its current $100m size, and become a major industry for New Zealand.
“In our view, there is plenty of potential for domestic suppliers and sellers to pool resources, collaborate with each other, and make the most of the vast untapped opportunities in offshore markets.”
Recession-busting
Fast 50 companies do not appear to have done anything outrageous to ward off the recession. In fact, according to Matt McKendry, they have done quite the opposite and retained a relentless focus on business basics.
“All the discussions and interviews we have done this year across New Zealand indicate to us that Fast 50 companies navigated their way through the difficult economic times by making sure they have the fundamental elements of their business right. The key elements are retaining a great team, nailing a product or service niche, having a thorough understanding of their markets and being active with their customers. Great performers in a recessionary environment are doing all the same things that great performers do in economically rosy times.”
Repeat performers
There are 14 companies in the 2009 Fast 50 that have appeared in one of the nine previous lists. These “Fast 50 alumni” provide some excellent examples of sustainable growth, strength and resilience as they continue to succeed despite the wider economic challenges.
The repeat performers are as follows: NextWindow, Torpedo7 (4 times); Digital Island, RimuHosting, Triodent, Working In, Observatory Crest (3 times); Catch, Enztec, Futrix, Mobile Mentor, Seales, Synlait, Results.com (2 times).
Other highlights
- To make the Fast 50 this year, companies needed revenue growth of 145% or higher between 2007 and 2009, and this was only a tick below the threshold last year of 149%. This was something of a pleasant surprise given the tough economic conditions being experienced in many parts of the economy.
- Companies that reached the top 10 in the 2009 Deloitte Fast 50 had to achieve higher revenue growth in the period than those that appeared in the list last year: 416% in 2009, compared to 392% in 2008
- Best quote from a Fast 50 company: “Stay focused and don’t get distracted chasing seagulls on the beach.”
- The Fast 50 companies grew the NZ economy by $426m collectively between 2007 and 2009, and created 784 jobs.
- Fast 50 companies were asked which companies they admired as an inspiration for innovation. The top five (in order): 1. Apple; 2. Virgin; 3. Google; 4. 3M, 5. Trade Me.
- Number one growth strategy: “Win new customers"
- Asia was named the most exciting export market to try and break into and the biggest obstruction was dearth of market knowledge. The most logical export market to try and break into is Australia, and the biggest barriers to doing so that were cited were funding, networks and distribution channels.
Photo courtesy Otago Daily Times
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