Auckland-based Voyager Internet, a business-focused full service telecommunications company, has taken the number one ranking on this year’s Deloitte Fast 50 with a phenomenal 1391% growth.
Online motor vehicle sales company 2 Cheap Cars (1294% growth), fund manager Pie Funds Management (1269%), cloud-based retail software platform Vend (1098%) and men’s clothing retailer I Love Ugly (1087%) round out this year’s top five.
The annual Deloitte Fast 50 index, announced at the Deloitte Festival of Fast Growth last week, ranks businesses experiencing rapid revenue growth over three years across a range of sectors, including manufacturer, technology, services, retail and consumer products, exporters and mature business.
The index sets the benchmark for high growth businesses in New Zealand.
The threshold for entry into the Fast 50 was the highest it has ever been this year at 201%, and the top 5 companies on the index all had three-year growth rates in excess of 1000%.
Deloitte partner Bill Hale says these results are great news for New Zealand and underscore the country’s economic recovery and high levels of business confidence.
“There are more companies out there growing faster than ever before, particularly in Auckland," he says.
"Auckland and Upper North Island-based businesses have swept this year’s top 5 and account for 9 of the top 10 fastest growing companies on the index."
A total of 30 companies from the Auckland and Upper North Island region made the 2014 Deloitte Fast 50, followed by seven from Canterbury and the Upper South Island, six from the Central North Island, five from Wellington and the Lower North Island and two from Dunedin and the Lower South Island.
“While a broad cross-section of business is represented in this year’s index, a growing number of Fast 50 companies earn their keep helping other small-to-medium sized businesses make better use of technology," Hale adds.
"Construction activity and franchise-style businesses are also enjoying high levels of growth.
“The underlying success of a lot of fast-growth businesses is that they do a specific thing very well and they really try and nail that niche.”
Along with being the number one ranked business on the 2014 Deloitte Fast 50, Voyager Internet took out the national award for fastest growing technology business.
For the full Deloitte Fast 50 index, go to www.fast50.co.nz.