Halter claims the top spot on 2024 Deloitte Fast 50 index with impressive growth

Auckland, 20 November 2024 – Virtual fencing and pasture management business, Halter, has secured first place on the Deloitte Fast 50 index this year with an outstanding 1539% growth. Making its mark on the New Zealand, Australian, and more recently, US farming markets, Halter’s app and cow collar has changed the game for farmers, enabling them to virtually fence and herd their cattle, while monitoring cow health and location 24/7.

OLT (1237%), Pact Steel (751%), Franklin Hospital (477%) and Fortis Travel and Events (447%) round out the 2024 top five fastest growing private businesses in New Zealand.

Announced at the national Fast 50 celebration event in Auckland this evening, the annual Deloitte Fast 50 index ranks businesses experiencing rapid revenue growth over three years, setting the benchmark for fast growth businesses in New Zealand.

Deloitte Private Partner and Fast 50 lead, James Arlidge, says New Zealand’s pioneering spirit and reputation for pushing the boundaries across a variety of sectors remains strong despite current economic challenges.

“The growth this year’s Fast 50 businesses have achieved over the past three years is a tribute to their agility, innovation and self-belief,” says Arlidge. “The variety of industries in the index this year also reflects the depth and breadth of the entrepreneurial talent we have here in Aotearoa.”

The services industry has a strong presence across the index with 17 businesses featuring in this year’s top 50, and the construction, technology and retail industries are also well represented.

The potential of New Zealand’s weightless exports is also highlighted, with technology businesses taking out the top two spots and achieving growth exceeding 2023 index results.

Government regulation, domestic competition, and interest rates remain the top economic issues for this year’s winners, while general growth in sales, increased marketing, and expansion into new regions and markets were cited as the main factors for growth.

On the Master of Growth index, telecommunications company, Devoli, secured number one position with 478% growth over the past five years, followed by WasteCo (467%), BlackBull Markets (443%), Groovy Group (424%) and FSL Construction and Interiors (416%).

Telecommunications infrastructure wholesaler, Devoli, specialises in providing advanced telco solutions for retail brands and managed service providers across New Zealand and Australia with services including internet, mobile, and voice solutions. A regular in the Deloitte Fast 50 programme since 2021, Devoli has previously placed in both the Fast 50 and Master of Growth indices.

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, with over five years of revenue growth.  

“This year saw more businesses enter the Master of Growth than ever before, which is a positive sign given the economic uncertainty many have faced in recent times,” says Aldridge.

“It's humbling and inspiring to celebrate fast growing Kiwi businesses and to see both new and returning organisations taking their places on the indices. Deloitte is proud to showcase the innovators and entrepreneurs whose ability to raise the bar in challenging conditions embodies the 2024 Fast 50 theme, Get set, grow: the future favours the fast. We’re excited to see what they achieve in the future,” concludes Arlidge.

Learn more about the Deloitte Fast 50 programme and see this year’s full results at www.fast50.co.nz.

ENDS

Deloitte Fast 50 criteria

The Fast 50 index is determined by revenue growth percentage over the last three years. To be eligible, 2024 entrants were required to meet the following criteria:

• be a New Zealand registered business, trading for a minimum of three years
• have revenue of $1 million or above in FY22
• submit independently prepared financial statements for FY22 and FY24; and
• supply export revenue for FY22 and FY24 (if applicable)

Applicants were also eligible for national and regional award categories, recognising the fastest growing businesses across certain industries.

Master of Growth criteria

The Master Growth index is determined by revenue growth percentage over the last five years. To be eligible, 2024 entrants were required to meet the following criteria:

• be a New Zealand registered business, trading for a minimum of five years;
• have revenue of $5 million or above in FY20; and
• submit independently prepared financial statements for FY20 and FY24.